Florida lawmakers have advanced a significant bill to regulate stablecoins at the state level. The Florida Senate unanimously approved Senate Bill 314, potentially creating the nation's first comprehensive state regulatory framework for stablecoin issuers.
The legislation now awaits Governor Ron DeSantis' signature.
The bill establishes a legal framework for companies issuing payment stablecoins in Florida, classifying them as "monetary value" under existing financial oversight. Issuers will need a license from the Florida Office of Financial Regulation and must adhere to compliance rules, including anti-money laundering and Know Your Customer procedures.
Stablecoin issuers will be required to maintain reserves fully backing tokens, held in highly liquid assets like U.S. dollars or short-term Treasury securities. The law also mandates compliance with transaction monitoring rules.
This state framework aligns with federal guidelines and aims to provide clearer rules for the digital asset sector, clarifying that certain stablecoins will not be classified as securities under Florida law.