Florida Approves First State Stablecoin Framework

Florida lawmakers have unanimously approved Senate Bill 314, establishing the nation's first state-level regulatory framework for payment stablecoins, with the measure now awaiting Governor Ron DeSantis's signature.

The legislation, which cleared both the state Senate and House without opposition, amends Florida's Control of Money Laundering in Money Services Business Act to explicitly include stablecoins as a form of monetary value. If signed into law, the bill would take effect on October 1, 2026, requiring issuers operating in the state to register as money services businesses and comply with antimoney laundering and know-your-customer requirements. Issuers must maintain reserves for stablecoins at a one-to-one ratio, using assets such as cash or U.S. Treasury instruments, and report transactions exceeding $10,000 to state regulators. The framework also prohibits unlicensed stablecoin issuance and bars qualified issuers from paying interest or yield to holders if such payments are restricted under federal rules.

Under the new rules, payment stablecoins would be classified as nonsecurities, resolving longstanding uncertainty about their legal status under existing financial...