The Florida Senate unanimously passed a stablecoin regulatory bill, establishing a state-level regulatory framework for payment-type stablecoins.

The Florida Senate passed Senate Bill 314 on Thursday by a vote of 37-0, paving the way for a regulatory framework to be established for the issuance of payment stablecoins in the state. The bill, along with its companion bill, House Bill 175, will be sent to Governor Ron DeSantis for his signature within the next 30 days. The bill reportedly prohibits payment stablecoin issuers from paying any form of interest to holders, provided that "federal law prohibits such payments." The accompanying bill, CS/CS/SB 1440, also passed on the same day, expanding the protection of confidentiality for information on virtual currency companies, qualified payment stablecoin issuers, and other entities to protect trade secrets and non-public information. (The Block)