Florida Senate Passes Groundbreaking Stablecoin Regulation Bill
Florida has taken a decisive step toward becoming a crypto-friendly hub with the unanimous passage of Bill 314, establishing the nation's first comprehensive state-level framework for stablecoin regulation. The legislation now awaits Governor Ron DeSantis' signature to become law.
The bill categorically states stablecoins are not securities but treats issuers as Money Services Businesses (MSBs), requiring them to obtain state licenses and comply with anti-money laundering protocols. Issuers must maintain 1:1 reserves, implement KYC checks, and report suspicious transactions exceeding $10,000 to state regulators.
Notably, the framework incorporates provisions from the federal GENIUS Act while setting a $10 billion threshold for federal oversight transition. It also prohibits interest payments on stablecoins if contrary to federal law—a provision that effectively passes regulatory interpretation to the US Senate.
