Florida moved closer to establishing state rules for the regulation of stablecoin activities, following the approval of Senate Bill 314 by the State Senate on Friday. The bill was passed unanimously and is set to move to the governor’s office for review and signing.
The bill includes stablecoins in the state’s existing financial oversight system. Stablecoins will now fall under the category of “monetary value” under the Florida Control of Money Laundering in Money Services Business Act.
Senate Bill 314 was welcomed by Sam Armes, the founder and president of the Florida Blockchain Business Association.
Armes called the move a historic event, and he shared his thoughts about the vote on the microblogging platform X following the Senate vote. According to him, the bill will soon be signed into law within the next 30 days by Governor Ron DeSantis.
However, the governor’s office claims that the measure has yet to be received for review. According to the governor’s spokesperson, DeSantis will review the bill once he receives it. This will determine the final outcome of the bill.
Senate Bill 314 will also allow the Florida Department of Financial Services to accept approved stablecoins for payments. This could include payments for state licenses and certain taxes. The bill will also introduce a pilot program to test the use of stablecoins by government agencies.
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Republican State Senator Colleen Burton outlined the purpose of the bill during the discussion. According to Burton, the purpose is to bring the regulations in the state in line with federal regulations. This is done in accordance with the GENIUS Act passed last year.
Burton said that this legislation will provide the Office of Financial Regulation in Florida with a leading role. This office will be responsible for supervising dollar-pegged cryptocurrencies, which are used as payment systems. It is important to adopt this framework now, especially for regulatory clarity.
The proposal applies rules similar to traditional financial transactions. There will be a requirement for money services businesses to have records regarding stablecoin transfers above $10,000. This is similar to other digital assets, which have been categorized as virtual currencies.
Other states have already taken similar actions before Florida. In 2019, Texas recognized dollar-pegged cryptocurrency as monetary value under its money transmission rules, according to a report by the law firm Paul Hastings. In 2023, it enacted the Money Services Modernization Act.
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