Florida has taken a significant step toward establishing a formal regulatory framework for payment stablecoins, as state lawmakers unanimously advanced Senate Bill 314. The legislation now moves to Governor Ron DeSantis for final approval, with proponents expecting his signature within 30 days.
According to Samuel Armes, founder of the Florida Blockchain Business Association, the bill’s passage through both the Senate and House marks a pivotal moment for digital asset policy in the state. “It has now passed the Senate and the House, and will be signed by DeSantis within the next 30 days!” Armes stated in a recent post on X.
The comprehensive measure, which works in tandem with House Bill 175, introduces state-level standards for stablecoin issuers. These rules are designed to align with the federal GENIUS Act—a major stablecoin law enacted in July—while creating a specific licensing and oversight structure within Florida.
Florida Bill Amends Money Laundering Law to Include Stablecoins
At its core, SB 314 amends Florida’s existing Control of Money Laundering in Money Services Business Act to explicitly bring payment stablecoins under its purview. This amendment mandates that any issuer operating in Florida must obtain a license, effectively banning unlicensed issuance within the state.
The legislation also provides clarity on the regulatory status of certain stablecoins, specifying that qualified payment stablecoins will not be classified as securities under state law—a key distinction for issuers navigating both state and federal compliance.
For issuers based outside Florida, the bill requires prior notification to the state’s Office of Financial Regulation (OFR) before conducting business. The oversight model will vary: some issuers will be supervised solely by the OFR, while others, particularly those with a national bank charter, will fall under joint supervision with the Office of the Comptroller of the Currency (OCC).
Addressing consumer risk, the law prohibits licensed issuers from offering interest or yield on stablecoin holdings if such practices are restricted under corresponding federal regulations. This provision aims to prevent competitive incentives that could undermine stablecoin stability.
Florida Revisits State Crypto Investment Bill
In a separate but related development, Florida is also reconsidering how public funds may engage with digital assets. House Bill 183, filed by Republican Representative Webster Barnaby, would permit the state treasury and certain public entities to invest up to 10% of their funds in a broad range of digital assets.
This revised proposal expands beyond Bitcoin to include crypto exchange-traded products (ETPs), crypto securities, non-fungible tokens (NFTs), and other blockchain-based instruments. HB 183 is a reintroduction of HB 487, which was withdrawn in June after stalling in a House subcommittee.
Together, SB 314 and HB 183 reflect Florida’s two-pronged approach: first, establishing a clear regulatory perimeter for stablecoin operations within the state, and second, exploring controlled public investment into the broader digital asset ecosystem.
Editorial Note: This article is based on publicly available legislative information and statements from industry stakeholders. Readers are encouraged to review the full text of SB 314 and HB 183 for complete details. Cointelegraph maintains an Editorial Policy dedicated to independent and transparent reporting.
