Florida's legislature has passed a bill that includes what was described as the first state-level stablecoin regulatory framework in the United States, The Block reported on Thursday. The bill now awaits only the signature of Governor Ron DeSantis.
Senate Bill 314 passed the Senate on Thursday by a vote of 37 in favor to 0 against. Samuel Armes (새뮤얼 아메스), founder of the Florida Blockchain Business Association, said on social media platform X, "It passed both the Senate and the House. DeSantis will sign it within 30 days."
The bill, along with House Bill 175, focuses on regulation of stablecoin issuers. It includes consumer protection and financial stability standards, and is in the same direction as the GENIUS Act, which took effect as a federal law last July, The Block reported.
The bill also includes provisions that add stablecoins to Florida's existing anti-money laundering law. Issuers must follow existing rules, and unlicensed issuance is prohibited. It also specifies that certain payment stablecoins are not classified as securities. If federal law prohibits the payment of interest, issuers of payment stablecoins cannot pay any form of interest to holders.
Chi-gyu Hwang
delight@d-today.co.kr