summary
Introduced
10/15/2025
10/15/2025
In Committee
03/03/2026
03/03/2026
Crossed Over
03/05/2026
03/05/2026
Passed
03/05/2026
03/05/2026
Dead
Introduced Session
2026 Regular Session
Bill Summary
An act relating to payment stablecoin; amending s. 560.103, F.S.; revising the definition of the term "money services business"; defining terms; amending s. 560.123, F.S.; revising the Florida Control of Money Laundering in Money Services Business Act to include payment stablecoins; requiring certain payment stablecoin issuers to comply with certain regulations; requiring qualified payment stablecoin issuers to submit a specified certification to the Office of Financial Regulation annually; requiring the office to make such certifications available to the Secretary of the Treasury upon request; authorizing the office to revoke the license of qualified payment stablecoin issuers under certain circumstances and to refer certain matters to specified entities; amending s. 560.125, F.S.; revising the circumstances relating to violations of certain provisions; revising penalties; creating part V of ch. 560, F.S., entitled "Payment Stablecoin Issuers"; creating s. 560.501, F.S.; defining terms; prohibiting persons from engaging in the activity of a qualified payment stablecoin issuer without being licensed or exempted from licensure; requiring the office to give a specified written notice under certain circumstances; providing hb175 -03-er2026 Legislature applicability; requiring out-of-state state-qualified payment stablecoin issuers to provide a specified written notice to the office within a specified timeframe; specifying that certain transactions are not regulated under certain provisions; specifying that certain payment stablecoin is not a security and not subject to certain provisions; requiring certain qualified payment stablecoin issuers to comply with certain requirements; requiring certain qualified payment stablecoin issuers to provide a specified notice to the office; specifying that qualified payment stablecoin issuers are subject to certain provisions; specifying that the office remains solely responsible for supervising qualified payment stablecoin issuers or is jointly responsible with the Office of the Comptroller of the Currency for such supervision under certain circumstances; authorizing the office to enter into an specified agreement; creating s. 560.502, F.S.; requiring applicants seeking to be qualified payment stablecoin issuers to submit a specified application to the office; specifying requirements of such application; requiring the office to comply with certain requirements; authorizing certain information to be incorporated into other licensing application forms; creating s. hb175 -03-er2026 Legislature 560.503, F.S.; specifying that qualified payment stablecoin issuer licenses authorize issuers to engage only in certain activities; creating s. 560.504, F.S.; requiring qualified payment stablecoin issuers to comply with certain requirements; providing criminal penalties; prohibiting qualified payment stablecoin issuers from engaging in certain conduct; creating s. 560.505, F.S.; requiring the office to submit initial certification to a specified committee on a specified form in accordance with a specified timeline; requiring the office to submit a specified additional certification no later than a specified date; requiring the office to comply with certain requirements; creating s. 560.506, F.S.; requiring the Financial Services Commission to adopt specified rules; amending s. 655.50, F.S.; revising the definition of the term "monetary instruments"; requiring qualified payment stablecoin issuers to comply with certain provisions; requiring qualified payment stablecoin issuers to submit to the office a specified certification no later than a specified date; requiring the office to make such certification available to the Secretary of the Treasury upon request; authorizing the office to revoke the license of qualified payment stablecoin issuers and to refer hb175 -03-er2026 Legislature certain matters to specified entities; amending s. 658.19, F.S.; revising the application requirements for the application for authority to organize a bank or trust company; creating s. 658.997, F.S.; defining terms; prohibiting a trust company from engaging in the activity of a qualified payment stablecoin issuer unless the trust company obtains a certificate of approval or is exempted from such certificate; requiring a trust company to request a specified certificate in conjunction with a specified application or apply for the certificate; specifying application requirements; requiring the office to comply with certain requirements; requiring that the application be deemed approved under certain circumstances; providing that the denial of an application does not prohibit an applicant from filing a subsequent application; specifying that the failure to comply with certain provisions is considered good cause for revocation of a certificate of approval; requiring the office to give a specified notice to a qualified payment stablecoin issuer within a specified timeframe; providing applicability; requiring out-of- state state-qualified payment stablecoin issuers to provide a specified written notice to the office within a specified timeframe; specifying that certain hb175 -03-er2026 Legislature transactions are not regulated under certain provisions; specifying that certain stablecoin is not a security and not subject to certain provisions; requiring certain qualified payment stablecoin issuers to comply with certain requirements; requiring certain qualified payment stablecoin issuers to provide a specified notice to the office; specifying that qualified payment stablecoin issuers are subject to certain provisions; specifying that the office remains solely responsible for supervising qualified payment stablecoin issuers or is jointly responsible with the Office of the Comptroller of the Currency for such supervision under certain circumstances; authorizing the office to enter into an specified agreement; authorizing qualified payment stablecoin issuers to engage in certain activities; providing construction; requiring qualified payment stablecoin issuers to comply with certain requirements; prohibiting qualified payment stablecoin issuers from engaging in certain conduct; requiring that the office's initial certification and annual recertification include certain information; providing for certain rule adoption by the commission; providing effective dates.
AI Summary
This bill establishes a regulatory framework for payment stablecoins in Florida, defining them as digital assets intended for payment or settlement that an issuer is obligated to convert or repurchase for a fixed monetary value, and which the issuer represents will maintain a stable value. It amends existing laws to include payment stablecoins within the definition of "money services business" and requires certain issuers, termed "qualified payment stablecoin issuers," to obtain a license and comply with regulations, including anti-money laundering provisions and prudential requirements such as maintaining reserves on a one-to-one basis with outstanding stablecoins, publicly disclosing redemption policies and reserve compositions, and undergoing monthly examinations of reserve reports. The bill also introduces provisions for federal oversight, allowing for joint supervision with federal regulators if a stablecoin issuer's outstanding issuance reaches $10 billion, and outlines specific prohibitions for issuers, such as engaging in deceptive naming practices or paying interest on stablecoins if prohibited by federal law. Additionally, it clarifies that certain transactions, like direct transfers between individuals or those involving software/hardware wallets for personal custody, are not regulated under these provisions, and that a payment stablecoin meeting these requirements is not considered a security. The bill also sets forth application requirements for issuers, including financial condition, integrity of officers and directors, and a redemption policy, and mandates that the Office of Financial Regulation (the "office") submit certifications to a federal committee to demonstrate the state's regulatory regime is substantially similar to federal standards.
Committee Categories
Business and Industry
Sponsors (3)
Other Sponsors (2)
Commerce Committee (House), Insurance & Banking Subcommittee (House)
Last Action
Ordered enrolled (on 03/05/2026)
Official Document
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