PCS for HB 175 (2026): An act relating to payment stablecoin
Summary
PCS for HB 175 (2026), a bill to be entitled “An act relating to payment stablecoin.” The title lists revising the definition of the term “money services business,” revising the Florida Control of Money Laundering in Money Services Business Act to include payment stablecoins, and creating part V entitled “Payment Stablecoin Issuers.” It also lists prohibiting persons from engaging in the activity of a qualified payment stablecoin issuer without registering and receiving a specified notification. The text provides that the commission may adopt rules as required in the GENIUS Act. Section 13 states that, except as otherwise expressly provided, the act takes effect on January 1, 2027.
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“PCS for HB 175 (2026): An act relating to payment stablecoin.”
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F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
PCS for HB 175 2026
1 A bill to be entitled
2 An act relating to payment stablecoin; amending s.
3 560.103, F.S.; revising the definition of the term
4 "money services business"; defining terms; amending s.
5 560.114, F.S.; revising the actions by a money
6 services business which constitute grounds for
7 disciplinary actions; amending s. 560.123, F.S.;
8 revising the Florida Control of Money Laundering in
9 Money Services Business Act to include payment
10 stablecoins; requiring certain payment stablecoin
11 issuers to comply with certain regulations; amending
12 s. 560.125, F.S.; revising the prohibition regarding
13 the business of money services businesses or deferred
14 presentment providers; revising the circumstances
15 relating to violations of certain provisions; creating
16 part V of ch. 560, F.S., entitled "Payment Stablecoin
17 Issuers"; creating s. 560.501, F.S.; prohibiting
18 persons from engaging in the activity of a qualified
19 payment stablecoin issuer without registering and
20 receiving a specified notification; providing that
21 certain money services businesses are exempt from
22 registration requirements; specifying that certain
23 payment stablecoins are not a security and are not
24 subject to certain requirements; specifying that
25 certain transactions are not regulated under certain
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26 provisions; requiring qualified payment stablecoin
27 issuers to comply with certain requirements;
28 specifying that qualified payment stablecoin issuers
29 are subject to certain provisions under certain
30 circumstances; specifying that the Office of Financial
31 Regulation remains solely responsible for supervising
32 qualified payment stablecoin issuers or is jointly
33 responsible with the United States Office of the
34 Comptroller of the Currency for such supervision under
35 certain circumstances; creating s. 560.502, F.S.;
36 requiring applicants seeking to be a qualified payment
37 stablecoin issuer to submit a specified application to
38 the office; requiring applicants to resolve
39 deficiencies found in their applications within a
40 certain timeframe; requiring registrants to report
41 changes in their information within a specified
42 timeframe; requiring registrants to renew registration
43 annually; requiring the registrant to renew
44 registration in a specified manner; specifying that
45 the renewal registration becomes effective on a
46 certain date; requiring the office to approve renewal
47 registration within a specified timeframe; specifying
48 that failure to submit an application within a
49 specified timeframe results in the registration
50 becoming expired; requiring a qualified payment
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51 stablecoin issuer with an expired registration to
52 submit a new application to the office; providing that
53 the office must issue a certification of registration
54 before the qualified payment stablecoin issuer may
55 conduct business in this state; authorizing the office
56 to deny the prospective registrant's renewal
57 application under certain circumstances; requiring the
58 office to deny the application of qualified payment
59 stablecoin issuers under certain circumstances;
60 specifying that any false statement in the application
61 renders the registration void; providing construction;
62 prohibiting registration and registration renewal
63 fees; creating s. 560.503, F.S.; specifying that
64 qualified payment stablecoin issuers may only engage
65 in certain activities; creating s. 560.504, F.S.;
66 requiring qualified payment stablecoin issuers to
67 comply with certain requirements; prohibiting
68 qualified payment stablecoin issuers from engaging in
69 certain conduct; creating s. 560.505, F.S.; requiring
70 the office to submit initial and additional
71 certifications to a specified committee under certain
72 circumstances; requiring the office to comply with
