The Florida Senate unanimously passed a bill to establish state regulation for stablecoins. Senate Bill 314 integrates stablecoins into existing financial laws and authorizes state agencies to accept them for payments like licenses and taxes. The proposal, which now goes to Governor Ron DeSantis, aligns state oversight with the federal GENIUS Act framework.
The Florida Senate unanimously approved Senate Bill 314, moving the state closer to creating its own rules for stablecoin activities. The bill must now be reviewed and signed by Governor Ron DeSantis to become law.
The legislation brings stablecoins under the state’s existing financial oversight by categorizing them as “monetary value.” This falls under the Florida Control of Money Laundering in Money Services Business Act.
Sam Armes, founder of the Florida Blockchain Business Association, celebrated the vote as historic. “We are now the FIRST STATE to Pass a Stablecoin framework in the nation!” he stated on social media.
The bill allows the Florida Department of Financial Services to accept approved stablecoins for state payments. These payments could include fees for licenses and certain taxes.
Republican State Senator Colleen Burton explained the bill’s purpose during discussions. She said it aims to align state regulations with federal rules under the GENIUS Act.
Burton noted the legislation gives the Office of Financial Regulation a leading supervisory role. This office will oversee dollar-pegged cryptocurrencies used as payment systems.
The proposal applies rules similar to those for traditional financial transactions. Money services businesses must keep records for stablecoin transfers exceeding $10,000.
Other states have taken similar regulatory actions previously. According to a report by law firm Paul Hastings, Texas recognized dollar-pegged cryptocurrency as monetary value in 2019.
