Federal stablecoin legislation has been advancing through Congress for months, and Florida is now moving to establish its own parallel framework before federal rules fully take hold.
Senate Bill 314 passed the Florida Senate unanimously and now awaits the signature of Governor Ron DeSantis. According to the announcement, Samuel Armes, founder of the Florida Blockchain Business Association, confirmed the bill’s passage in a post on X, writing: “It has now passed the Senate and the House, and will be signed by DeSantis within the next 30 days!”
The bill works in tandem with House Bill 175 to create a state-level regulatory structure for payment stablecoin issuers. Its framework is designed to align with the federal GENIUS Act, signed into law in July, establishing consumer protections and financial oversight rules consistent with that federal baseline.
What the Law Requires
SB 314 amends Florida’s Control of Money Laundering in Money Services Business Act to explicitly cover stablecoins. The amendment prohibits unlicensed stablecoin issuance within the state and compels issuers to comply with existing financial regulations. Issuers headquartered outside Florida must notify the state’s Office of Financial Regulation (OFR) before conducting operations there.
Oversight structure varies by issuer type. Some operators will fall solely under the OFR, while others will face joint supervision with the Office of the Comptroller of the Currency. The legislation also clarifies that certain payment stablecoins will not be classified as securities — a distinction with significant implications for how these instruments are treated under state law.
On the question of yield, the bill bars qualified issuers from paying interest or returns to holders in cases where federal rules prohibit such payments, directly tying state-level conduct to federal restrictions on stablecoin incentives.
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Florida’s Broader Crypto Legislative Push
The stablecoin bill is one piece of a wider effort by Florida to position itself within the digital asset regulatory space. Separately, House Bill 183 — filed by Republican Representative Webster Barnaby — would permit the state and certain public entities to allocate up to 10% of their funds into digital assets. That proposal extends beyond Bitcoin to include crypto exchange-traded products, crypto securities, non-fungible tokens, and other blockchain-based assets.
HB 183 is a revised version of HB 487, an earlier measure withdrawn in June after it failed to advance through a House operations subcommittee. The revised bill expands the scope of eligible assets relative to its predecessor.
With SB 314 now on the governor’s desk, Florida is set to become one of the first states with an explicit statutory framework governing payment stablecoin issuance — one structured to operate alongside, rather than in conflict with, the emerging federal regime.
Disclaimer: The information provided in this article is for educational and informational purposes only and does not constitute financial or investment advice.
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