The Florida Senate in the southeastern United States approved the first state regulatory framework for stablecoin issuers in the region this Friday, March 6, 2026. The measure aims to harmonize regional rules with the GENIUS law signed last year.
The initiative, which was approved unanimously on a 37-0 vote, would introduce structural changes to the state’s current law regulating money laundering in the hospitality industry.
Once effective, acting as a stablecoin issuer without a specific license or formal exemption will be strictly prohibited. therefore, Applicants must undergo a rigorous evaluation process before the Florida Office of Financial Regulation (OFR), the organization responsible for primary oversight.
In certain scenarios, OFR may provide joint oversight with the Office of the Comptroller of the Currency (OCC) at the federal level. The key to this rule is that stablecoins that meet the “eligible payment currency” requirement will no longer be considered securities.
After formal registration was ordered through procedures in both houses of Congress, Legislative initiative awaits governor’s signature Ron DeSantis effective immediately. However, its rollout will occur in stages. This is because the period for requesting a license from the Department of Financial Regulation begins on July 18, 2026, while the requirement to obtain a license to operate in the state does not take effect until July 1, 2027.
In order for a stablecoin to be considered eligible under the CS/CS/HB 175 bill passed today, it must meet clear definitions consistent with the GENIUS Act. This means that issuers are obligated to redeem the stablecoins they issue for a certain amount (e.g., 1 USD per unit) and must maintain a reasonable expectation of the stability of their value. On top of that, This standard requires 1:1 reservations, consumer protectionadhere to anti-money laundering compliance and prohibit interest payments if vetoed by federal law.
For a company to act as a “qualified payments stablecoin issuer,” it must be legally incorporated in the state of Florida and have approval from the state’s OFR.
It cannot be an OCC-chartered uninsured national bank, a federal branch, a depository institution insured by the Federal Deposit Insurance Corporation (FDIC), or a subsidiary of any such institution. These requirements are intended to limit issuance to regulated parties at the state level and avoid duplication with traditional federal banking supervision.
As CriptoNoticias reported, the law’s approval came amid tension. This comes as traditional banks have expressed concerns about how they think about asymmetric competition and systemic risk. They are concerned that stablecoins could pose risks to the global financial system.
This conflict of interest between banks and crypto companies in the U.S. is precisely the main obstacle for the Senate in moving forward with sweeping legislation targeting the entire digital asset ecosystem.