First US state-level stablecoin bill passes in Florida
Florida's legislature passed a bill establishing the first state-level regulatory framework for stablecoins, awaiting the Governor's signature.Summary
The Florida legislature has passed Senate Bill 314, creating the first state-level regulatory framework for stablecoins, which now awaits Governor Ron DeSantis' signature. The bill, along with House Bill 175, aims to establish guidelines for payment stablecoin issuers, including consumer protections, aligning with the federal GENIUS Act. It revises existing money laundering laws to include stablecoins, prohibits unlicensed issuance, and specifies that certain payment stablecoins are not securities. Out-of-state issuers must notify Florida's Office of Financial Regulation (OFR). The law also prohibits qualified payment stablecoin issuers from paying interest to holders if prohibited by federal law. A companion bill, CS/CS/SB 1440, was also passed to expand confidentiality protections for information obtained by the OFR regarding virtual currency businesses.
(Source：The Block)