Florida's legislature passed the first state-level stablecoin regulatory framework in the United States, sending Senate Bill 314 to Gov. Ron DeSantis for final approval.
The bill cleared both chambers of the Florida legislature, with the Senate voting 37-0 on Thursday.
A DeSantis spokesperson said the governor will review it once formally delivered to his office.
The legislation brings stablecoins under the Florida Control of Money Laundering in Money Services Business Act by classifying them as a form of "monetary value." Issuers will be required to register with the state, maintain reserve assets, and comply with existing anti-money laundering reporting requirements - including records of transactions exceeding $10,000.
What Happened
SB 314, sponsored by Republican State Sen. Colleen Burton, designates Florida's Office of Financial Regulation as the primary supervisor for payment stablecoin issuers operating under state jurisdiction.
The bill also specifies that qualifying stablecoins will not be classified as securities.
A companion bill expanding confidentiality protections for information held by the OFR involving cryptocurrency businesses passed both chambers on the same day.
The law aligns with the federal GENIUS Act, signed by President Donald Trump in July 2025, which established a dual-track system allowing smaller stablecoin issuers - those with under $10 billion in outstanding issuance - to operate under state-level regimes deemed "substantially similar" to the federal framework.
Florida's bill was explicitly designed to meet that threshold.
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Why It Matters
Florida becomes the first state to enact a comprehensive stablecoin law, despite several others - including Utah, Iowa, Montana, and Oklahoma - attempting similar legislation in 2025.
Samuel Armes, founder of the Florida Blockchain Business Association, said on X that DeSantis would sign the bill within 30 days, though the governor's office has not confirmed a timeline.
The bill's passage creates a compliance pathway for stablecoin issuers seeking state-level licensing ahead of the GENIUS Act's effective date, which is set for January 2027 or 120 days after final federal regulations are issued, whichever comes first.
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