Florida Senate Unanimously Passes Stablecoin Regulatory Bill, Establishing State-Level Regulatory Framework for Payment Stablecoins

Odaily News The Florida Senate passed Senate Bill 314 on Thursday with a vote of 37 in favor and 0 against, paving the way for establishing a regulatory framework for payment stablecoin issuance in the state. The bill, along with its companion House Bill 175, will be submitted to Governor Ron DeSantis for signature within the next 30 days. It is reported that the bill prohibits payment stablecoin issuers from paying any form of interest to holders, provided that "federal law prohibits such payments." The companion bill, CS/CS/SB 1440, was also passed on the same day, expanding confidentiality protections for information from virtual currency businesses, qualified payment stablecoin issuers, and other institutions to safeguard trade secrets and non-public information. (The Block)