73 certain requirements; creating s. 560.506, F.S.;
74 requiring the Financial Services Commission to adopt
75 specified rules; creating s. 658.997, F.S.; defining
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76 terms; specifying that certain trust companies are
77 exempt from registration as qualified payment
78 stablecoin issuers but are subject to certain
79 provisions; specifying that certain payment
80 stablecoins are not securities and are not subject to
81 certain requirements; specifying that certain
82 transactions are not regulated by certain provisions;
83 requiring qualified payment stablecoin issuers to
84 comply with certain requirements; specifying that
85 qualified payment stablecoin issuers remain subject to
86 certain provisions under certain circumstances;
87 authorizing the office to enter into an agreement with
88 specified regulators for joint supervision of
89 qualified payment stablecoin issuers; specifying that
90 the office remains solely responsible for supervising
91 qualified payment stablecoin issuers or is jointly
92 responsible with the United States Office of the
93 Comptroller of the Currency for such supervision under
94 certain circumstances; specifying that qualified
95 payment stablecoin issuers may engage only in certain
96 activities; requiring qualified payment stablecoin
97 issuers to comply with certain requirements; defining
98 the term "registered public accounting firm";
99 prohibiting qualified payment stablecoin issuers from
100 engaging in certain conduct; requiring that the
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101 office's initial and annual recertification include
102 certain information; providing for certain rule
103 adoption by the commission; providing effective dates.
104
105 Be It Enacted by the Legislature of the State of Florida:
106
107 Section 1. Present subsections (33), (34), and (35) and
108 (36) through (39) of section 560.103, Florida Statutes, as
109 amended by chapter 2025-100, Laws of Florida, are redesignated
110 as subsections (34), (35), and (36) and (38) through (41),
111 respectively, new subsections (33) and (37) are added to that
112 section, and subsection (25) of that section is amended, to
113 read:
114 560.103 Definitions.—As used in this chapter, the term:
115 (25) "Money services business" means any person located in
116 or doing business in this state, from this state, or into this
117 state from locations outside this state or country who acts as a
118 payment instrument seller, foreign currency exchanger, check
119 casher, or money transmitter, or qualified payment stablecoin
120 issuer.
121 (33) "Payment stablecoin" means a digital asset that meets
122 all of the following requirements:
123 (a)1. Is, or is designed to be, used as a means of payment
124 or settlement; and
125 2. The issuer of which:
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126 a. Is obligated to convert, redeem, or repurchase the
127 digital asset for a fixed amount of monetary value, not
128 including a digital asset denominated in a fixed amount of
129 monetary value.
130 b. Represents that such issuer will maintain, or create
131 the reasonable expectation that it will maintain, a stable value
132 relative to the value of a fixed amount of monetary value.
133 (b) The term does not include a digital asset that is any
134 of the following:
135 1. A national currency. For purposes of this subparagraph,
136 the term "national currency" means each of the following:
137 a. A Federal Reserve note as the term is used in the first
138 undesignated paragraph of s. 16 of the Federal Reserve Act, 12
139 U.S.C. s. 411.
140 b. Money standing to the credit of an account with a
141 Federal Reserve Bank.
142 c. Money issued by a foreign central bank.
143 d. Money issued by an intergovernmental organization
144 pursuant to an agreement by two or more governments.
145 2. A deposit as defined in s. 3 of the Federal Deposit
146 Insurance Act, 12 U.S.C. s. 1813, including a deposit recorded
147 using distributed ledger technology. For purposes of this
148 subparagraph, the term "distributed ledger" means technology in
149 which data is shared across a network that creates a public
150 digital ledger of verified transactions or information among
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151 network participants and cryptography is used to link the data
152 to maintain the integrity of the public ledger and execute other
153 functions.
154 3. A security, as defined in s. 517.021, s. 2 of the
155 Securities Act of 1933, 15 U.S.C. s. 77b, s. 3 of the Securities
156 and Exchange Act of 1934, 15 U.S.C. s. 78c, or s. 2 of the
157 Investment Company Act of 1940, 15 U.S.C. s. 80a-2.
158 (c) As used in this subsection, the term "digital asset"
159 means any digital representation of value that is recorded on a
160 cryptographically secured digital ledger.
