Florida Senate - 2026                                     SB 314
       
       
        
       By Senator Burton
       
       
       
       
       
       12-00696-26                                            2026314__
    1                        A bill to be entitled                      
    2         An act relating to issuers of digital assets; amending
    3         s. 560.103, F.S.; providing definitions; creating s.
    4         560.2053, F.S.; providing requirements for persons to
    5         qualify as recognized payment stablecoin issuers;
    6         providing that recognized payment stablecoin issuers
    7         are not required to obtain specified separate licenses
    8         or registrations for certain purposes; providing
    9         violations and penalties; providing that the Office of
   10         Financial Regulation of the Financial Services
   11         Commission has jurisdiction to determine certain
   12         compliance; authorizing the office to bring actions
   13         under certain enforcement provisions; providing an
   14         effective date.
   15          
   16  Be It Enacted by the Legislature of the State of Florida:
   17  
   18         Section 1. Subsections (31), (32), (33), (34), (35), and
   19  (36) of section 560.103, Florida Statutes, are renumbered as
   20  subsections (32), (33), (34), (36), (37), and (38),
   21  respectively, and new subsections (31) and (35) are added to
   22  that section, to read:
   23         560.103 Definitions.—As used in this chapter, the term:
   24         (31)(a) “Payment stablecoin” means a stablecoin that meets
   25  all of the following requirements:
   26         1. Is fully backed by reserve assets limited to United
   27  States currency, demand deposits at insured depository
   28  institutions, United States Treasury bills having a remaining
   29  maturity of 90 days or less, or reverse repurchase agreements
   30  collateralized by such treasury bills.
   31         2. Is redeemable by the issuer or its agent at all times at
   32  a 1-to-1 ratio for United States dollars.
   33         3. Does not pay interest or dividends to holders.
   34         4. Meets any additional criteria for a permitted payment
   35  stablecoin under federal law, including the GENIUS Act of 2025.
   36         (b) The term does not include a central bank digital
   37  currency issued directly or indirectly by a central bank,
   38  monetary authority, or other governmental agency, whether
   39  foreign or domestic. The term is not a security, as defined in
   40  s. 517.021.
   41         (c) As used in this subsection, the term “stablecoin” means
   42  a digital asset designed, through collateralization, algorithmic
   43  mechanisms, or both, to maintain a stable value relative to one
   44  or more fiat currencies, commodities, or other reference assets.
   45  As used in this paragraph, the term “digital asset”:
   46         1. Means a controllable electronic record, as defined in s.
   47  669.102(1), capable of being held or transferred electronically
   48  and representing economic, proprietary, or access rights.
   49         2. Includes virtual currency, digital commodities, digital
   50  asset securities, and non-fungible tokens. As used in this
   51  subparagraph, the term “non-fungible token” means a digital
   52  asset that represents unique ownership rights to a particular
   53  item or content and is not interchangeable on a one-for-one
   54  basis with other tokens of the same type.
   55         (35) “Recognized payment stablecoin issuer” means a person
   56  that meets the requirements of s. 560.2053.
   57         Section 2. Section 560.2053, Florida Statutes, is created
   58  to read:
   59         560.2053 Recognized payment stablecoin issuers; safe
   60  harbor.—
   61         (1) A person is a recognized payment stablecoin issuer in
   62  this state if the person meets and maintains the requirements of
   63  subsection (2) at all times. A recognized payment stablecoin
   64  issuer is not required to obtain a separate license or
   65  registration under this chapter solely to issue or redeem
   66  payment stablecoins.
   67         (2) To qualify as a recognized payment stablecoin issuer, a
   68  person must meet all of the following requirements:
   69         (a) Maintain reserve assets described in s.
   70  560.103(31)(a)1. in an amount equal to or greater than the
   71  aggregate outstanding payment stablecoins.
   72         (b) Redeem payment stablecoins at par value upon demand by
   73  a holder.
   74         (c) Prohibit the lending, pledging, or encumbrance of
   75  reserve assets.
   76         (d) Publicly disclose, at least monthly, the composition
   77  and value of reserve assets. Each disclosure must be published
   78  in a report that has been examined by a registered public
   79  accounting firm and certified by the issuer’s chief executive
   80  officer and chief financial officer, consistent with the
   81  requirements of the federal GENIUS Act of 2025.
   82         (3) A person that knowingly represents itself as a
   83  recognized payment stablecoin issuer without meeting the
   84  requirements of this section violates this chapter and is
   85  subject to the disciplinary and enforcement provisions of part I
   86  of this chapter.
   87         (4) The office has jurisdiction to determine compliance
   88  with this section and may bring an action under the enforcement
   89  provisions of this chapter.
   90         Section 3. This act shall take effect July 1, 2026.