Florida Senate Passes Bill to Regulate Stablecoin Transactions

Florida's Bill 314, which mandates stablecoin issuers to document transactions exceeding $10,000, has been approved by the state Senate on March 6. According to NS3.AI, the legislation aims to allow Florida to independently regulate specific stablecoins. If enacted, the state's Office of Financial Regulation would have the authority to issue and revoke licenses based on compliance, financial reporting, and criminal activity. Critics argue that the bill resembles surveillance measures that Governor Ron DeSantis criticized while opposing a Central Bank Digital Currency (CBDC).