Florida lawmakers have advanced a state-level framework to regulate payment stablecoins. Senate Bill 314, which unanimously passed the Florida Senate, now awaits Governor Ron DeSantis’ signature. The bill is expected to be signed into law within the next month.
This legislation establishes regulatory guidelines for stablecoin issuers operating in Florida, introducing consumer protection standards and financial oversight. It amends Florida’s money laundering law to explicitly include stablecoins and requires issuers to comply with existing financial regulations. The bill also clarifies that certain payment stablecoins will not be classified as securities. Issuers outside Florida must notify the state’s Office of Financial Regulation before operating, with oversight depending on their structure.
Qualified issuers will be prohibited from paying interest or yield on stablecoins if federal rules disallow such payments. This development follows Florida's previous efforts to integrate cryptocurrencies into state investment strategies.