161 (37) "Qualified payment stablecoin issuer" means an entity
162 legally established under the laws of a state and registered
163 with the office to issue payment stablecoins.
164 Section 2. Paragraph (w) of subsection (1) of section
165 560.114, Florida Statutes, is amended to read:
166 560.114 Disciplinary actions; penalties.—
167 (1) The following actions by a money services business,
168 authorized vendor, or affiliated party constitute grounds for
169 the issuance of a cease and desist order; the issuance of a
170 removal order; the denial, suspension, or revocation of a
171 license; or taking any other action within the authority of the
172 office pursuant to this chapter:
173 (w) Engaging or advertising engagement in the business of
174 a money services business or deferred presentment provider
175 without a license or registration, unless exempted from
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176 licensure or registration.
177 Section 3. Present subsection (9) of section 560.123,
178 Florida Statutes, is redesignated as subsection (10), a new
179 subsection (9) is added to that section, and subsections (2),
180 (3), and (8) of that section are amended, to read:
181 560.123 Florida Control of Money Laundering in Money
182 Services Business Act.—
183 (2) The purpose of this section is to require the
184 maintenance of certain records of transactions involving
185 currency, monetary value, payment instruments, or virtual
186 currency, or payment stablecoins in order to deter the use of a
187 money services business to conceal proceeds from criminal
188 activity and to ensure the availability of such records for
189 criminal, tax, or regulatory investigations or proceedings.
190 (3) A money services business shall keep a record, as
191 prescribed by the commission, of each financial transaction
192 occurring in this state which it knows to involve currency,
193 monetary value, a payment instrument, or virtual currency, or a
194 payment stablecoin having a value greater than $10,000; to
195 involve the proceeds of specified unlawful activity; or to be
196 designed to evade the reporting requirements of this section or
197 chapter 896. The money services business must maintain
198 appropriate procedures to ensure compliance with this section
199 and chapter 896.
200 (a) Multiple financial transactions shall be treated as a
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201 single transaction if the money services business has knowledge
202 that they are made by or on behalf of any one person and result
203 in value in or value out totaling a value of more than $10,000
204 during any day.
205 (b) A money services business may keep a record of any
206 financial transaction occurring in this state, regardless of the
207 value, if it suspects that the transaction involves the proceeds
208 of unlawful activity.
209 (c) The money services business must file a report with
210 the office of any records required by this subsection, at such
211 time and containing such information as required by rule. The
212 timely filing of the report required by 31 U.S.C. s. 5313 with
213 the appropriate federal agency shall be deemed compliance with
214 the reporting requirements of this subsection unless the reports
215 are not regularly and comprehensively transmitted by the federal
216 agency to the office.
217 (d) A money services business, or control person,
218 employee, or agent thereof, that files a report in good faith
219 pursuant to this section is not liable to any person for loss or
220 damage caused in whole or in part by the making, filing, or
221 governmental use of the report, or any information contained
222 therein.
223 (8)(a) Except as provided in paragraph (b), a person who
224 willfully violates any provision of this section commits a
225 misdemeanor of the first degree, punishable as provided in s.
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226 775.082 or s. 775.083.
227 (b) A person who willfully violates any provision of this
228 section, if the violation involves:
229 1. Currency, monetary value, payment instruments, or
230 virtual currency, or payment stablecoins of a value exceeding
231 $300 but less than $20,000 in any 12-month period, commits a
232 felony of the third degree, punishable as provided in s.
233 775.082, s. 775.083, or s. 775.084.
234 2. Currency, monetary value, payment instruments, or
235 virtual currency, or payment stablecoins of a value totaling or
236 exceeding $20,000 but less than $100,000 in any 12-month period,
237 commits a felony of the second degree, punishable as provided in
238 s. 775.082, s. 775.083, or s. 775.084.
239 3. Currency, monetary value, payment instruments, or
240 virtual currency, or payment stablecoins of a value totaling or
241 exceeding $100,000 in any 12-month period, commits a felony of
242 the first degree, punishable as provided in s. 775.082, s.
