The Florida Legislature Passes the First State-Level Stablecoin Regulation Framework in the U.S., Awaiting Governor's Signature to Take Effect

BlockBeats News, March 7th. On Thursday, the Florida Senate passed Senate Bill 314 with a vote of 37-0, paving the way for the state to establish a regulatory framework for the issuance of payment stablecoins. The bill, along with its companion House Bill 175, will be presented to Governor Ron DeSantis for signature within the next 30 days.

The bill is based on the federal GENIUS Act, which took effect in July of last year, covering consumer protection and financial stability guidelines. Key points include:

· Amending the Anti-Money Laundering Act for Financial Service Businesses to include stablecoins in regulatory scope, requiring issuers to comply with existing rules and prohibiting unlicensed issuance

· Clarifying that certain payment stablecoins are not securities

· Requiring out-of-state qualified payment stablecoin issuers to provide written notice to the state's financial regulatory agency

· Some stablecoins will be regulated solely by the state OFR, while others will be jointly regulated with the federal OCC

The bill prohibits stablecoin issuers from paying any form of interest to holders, provided that "federal law prohibits such payments." The companion bill CS/CS/SB 1440, passed on the same day, expands confidentiality protections for virtual currency businesses, qualified payment stablecoin issuers, and other institutions to safeguard trade secrets and non-public information.