The Florida State Senate has unanimously passed Senate Bill 314, establishing the state's first dedicated regulatory framework for payment stablecoins. The bill passed with 37 votes in favor and no opposition, sending it to Governor Ron DeSantis for his signature. This move places Florida among the pioneering U.S. states to adopt specific rules governing stablecoin issuance.
The legislation amends Florida's Control of Money Laundering in Money Services Business Act to explicitly include stablecoins within its scope, defining them as a form of "monetary value." This subjects stablecoin issuers to the same regulatory standards as other money services businesses operating in the state, including anti-money laundering (AML) requirements. Unlicensed stablecoin issuance would be prohibited.
A key provision of the bill addresses the contentious issue of interest payments. It states that qualified payment stablecoin issuers would be prohibited from paying interest if such payments are barred under federal law. This reflects ongoing policy debates in Washington about yield-bearing tokens competing with traditional bank deposits.
The bill also clarifies that certain payment stablecoins should not be treated as securities under Florida law, providing regulatory certainty for issuers. It establishes a supervisory structure where some payment stablecoins fall under the direct oversight of Florida's Office of Financial Regulation, while others could be jointly supervised by the Office of the Comptroller of the Currency.
Republican State Senator Colleen Burton, who sponsored the legislation, emphasized that the bill aims to integrate state oversight with federal guidelines established under the GENIUS Act, a federal stablecoin framework passed last year. "It's important that we do this today," she said, noting it would allow Florida's Office of Financial Regulation to become the primary regulator of payment systems using stablecoins.
Additionally, lawmakers passed a related measure, CS/CS/SB 1440, which expands confidentiality protections for information submitted by digital asset businesses to regulators. This is intended to protect trade secrets and encourage companies to operate within regulated frameworks.
The legislation also authorizes the Florida Department of Financial Services to accept approved stablecoins for payments like state-issued licenses and taxes, alongside a pilot program to study government utilization of stablecoins. If signed by Governor DeSantis, Florida would join Texas as states with local stablecoin regulations, potentially influencing other states' approaches to digital asset oversight.