243 775.083, or s. 775.084.
244 (c) In addition to the penalties authorized by s. 775.082,
245 s. 775.083, or s. 775.084, a person who has been convicted of,
246 or entered a plea of guilty or nolo contendere, regardless of
247 adjudication, to having violated paragraph (b) may be sentenced
248 to pay a fine of up to the greater of $250,000 or twice the
249 value of the currency, monetary value, payment instruments, or
250 virtual currency, or payment stablecoins, except that on a
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251 second or subsequent conviction for or plea of guilty or nolo
252 contendere, regardless of adjudication, to a violation of
253 paragraph (b), the fine may be up to the greater of $500,000 or
254 quintuple the value of the currency, monetary value, payment
255 instruments, or virtual currency, or payment stablecoins.
256 (d) A person who violates this section is also liable for
257 a civil penalty of up to the greater of the value of the
258 currency, monetary value, payment instruments, or virtual
259 currency, or payment stablecoins involved or $25,000.
260 (9) A state qualified payment stablecoin issuer must
261 comply with any anti-money laundering regulation provided in the
262 GENIUS Act under Pub. L. No. 119-27, which includes, but is not
263 limited to, provisions relating to economic sanctions,
264 prevention of money laundering, customer identification, and due
265 diligence in the Bank Secrecy Act, s. 21 of the Federal Deposit
266 Insurance Act, 12 U.S.C. s. 1813, chapter 2 of Title I of Pub.
267 L. No. 91-508, and subchapter II of chapter 53 of Title 31,
268 United States Code.
269 Section 4. Subsection (1), paragraph (a) of subsection
270 (5), and subsection (6) of section 560.125, Florida Statutes,
271 are amended to read:
272 560.125 Unlicensed activity; penalties.—
273 (1) A person may not engage in the business of a money
274 services business or deferred presentment provider in this state
275 unless the person is licensed, registered, or exempted from
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276 licensure or registration under this chapter. A deferred
277 presentment transaction conducted by a person not authorized to
278 conduct such transaction under this chapter is void, and the
279 unauthorized person has no right to collect, receive, or retain
280 any principal, interest, or charges relating to such
281 transaction.
282 (5) A person who violates this section, if the violation
283 involves:
284 (a) Currency, monetary value, payment instruments, or
285 virtual currency, or payment stablecoins of a value exceeding
286 $300 but less than $20,000 in any 12-month period, commits a
287 felony of the third degree, punishable as provided in s.
288 775.082, s. 775.083, or s. 775.084.
289 (6) In addition to the penalties authorized by s. 775.082,
290 s. 775.083, or s. 775.084, a person who has been convicted of,
291 or entered a plea of guilty or nolo contendere to, having
292 violated this section may be sentenced to pay a fine of up to
293 the greater of $250,000 or twice the value of the currency,
294 monetary value, payment instruments, or virtual currency, or
295 payment stablecoins, except that on a second or subsequent
296 violation of this section the fine may be up to the greater of
297 $500,000 or quintuple the value of the currency, monetary value,
298 payment instruments, or virtual currency, or payment
299 stablecoins.
300 Section 5. Part V of chapter 560, Florida Statutes,
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301 consisting of ss. 560.501-560.506, Florida Statutes, is created
302 and entitled "Payment Stablecoin Issuers."
303 Section 6. Section 560.501, Florida Statutes, is created
304 to read:
305 560.501 Registration required; exemptions; transition to
306 federal oversight.—
307 (1) REGISTRATION REQUIREMENT.—Unless exempted, a person
308 may not engage in the activity of a qualified payment stablecoin
309 issuer as authorized in s. 560.503 in this state without first
310 registering, or renewing registration, with the office in
311 accordance with s. 560.502 and receiving notification from the
312 office that such person is approved as a qualified payment
313 stablecoin issuer. The office shall give written notice to such
314 person that the agency has approved or denied the application
315 for registration.
316 (2) EXEMPTIONS.—
317 (a) A payment instrument seller, foreign currency
318 exchanger, check casher, or money transmitter that is licensed
319 as a money services business pursuant to s. 560.141 and issues
320 payment stablecoins with a consolidated total outstanding
321 issuance of $10 billion or less is exempt from registration as a
322 qualified payment stablecoin issuer but is subject to ss.
