Florida lawmakers passed the first comprehensive bill for regulating stablecoins in the United States that aims to provide clear standards for issuers, monitoring, and consumer protection.
On March 6, the Florida Senate passed Bill 314 with 37 votes in favor and zero opposition, and it is currently awaiting Governor Ron DeSantis’ signature. The bill amends the Florida Control of Money Laundering in Money Services Business Act by explicitly including payment stablecoins inside the state’s regulatory framework.
Also, Samuel Armes, founder of the Florida Blockchain Business Association web3 advocacy group, shared a post on X, “We are now the FIRST STATE to Pass a Stablecoin framework in the nation!”
Licensing and Compliance Rules
Florida Senate Bill 314, along with House Bill 175, creates a framework for payment stablecoin
issuers in the state. According to the Senate Bill overview, it forbids anyone from functioning as a qualified payment stablecoin issuer unless they are licensed by the state or exempt from licensure.
Where individuals or firms seeking a license must submit a complete application to the state office, including information on ownership, financial stability, anti-money laundering procedures, and operational plans for creating and redeeming stablecoins.
The bill brings payment stablecoin issuers under the Florida Money Services Business Act, which already requires them to follow AML (Anti-Money Laundering) rules, which always include KYC procedures.
Further, the House bill overview stated that the Office of the Comptroller of the Currency, a major federal banking regulator, while others be jointly supervised by the Office of the Comptroller of the Currency. Then, specifically, the bill makes it very evident that some payment stablecoins are not securities.
Florida Also Passes Companion Bill
With that, last Friday, the Florida Senate and House passed a companion bil, SB 1440l to ensure the secrecy of certain types of financial information. Specifically, it assures that information gathered by the Florida Office of Financial Regulation (OFR) from virtual currency enterprises, qualified payment stablecoin issuers, and trust organizations serving as such issuers remains private.
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