Florida lawmakers have advanced legislation to establish a state-level regulatory framework for stablecoins.
On March 6, the Florida Senate approved Senate Bill 314, positioning the state to integrate with recent federal rules and capture a slice of the rapidly growing sector.
Florida’s Stablecoin Framework Aligns With the US GENIUS Act
Under the new bill, payment stablecoins would be treated as “monetary value.” This effectively brings the fiat-pegged digital tokens within the scope of Florida’s Control of Money Laundering in Money Services Business Act.
The legislation requires any entity seeking to issue payment stablecoins within the state to apply and obtain a license from the Florida Office of Financial Regulation.
The framework also strictly limits licensed issuers’ operational activities to ensure robust consumer protection.
Additionally, it requires transparent, high-quality reserves and mandates strict compliance with anti-money laundering requirements.
“A qualified payment stablecoin issuer must comply with any anti-money laundering provisions in the GENIUS Act under Pub. L. No. 119-27, which includes, but is not limited to, provisions relating to economic sanctions, prevention of money laundering, customer identification, and due diligence in the Bank Secrecy Act,” the Florida bill stated.
Meanwhile, the move aligns with Florida’s position as one of the more crypto-friendly states in the US, where lawmakers are also weighing plans for a strategic Bitcoin reserve.
In light of this, Sam Armes, president of the Florida Blockchain Business Association, predicted that Florida’s governor, Ron DeSantis, would sign the measure into law within 30 days.
Crucially, Florida’s legislative push aligns with the Guiding and Establishing National Innovation for US Stablecoins Act (GENIUS Act).
President Donald Trump signed the bill into law last year, establishing the first federal framework for dollar-pegged stablecoins.
Meanwhile, the push for regulatory clarity comes as stablecoins increasingly play a larger role in the global market.
These digital assets enable near-instant settlement, cheaper transactions, and reduce reliance on intermediaries, putting pressure on traditional payment networks.
That shift has accelerated over the past year as major financial companies, including Western Union, expanded deeper into the sector. Their growing presence has helped move stablecoins further into the financial mainstream.
As a result, stablecoins are one of the fastest-growing segments of the crypto industry, with the sector’s market capitalization standing at $313 billion as of press time.
