Florida recognizes stablecoins as equivalent to fiat money

The Florida Senate unanimously approved the first U.S. state-level bill regulating the use of stablecoins. The document must be signed by the governor within 30 days.

If the law comes into force, consumer protection and anti-money laundering (AML) requirements will apply not only to fiat funds but also to stablecoins. Issuers of such digital assets will be required to comply with AML rules on the same level as banks and other financial institutions.

The law also prohibits issuing stablecoins without a license. Issuing companies from other states will be required to send a written notice to the Florida Office of Financial Regulation (OFR) before starting operations within the jurisdiction.

The document explicitly states that payment stablecoins are not considered securities. At the same time, a supervisory system is introduced: some tokens will be regulated solely by OFR, while others will be regulated jointly by OFR and the federal banking regulator, the Office of the Comptroller of the Currency (OCC).

Additionally, the law prohibits paying interest to stablecoin holders if such payments are restricted under federal legislation.

The adoption of the bill became possible after the introduction of the federal GENIUS Act, which established basic rules for stablecoin issuance in the United States. At the same time, another regulatory act — the CLARITY Act, aimed at regulating the crypto market — is under discussion. Its progress in Congress has slowed due to opposition from the banking sector, which objects to provisions allowing yield payments on stablecoins.

Earlier, U.S. President Donald Trump urged banks to reach a compromise with crypto companies in order to accelerate the adoption of the CLARITY Act.

See also: "The digital euro will cost EU banks €4–6 billion over four years"

#Stablecoins #USA

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