BlockBeats report: On March 7, the Florida Senate passed Senate Bill 314 on Thursday by a vote of 37 in favor and 0 opposed, paving the way for a regulatory framework for the issuance of payment stablecoins in the state. The bill, along with its companion House Bill 175, will be submitted to Governor Ron DeSantis for signature within the next 30 days.
The bill is based on the federal GENIUS Act, signed into law in July last year, and covers consumer protection and financial stability guidelines. Key provisions include:
Amend the Anti-Money Laundering Act for Financial Services Enterprises to include stablecoins under regulatory oversight, requiring issuers to comply with existing rules and prohibiting unlicensed issuance.
· Clearly state that the specified payment stablecoin is not a security
Require out-of-state qualified payment stablecoin issuers to submit written notice to the State Financial Regulatory Authority.
Some stablecoins are regulated solely by the state OFR, while others are co-regulated by the federal OCC.
The bill prohibits payment stablecoin issuers from paying any form of interest to holders, provided that "federal law prohibits such payments." On the same day, the companion bill CS/CS/SB 1440 was enacted, expanding confidentiality protections for information related to virtual currency businesses, qualified payment stablecoin issuers, and other entities to safeguard trade secrets and non-public information.