Florida Governor Ron DeSantis, who banned central bank digital currencies in 2023 citing surveillance risks, is considering signing Senate Bill 314. The bill establishes a state-level stablecoin regulatory framework and mandates transaction monitoring for transfers over $10,000.
The legislation grants Florida’s Office of Financial Regulation authority to license, supervise, and revoke stablecoin issuers’ permissions for noncompliance, fraud, or criminal activity. It aligns with federal anti-money laundering standards-but diverges from DeSantis’ prior rhetoric condemning financial surveillance.
Cato Institute policy analyst Nicholas Anthony called the move inconsistent: 'He built a campaign on standing up to “Big Brother”... but he’s kind of handing them the keys to the castle.'
SB 314 passed unanimously in the Florida Senate on March 6. It positions Florida to apply for federal delegation under the GENIUS Act by July-though DeSantis has not yet committed to signing. His spokesperson declined comment pending final review.
Sen. Ted Cruz criticized the housing bill’s 2030 CBDC pause as insufficient, reiterating support for a permanent federal ban. Meanwhile, stablecoins like USDC remain privately issued and dollar-backed-distinct from government-issued CBDCs.