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The Florida Senate has unanimously approved the first state-level bill in the U.S. that regulates the use of stablecoins. The document is expected to be signed by the governor within 30 days.
Should the law come into effect, consumer protection and anti-money laundering requirements will apply not only to fiat currencies but also to stablecoins. Issuers of such digital assets will be required to adhere to anti-money laundering regulations alongside banks and other financial institutions.
The legislation also prohibits the issuance of stablecoins without a license. Companies issuing from other states will need to provide written notice to the Florida Office of Financial Regulation (OFR) before commencing operations within the jurisdiction.
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The document specifically states that payment stablecoins are not classified as securities. Additionally, a supervisory framework is introduced: some of these tokens will be regulated solely by the OFR, while others will be overseen jointly by the OFR and the federal banking regulator, the Office of the Comptroller of the Currency (OCC).
Furthermore, the law forbids the payment of interest to stablecoin holders if such payments are restricted by federal law.
The passage of the bill was made possible following the introduction of the federal GENIUS law, which established foundational rules for the issuance of stablecoins in the U.S. Concurrently, another regulatory measure, CLARITY, aimed at overseeing the cryptocurrency market, is being discussed in the country. Its progress in Congress has slowed due to the banking sector’s opposition to the provision regarding yield payments on stablecoins.
Previously, U.S. President Donald Trump urged banks to reach a compromise with cryptocurrency companies to expedite the passage of the CLARITY bill.