323 560.503 and 560.504.
324 (b) A payment stablecoin that meets the requirements of
325 this part is not a security and is not subject to the
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326 requirements of chapter 517.
327 (c) The following transactions are not regulated under
328 this part:
329 1. The direct transfer of payment stablecoin between two
330 individuals acting on their own behalf and for their own lawful
331 purposes, without the involvement of an intermediary.
332 2. Any transaction involving the receipt of payment
333 stablecoins by an individual between an account owned by the
334 individual in the United States and an account owned by the
335 individual abroad which are offered by the same parent company.
336 3. Any transaction by means of a software or hardware
337 wallet that facilitates an individual's own custody of payment
338 stablecoins.
339 (3) TRANSITION TO FEDERAL OVERSIGHT.—
340 (a) Unless a federal waiver is obtained, a qualified
341 payment stablecoin issuer with a consolidated total outstanding
342 payment stablecoin issuance that reaches the $10 billion
343 threshold must comply with one of the following requirements:
344 1. Not later than 360 days after the payment stablecoin
345 issuance reaches such threshold, transition to the applicable
346 federal regulatory framework administered jointly by the office
347 and the United States Office of the Comptroller of the Currency;
348 or
349 2. Beginning on the date the payment stablecoin issuance
350 reaches such threshold, cease issuing new payment stablecoins
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351 until the payment stablecoin falls below the $10 billion
352 consolidated total outstanding issuance threshold.
353 (b) A qualified payment stablecoin issuer remains subject
354 to this part if a federal waiver of the transition requirements
355 in paragraph (a) is obtained pursuant to the GENIUS Act, Pub. L.
356 No. 119-27, and the office remains solely responsible for
357 supervising the qualified payment stablecoin issuer, or if the
358 office is jointly responsible with the United States Office of
359 the Comptroller of the Currency to supervise the qualified
360 payment stablecoin issuer pursuant to subparagraph (a)1. The
361 office may enter into an agreement with the relevant primary
362 federal payment stablecoin regulator for the joint supervision
363 of any qualified payment stablecoin issuer.
364 Section 7. Section 560.502, Florida Statutes, is created
365 to read:
366 560.502 Registration applications.—
367 (1) To apply to be a qualified payment stablecoin issuer
368 under this part, the applicant must submit a completed
369 registration application on forms prescribed by rule of the
370 commission. The application must include the following
371 information:
372 (a) The legal name of the applicant, including any
373 fictitious or trade names used by the applicant in the conduct
374 of its business, and the physical and mailing addresses of the
375 applicant.
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376 (b) The date of the applicant's formation and the state in
377 which the applicant was formed, if applicable.
378 (c) The name, social security number, alien identification
379 number or taxpayer identification number, business and residence
380 addresses, and employment history for the past 5 years for each
381 control person as defined in s. 560.103.
382 (d) A description of the organizational structure of the
383 applicant, including the identity of any parent or subsidiary of
384 the applicant, and a disclosure of whether any parent or
385 subsidiary is publicly traded.
386 (e) The name and mailing address of the registered agent
387 in this state for service of process.
388 (f) An attestation that the applicant has developed
389 clearly documented policies, processes, and procedures regarding
390 the use of blockchain analytics to prevent transfers to wallet
391 addresses linked to known criminal activity, including the
392 manner in which such blockchain analytics activity will
393 integrate into its compliance controls, and that the applicant
394 will maintain and comply with such blockchain analytics
395 policies, processes, and procedures.
396 (g) Any other information as required by this chapter or
397 commission rule.
398 (2) Any information needed to resolve deficiencies found
399 in the application must be provided within a time period
400 prescribed by rule of the commission.
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401 (3) A registrant shall report, on a form prescribed by
402 rule of the commission, any change in the information contained
403 in an initial application form or an amendment thereto within 30
404 days after the change is effective.
