Florida Senate passes stablecoin regulation bill by 37-0 vote

The Florida Senate passed Senate Bill 314 by a 37-0 vote on Thursday to establish a state regulatory framework for payment stablecoin issuance, The Block reports. The measure, paired with House Bill 175 and sent to Governor Ron DeSantis for signing within 30 days, is modeled on the federal GENIUS Act signed in July last year and incorporates consumer protection and financial stability guidelines. Key provisions include amending the Florida Money Services Business Anti-Money Laundering Act to bring stablecoin issuers under regulatory oversight, clarifying that certain payment stablecoins are not securities, requiring out-of-state qualified issuers to notify the Florida Office of Financial Regulation, and assigning regulatory authority either solely to the state OFR or jointly with the federal OCC. The bill also bars payment stablecoin issuers from paying interest to holders when such payments are prohibited under federal law, and lawmakers passed companion bill CS/CS/SB 1440 the same day to expand confidentiality protections for virtual currency businesses, qualified payment stablecoin issuers and related entities.