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FloridaHB 1752026HouseWALLET

Payment Stablecoin

Sponsored By: Webster Barnaby (Republican)

Signed by Governor

AppropriationInsurance & Banking SubcommitteeCommerce CommitteeHouse CalendarRules

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Bill Overview

Analyzed Economic Effects

12 provisions identified: 4 benefits, 4 costs, 4 mixed.

Stablecoin holders get full reserve backing

Beginning October 1, 2026, Florida-qualified issuers must hold identifiable reserves worth at least all outstanding stablecoins, providing one-to-one backing. Eligible assets include U.S. cash, Federal Reserve balances, qualifying bank deposits or insured shares, and Treasury securities with maturities of 93 days or less. Other eligible assets include overnight Treasury-backed repurchase arrangements, qualifying government money market funds, and federally approved liquid government assets. Reserves may be tokenized when lawful, but generally cannot be pledged or reused. Narrow exceptions cover permitted investment margin, standard custody, and expected redemptions; qualifying redemption-liquidity repurchase agreements must mature within 93 days and have registered clearing or prior state approval.

Unlicensed stablecoin operators face large fines

Beginning October 1, 2026, Florida's unlicensed-activity penalties include payment stablecoins. Violations totaling more than $300 but less than $20,000 over 12 months are third-degree felonies. Higher tiers are second-degree felonies from $20,000 to below $100,000 and first-degree felonies at $100,000 or more. A first violation can bring an additional fine up to the greater of $250,000 or twice the value involved. A second or later violation can bring up to the greater of $500,000 or five times the value involved.

Large stablecoin issuers face federal oversight

Beginning October 1, 2026, issuers reaching $10 billion in consolidated outstanding stablecoins must notify Florida within seven business days. Without a federal waiver, they have 360 days to enter the applicable federal framework with joint state and federal oversight. Otherwise, they must stop issuing new stablecoins while outstanding issuance remains at or above $10 billion. Florida retains supervision during transition or waiver periods and may enter joint supervision agreements.

Stablecoin issuers must meet anti-crime rules

Beginning October 1, 2026, covered issuers operating in, from, or into Florida count as money services businesses. Issuers must follow federal money-laundering, sanctions, customer-identification, and due-diligence rules. They must certify their prevention programs within 180 days after license or certificate approval, then annually. Programs must reasonably guard against money laundering, cartel activity, and terrorist financing; missing certifications can trigger revocation. Florida must provide certifications to Treasury upon request, and payment stablecoins now count as monetary instruments under Florida's financial-crime framework.

Money services businesses face transaction rules

Beginning October 1, 2026, money services businesses must record covered Florida transactions over $10,000, including stablecoins, unlawful proceeds, and reporting-evasion transactions. Known same-person transactions are combined when their daily value moving in or out exceeds $10,000. Businesses may report suspicious transactions of any size; timely federal filings satisfy the reporting rule, and good-faith filers receive immunity. Willful recordkeeping or reporting violations are first-degree misdemeanors. Covered value-based violations aggregated over 12 months are third-degree felonies above $300 but below $20,000, second-degree felonies from $20,000 to below $100,000, and first-degree felonies at $100,000 or more. Civil penalties can reach the greater of the value involved or $25,000.

Stablecoin issuers face financial safety rules

Beginning October 1, 2026, Florida-qualified issuers must follow applicable capital, available-funds, risk-management, and other federal stablecoin requirements. Reserve custodians must meet Section 10 of the federal GENIUS Act. Florida's Financial Services Commission must adopt implementing rules and financial safety rules consistent with that act. It may also set federal-minimum standards for conduct, examinations, reserves, customer assets, reporting, and compliance. Florida's regulator must certify its framework to the federal review committee on its schedule, then recertify annually by Treasury's deadline.

Stablecoin issuers need approval to operate

Beginning October 1, 2026, Florida stablecoin issuers need a license, and trust companies need a certificate, unless exempt. Federally qualified and qualifying out-of-state issuers are exempt; out-of-state issuers must notify Florida within 30 days of becoming covered. Applicants must show financial ability, disclose specified felony convictions, and provide information about leaders' experience, integrity, and redemption plans. Florida must assess application completeness within 30 days and decide substantially complete applications within 120 days, or approval is automatic. An application is substantially complete when it provides enough information to assess financial ability. Denial requires an unsafe-or-unsound finding, with specific written reasons and actionable recommendations within 30 days. The license allows only issuing and redeeming stablecoins, managing reserves, and directly supporting work; trust companies can combine organization and certification filings.