405 (4) A registrant must renew its registration annually on
406 or before December 31 of the year preceding the expiration date
407 of the registration. To renew such registration, the registrant
408 must submit a renewal application that provides the information
409 required in subsection (1) if there are changes in the
410 application information, or an affidavit signed by the
411 registrant that the information remains the same as the prior
412 year's information.
413 (5) Any renewal registration made pursuant to this section
414 becomes effective upon the date the office approves the
415 application for registration. The office shall approve the
416 renewal registration within a timeframe prescribed by rule.
417 (6) Failure to submit an application to renew a qualified
418 payment stablecoin issuer's registration within 60 days after
419 the registration becomes inactive will result in the
420 registration becoming expired. If the registration is expired, a
421 new application to register the qualified payment stablecoin
422 issuer pursuant to subsection (1) must be submitted to the
423 office, and a new registration must be issued by the office
424 before the qualified payment stablecoin issuer may conduct
425 business in this state.
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426 (7) If a control person of a registrant or prospective
427 registrant has engaged in any unlawful business practice, or has
428 been convicted or found guilty of, or pled guilty or nolo
429 contendere to, regardless of adjudication, a crime involving
430 dishonest dealing, fraud, acts of moral turpitude, or other acts
431 that reflect an inability to engage lawfully in the business of
432 a registered qualified payment stablecoin issuer, the office may
433 deny the prospective registrant's initial registration
434 application or the registrant's renewal application.
435 (8) The office shall deny the application of a qualified
436 payment stablecoin issuer that submits a renewal application
437 that fails to comply with subsection (1).
438 (9) Any false statement made by a qualified payment
439 stablecoin issuer in an application for registration under this
440 section renders the registration void. A void registration may
441 not be construed as creating a defense to any prosecution for
442 violation of this chapter.
443 (10) The office may not charge any registration or
444 registration renewal fees and also may not charge any
445 application fees to register or renew a registration.
446 Section 8. Section 560.503, Florida Statutes, is created
447 to read:
448 560.503 Limitation on payment stablecoin activities.—
449 Unless licensed under this chapter or chapter 655 to conduct
450 other financial business activities, a qualified payment
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451 stablecoin issuer may engage only in the following activities:
452 (1) Issue payment stablecoins.
453 (2) Redeem payment stablecoins.
454 (3) Manage related reserves, including purchasing,
455 selling, and holding reserve assets or providing custodial
456 services for reserve assets, consistent with federal law and the
457 laws of this state.
458 (4) Undertake other activities that directly support any
459 of the activities described in this section.
460 Section 9. Section 560.504, Florida Statutes, is created
461 to read:
462 560.504 Minimum prudential requirements.—
463 (1) In accordance with the GENIUS Act, Pub. L. No. 119-27,
464 a qualified payment stablecoin issuer must comply with all of
465 the following requirements:
466 (a) Maintain identifiable reserves backing the outstanding
467 payment stablecoins of the qualified payment stablecoin issuer
468 on at least a one-to-one basis, with reserves consisting of any
469 of the following:
470 1. United States coin or currency or money standing to the
471 credit of an account with a Federal Reserve Bank.
472 2. Funds held as demand deposits or insured shares at an
473 insured depository institution, subject to limitations
474 established by the Federal Deposit Insurance Corporation and the
475 National Credit Union Administration.
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476 3. Treasury bills, notes, or bonds with a remaining
477 maturity or issued with a maturity of 93 days or less.
478 4. Money received under repurchase agreements, with the
479 qualified payment stablecoin issuer acting as a seller of
480 securities and with an overnight maturity, that are backed by
481 Treasury bills with a maturity of 93 days or less.
482 5. Reverse purchase agreements, with the qualified payment
483 stablecoin issuer acting as a purchaser of securities and with
484 an overnight maturity, that are collateralized by Treasury
485 bills, notes, or bonds on an overnight basis, subject to
486 overcollateralization in line with standard market terms that
487 meet federal requirements in the GENIUS Act, Pub. L. No. 119-27.
488 6. Securities issued by an investment company registered
489 under s. 8(a) of the Investment Company Act of 1940, 15 U.S.C.
