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Florida lawmakers have approved a bill that would create a state framework for payment stablecoins and send it to Governor Ron DeSantis for final approval. The measure cleared the Florida Senate in a unanimous vote after passing the House. Samuel Armes, founder of the Florida Blockchain Business Association, said in a Friday (6 March 2026) post on X that DeSantis is expected to sign it within 30 days.
The bill, known as Senate Bill 314, would set rules for payment stablecoin issuers operating in Florida. It works alongside House Bill 175 and introduces consumer protection standards and financial oversight rules. It also aligns with the federal GENIUS Act, which was signed into law in July.
If DeSantis signs the bill, Florida could move closer to becoming the first state to put in place a full framework aimed at payment stablecoin issuers. Could that push other states to follow with similar rules?
Senate Bill 314 would amend Florida’s Control of Money Laundering in Money Services Business Act to expressly include stablecoins. That change would bring payment stablecoin issuers under the state’s existing financial rules.
The bill would require issuers to obtain a state license or qualify for an exemption before they can operate in Florida. Firms that do not meet those conditions would be prohibited from issuing payment stablecoins in the state.
Lawmakers said the licensing structure is meant to curb unlicensed activity and improve accountability. The proposal also states that certain payment stablecoins would not be treated as securities under Florida law.
The specific provision is meant to reduce legal uncertainty for firms that plan to operate in the state. Supporters say the clarification could also help blockchain and financial technology companies assess Florida’s regulatory environment more clearly.
The bill would give oversight authority to Florida’s Office of Financial Regulation. The agency would supervise some issuers directly, while others would face joint oversight with the Office of the Comptroller of the Currency.
The oversight model would depend on the structure of each issuer. Lawmakers said this approach is designed to keep state supervision in step with federal banking oversight where needed.
The legislation also covers issuers based outside Florida. Those firms would need to notify the Office of Financial Regulation before offering services to Florida residents.
Thus, the bill extends compliance requirements beyond companies physically based in the state. It also creates a clearer entry process for outside issuers seeking to serve Florida users.
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The framework was drafted to match the federal GENIUS Act. The law created national standards for stablecoin regulation and allowed smaller issuers to operate under state systems that closely mirror federal requirements.
Florida’s proposal is intended to fit within that structure. It also addresses concerns tied to incentives offered by stablecoin issuers.
Under the bill, qualified issuers would be barred from offering interest or yield to holders if federal law prohibits those payments. Lawmakers included that provision as part of broader risk controls tied to stablecoin products.
Armes said on X that the bill has now passed both chambers and is headed for the governor’s signature. The next step now rests with DeSantis, whose decision will determine whether the framework becomes law.
Florida lawmakers approved SB 314 and sent the measure to Governor Ron DeSantis for final approval. The bill would create rules for payment stablecoins, require licensing, assign oversight, and align Florida’s framework with the federal GENIUS Act. The next key step now rests with the governor’s decision.
