Florida lawmakers have taken a major step toward regulating stablecoins at the state level. The Florida Senate approved Senate Bill 314 on March 6 with a unanimous 37–0 vote, creating what could become the first comprehensive regulatory framework for stablecoin issuers in a U.S. state.
The legislation now awaits the signature of Governor Ron DeSantis, who has up to 30 days to decide whether to sign the measure into law.
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What the New Bill Introduces
The proposal establishes a legal framework for companies that issue payment stablecoins in Florida. Under the bill, these digital tokens would be treated as “monetary value”, bringing them under the state’s existing financial oversight rules.
Issuers would be required to obtain a license from the Florida Office of Financial Regulation before offering stablecoins to residents. The legislation also bans the issuance of payment stablecoins without proper authorization.
In addition, stablecoin companies would be classified as Money Services Businesses. This means they must follow existing financial compliance rules, including anti-money laundering measures and Know Your Customer procedures.
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Reserve Requirements and Consumer Protections
The bill also introduces rules designed to protect users and maintain financial stability. Stablecoin issuers would need to keep reserves that fully back the tokens they issue. These reserves must be held in highly liquid assets such as U.S. dollars or short-term Treasury securities, ensuring that each token remains backed on a one-to-one basis.
The legislation also requires issuers to comply with transaction monitoring rules and report large transfers when required under financial regulations.
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Aligned With Federal Stablecoin Rules
Florida’s framework closely mirrors federal guidelines established under the GENIUS Act, which President Donald Trump signed into law last year. That legislation created the first nationwide structure for regulating dollar-pegged stablecoins.
By aligning with the federal approach, Florida aims to create clearer rules for companies operating in the sector while maintaining consistent standards across different levels of government. The state law also clarifies that certain payment stablecoins will not be classified as securities under Florida law, removing a layer of legal uncertainty that has affected some digital asset projects.
The bill now sits on Governor Ron DeSantis’ desk for final approval. Supporters of the measure expect it to be signed within the next month. If enacted, Florida could become the first U.S. state to implement a full regulatory structure specifically for stablecoin issuers.