490 s. 80a-8(a), or other registered government money market fund,
491 and that are invested solely in underlying assets described in
492 subparagraphs 1.-5.
493 7. Any other similarly liquid Federal Government-issued
494 asset approved by the primary federal payment stablecoin
495 regulator, in consultation with the office.
496 8. Any reserve described in subparagraphs 1.-3. or
497 subparagraph 6. or subparagraph 7. in tokenized form, provided
498 that such reserves comply with all applicable laws and
499 regulations.
500 (b) Publicly disclose the issuer's redemption policy,
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501 which must comply with all of the following requirements:
502 1. Establish clear and conspicuous procedures for timely
503 redemption of outstanding payment stablecoins.
504 2. Publicly, clearly, and conspicuously disclose in plain
505 language all fees associated with purchasing or redeeming the
506 payment stablecoins, provided that such fees can be changed only
507 upon not less than 7 days' prior notice to consumers.
508 (c) Publish on the issuer's website a monthly reserve
509 composition of the issuer's reserve which must contain all of
510 the following information:
511 1. The total number of outstanding payment stablecoins
512 issued by the issuer.
513 2. The amount and composition of the reserves described in
514 paragraph (a), including the average tenor and geographic
515 location of custody of each category of reserve instruments.
516 (d) Comply with all federal prohibitions on pledging,
517 rehypothecating, or reusing reserve assets, either directly or
518 indirectly, except for any of the following purposes:
519 1. Satisfying margin obligations in connection with
520 investments in permitted reserves under subparagraph (a)4. or
521 subparagraph (a)5.
522 2. Satisfying obligations associated with the use,
523 receipt, or provision of standard custodial services.
524 3. Creating liquidity to meet reasonable expectations of
525 requests to redeem payment stablecoins, such that reserves in
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526 the form of Treasury bills may be sold as purchased securities
527 for repurchase agreements with a maturity of 93 days or less,
528 provided that either:
529 a. The repurchase agreements are cleared by a clearing
530 agency registered with the Securities and Exchange Commission;
531 or
532 b. The qualified payment stablecoin issuer receives prior
533 approval from the office.
534 (e) Engage a registered public accounting firm to conduct
535 a monthly examination of the previous month-end reserve report.
536 For purposes of this paragraph, the term "registered public
537 accounting firm" means a public accounting firm registered with
538 the Public Company Accounting Oversight Board.
539 (f) Submit to the office each month a certification as to
540 the accuracy of the month-end reserve report by the qualified
541 payment stablecoin issuer's chief executive officer and chief
542 financial officer.
543 (g) Comply with any federal regulations or state rules
544 prescribed by commission rule relating to capital, liquidity,
545 and risk management requirements.
546 (h) Engage only custodians or safekeepers that comply with
547 s. 10 of the GENIUS Act, Pub. L. No. 119-27.
548 (i) Comply with any other federal requirements of s. 4(a)
549 of the GENIUS Act, Pub. L. No. 119-27, and any implementing
550 federal regulations.
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551 (2) A qualified payment stablecoin issuer is prohibited
552 from engaging in all of the following conduct:
553 (a) Except as may be authorized under federal law, tying
554 arrangements that condition access to stablecoin services on the
555 purchase of unrelated products or services from such qualified
556 payment stablecoin issuer or an agreement not to obtain products
557 or services from a competitor.
558 (b) Using deceptive names, which includes, but is not
559 limited to, any of the following:
560 1. Using any combination of terms relating to the United
561 States Government, except abbreviations directly related to the
562 currency to which a payment stablecoin is pegged, such as "USD."
563 2. Marketing a payment stablecoin in such a way that a
564 reasonable person would perceive the payment stablecoin to be
565 legal tender, as described in 31 U.S.C. s. 5103, issued by the
566 United States, or guaranteed or approved by the United States
567 Government.
568 (c) Unless authorized by federal law, paying the holder of
569 any payment stablecoin any form of interest or yield solely in
570 connection with holding, use, or retention of such payment
571 stablecoin.