Stablecoin customers gain sales practice protections

Issuers cannot require customers to buy unrelated products or avoid competitors to access stablecoin services, except for federally authorized bundles. Issuers also cannot use deceptive names or ads suggesting that stablecoins are U.S. legal tender. They cannot imply U.S. government issuance, guarantees, or approval. Currency abbreviations such as 'USD' are allowed when they directly match the currency the coin tracks.

Stablecoin holders get public reserve reports

Beginning October 1, 2026, issuers must publish monthly website reports showing outstanding coins and reserve amounts, categories, average maturity, and geographic custody locations. Each month, an accounting firm registered with the Public Company Accounting Oversight Board must examine the previous month-end report. The chief executive and chief financial officers must certify accuracy to Florida; knowingly false certifications are second-degree misdemeanors. Issuers with more than $50 billion in consolidated outstanding issuance must also prepare annual audited financial statements under standard accounting rules. Those statements must disclose related-party deals, appear on the issuer's website, and go to Florida's regulator each year.

Stablecoin users get clearer fee notices

Beginning October 1, 2026, Florida-qualified issuers must publicly explain clear procedures for timely redemption. They must conspicuously list all purchase and redemption fees in plain language. Consumers must receive at least seven days' notice before those fees change; the law does not cap fees. Issuers must also publish monthly outstanding-coin totals and reserve details, including average maturity and custody locations for each reserve category.

Stablecoin holders face federal yield limits

Issuers cannot pay interest or yield solely for holding, using, or keeping a stablecoin when federal law prohibits it. This law does not create a broader ban on payments that federal law allows.

Personal stablecoin use gets narrower regulation

Beginning October 1, 2026, lawful direct transfers between individuals acting for themselves, without an intermediary, fall outside Florida's stablecoin rules. Transfers between one person's U.S. and foreign accounts are also excluded when the same parent company offers both accounts. Transactions using software or hardware for a person's own custody of stablecoins are excluded too. Stablecoins meeting Florida's requirements are not securities under state law. Florida's securities law, chapter 517, does not apply to those coins.

Sponsors & Cosponsors

Sponsor

  • Webster Barnaby

    Republican • House

Cosponsors

  • Commerce Committee

    Affiliation unavailable

  • Mike Giallombardo

    Republican • House

  • Insurance & Banking Subcommittee

    Affiliation unavailable

Roll Call Votes

All Roll Calls

Yes: 139 • No: 2

Senate vote • 3/5/2026

Senate Floor Vote

Yes: 37 • No: 0

House vote • 3/3/2026

House Floor Vote

Yes: 102 • No: 2

Actions Timeline

  1. Chapter No. 2026-176; Companion bill(s) passed, see CS/CS/HB 1087 (Ch. 2026-130)

    6/29/2026

  2. Approved by Governor

    6/26/2026

  3. Signed by Officers and presented to Governor

    6/15/2026

  4. Ordered enrolled

    3/5/2026House

  5. In Messages

    3/5/2026House

  6. CS passed; YEAS 37 NAYS 0 -SJ 614

    3/5/2026Senate

  7. Read 3rd time -SJ 614

    3/5/2026Senate

  8. Read 2nd time -SJ 614

    3/5/2026Senate

  9. Substituted for CS/CS/SB 314 -SJ 614

    3/5/2026Senate

  10. Placed on Calendar, on 2nd reading

    3/5/2026Senate

  11. Withdrawn from Rules -SJ 613

    3/5/2026Senate

  12. Received

    3/3/2026Senate

  13. Referred to Rules

    3/3/2026Senate

  14. In Messages

    3/3/2026Senate

  15. CS passed as amended; YEAS 102, NAYS 2

    3/3/2026House

  16. Added to Third Reading Calendar

    3/3/2026House

  17. Read 3rd time

    3/3/2026House

  18. Amendment 618355 superseded by substitute

    3/3/2026House

  19. Amendment 586903 adopted

    3/3/2026House

  20. Read 2nd time

    3/3/2026House

  21. 1st Reading (Committee Substitute 2)

    2/26/2026House

  22. Bill added to Special Order Calendar (3/3/2026)

    2/26/2026House

  23. Bill referred to House Calendar

    2/26/2026House

  24. CS Filed

    2/26/2026House

  25. Laid on Table under Rule 7.18(a)

    2/26/2026House

Bill Text

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