Stablecoin Bill Florida Passes First State Crypto Framework

Florida lawmakers have approved what is widely considered the first comprehensive state-level regulatory framework for stablecoins in the United States, potentially setting a precedent for how digital dollar tokens are governed at the state level. Senate Bill 314 cleared the state Senate with a decisive 37–0 vote, moving the legislation to Governor Ron DeSantis for final approval.

The bill establishes a regulatory structure for payment stablecoin issuers operating in Florida. Championed by state lawmakers including Colleen Burton, the legislation updates the state’s money services laws to formally include stablecoins. Issuers will be required to follow existing compliance standards, and unlicensed stablecoin issuance will be prohibited. The measure also clarifies that certain payment stablecoins should not be classified as securities under state law.

Could Florida Set The Template For Stablecoin Regulation?

The framework aligns closely with the federal GENIUS Act, which created a national baseline for stablecoin oversight when it was passed by Congress last year. Florida’s approach essentially adapts those federal rules to the state level while defining how local regulators will supervise companies issuing dollar-pegged tokens within the state’s jurisdiction.

Under the proposal, oversight responsibilities would fall primarily to the Florida Office Of Financial Regulation, although some stablecoin issuers could face joint supervision with the Office Of The Comptroller Of The Currency depending on their regulatory status. Out-of-state issuers would also be required to provide formal written notice before operating in Florida.

Supporters say the measure could bring clarity to companies building payment-focused stablecoins, while critics across the financial sector continue to debate how these digital assets should interact with traditional banking rules.

“It has now passed the Senate and the House, and will be signed by DeSantis within the next 30 days,” said Samuel Armes in a post on X following the vote.

The bill also addresses concerns raised by banks and policymakers by restricting stablecoin issuers from paying interest to token holders if such payments are prohibited under federal law. Meanwhile, a companion measure passed alongside SB 314 expands confidentiality protections for sensitive information collected from virtual asset companies and trust institutions acting as stablecoin issuers.

If signed into law, Florida could quickly become a testing ground for state-driven crypto regulation in the U.S., potentially influencing how other states approach stablecoin oversight as Congress continues to debate broader digital asset legislation such as the proposed Clarity Act.