Florida Gov. Ron DeSantis Eyes State Stablecoin Framework Following Senate Passage

Florida has moved closer to becoming the latest US state to implement stablecoin regulations at the local level, after the Senate passed Senate Bill 314 on Friday.

Sam Armes, Founder and President of the Florida Blockchain Business Association, described The passage of Senate Bill 314 is a historic moment for X. He believes the bill will be signed by Florida Governor Ron DeSantis, a crypto proponentwithin the next 30 days.

This is what a spokesperson for DeSantis said Declutter that the governor has not yet received the bill from the legislature. “Once delivered to his office, he will review it in its final form,” she added.

The measure, which passed unanimously Friday, integrates stablecoins into the Sunshine State’s existing regulations by explicitly defining them as a form of “monetary value” under the Florida Control of Money Laundering in Money Services Business Act.

The legislation, meanwhile, authorizes the Florida Department of Financial Services to accept approved stablecoins for payments such as state-issued licenses and taxes, in addition to a pilot program to explore how the government could use stablecoins itself.

Republican Senator Colleen Burton of Florida told lawmakers that the legislation aims to integrate state oversight with federal guidelines, as established under a two-track system in the GENIUS Act – a federal framework for stablecoins. past passed into law last year.

“It is important that we do this today,” she said, noting that the bill would allow Florida’s Office of Financial Regulation to become the primary regulator of payment systems using stablecoins.

In many ways, Florida’s framework for stablecoins mirrors the rules governing traditional transactions. That includes requiring so-called money services companies to keep records of stablecoin transactions worth more than $10,000, which is already the case for other digital assets defined as “virtual currencies.”

In 2019, Texas became the first state to recognize stablecoins as a form of “monetary value” for purposes of money transmission regulations. analysis from law firm Paul Hastings. In 2023, additional rules were adopted under that state’s Money Services Modernization Act.