Florida Passes Landmark Stablecoin Regulatory Framework

The Florida legislature has approved Senate Bill 314, establishing a regulatory framework for payment stablecoins, with a unanimous 37–0 vote in the Senate. According to NS3.AI, this makes Florida the first state in the U.S. to implement such legislation. The bill is now awaiting the signature of Governor Ron DeSantis. The legislation designates the Office of Financial Regulation as the primary authority overseeing stablecoin payment systems. It mandates that issuers comply with existing financial regulations and secure necessary licenses. Additionally, the bill permits the use of approved stablecoins for certain state payments and imposes record-keeping requirements for transactions exceeding $10,000.