572 Section 10. Effective upon becoming law, Section 560.505,
573 Florida Statutes, is created to read:
574 560.505 State certification.—
575 (1) No later than 20 days after the federal Stablecoin
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576 Certification Review Committee begins accepting certifications
577 or no later than 20 days after the effective date of this act,
578 whichever is later, the office must submit an initial
579 certification to such committee on a form prescribed by the
580 committee attesting that the state regulatory regime meets the
581 criteria for substantial similarity established pursuant to the
582 GENIUS Act.
583 (2) No later than the date to be determined by the United
584 States Secretary of the Treasury each year, the office must
585 submit to the Stablecoin Certification Review Committee an
586 additional certification that confirms the accuracy of the
587 initial certification submitted.
588 (3) The office must comply with the requirements of s.
589 4(c)(4) of the GENIUS Act to ensure the state receives
590 certification and annual recertification by the Stablecoin
591 Certification Review Committee of the state regulatory regime.
592 Section 11. Section 560.506, Florida Statutes, is created
593 to read:
594 560.506 Rulemaking authority.—The commission shall adopt
595 rules to administer this part as required in s. 13 of the GENIUS
596 Act, Pub. L. No. 119-27. The commission must also adopt rules
597 relating to capital, liquidity, and risk management which are
598 consistent with s. 4(a)(4) of the GENIUS Act, Pub. L. No. 119-
599 27. The commission may adopt rules establishing standards for
600 the conduct, supervision, examination, and regulation of
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601 qualified payment stablecoin issuers, including requirements
602 relating to reserves, customer-asset protection, reporting, and
603 compliance, in order to meet the minimum requirements
604 established by the Stablecoin Certification Review Committee.
605 Section 12. Section 658.997, Florida Statutes, is created
606 to read:
607 658.997 Qualified payment stablecoin issuers.—
608 (1) DEFINITIONS.—As used in this section, the term:
609 (a) "Payment stablecoin" has the same meaning as in s.
610 560.103.
611 (b) "Qualified payment stablecoin issuer" has the same
612 meaning as in s. 560.103. The term does not include an insured
613 depository institution, an uninsured national bank, a federal
614 branch of a foreign bank, or a subsidiary of such entities. For
615 purposes of this paragraph, the terms:
616 1. "Federal branch" means a branch of a foreign bank
617 established and operating under 12 U.S.C. s. 3102.
618 2. "Insured depository institution" means any bank or
619 savings association the deposits of which are insured by the
620 Federal Deposit Insurance Corporation and insured credit union
621 means any credit union the member accounts of which are insured
622 by the National Credit Union Administration Board.
623 3. "Subsidiary" means any company that is owned or
624 controlled directly or indirectly by another company and
625 includes any service corporation owned in whole or in part by an
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626 insured depository institution or any subsidiary of such a
627 service corporation.
628 (2) EXEMPTIONS.—
629 (a) A trust company that is organized pursuant to this
630 section and issues payment stablecoins with a consolidated total
631 outstanding issuance of $10 billion or less is exempt from
632 registration as a qualified payment stablecoin issuer but is
633 subject to the provisions of this section.
634 (b) A payment stablecoin that meets the requirements of
635 this part is not a security and is not subject to the
636 requirements of chapter 517.
637 (c) The following transactions are not regulated under
638 this part:
639 1. The direct transfer of payment stablecoin between two
640 individuals acting on their own behalf and for their own lawful
641 purposes, without the involvement of an intermediary.
642 2. Any transaction involving the receipt of payment
643 stablecoin by an individual between an account owned by the
644 individual in the United States and an account owned by the
645 individual abroad which are offered by the same parent company.
646 3. Any transaction by means of a software or hardware
647 wallet that facilitates an individual's own custody of payment
648 stablecoin.
649 (3) TRANSITION TO FEDERAL OVERSIGHT.—
650 (a) Unless a federal waiver is obtained, a qualified
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651 payment stablecoin issuer with a consolidated total outstanding
652 payment stablecoin issuance that reaches the $10 billion
653 threshold must comply with one of the following requirements:
654 1. Not later than 360 days after the payment stablecoin
655 issuance reaches such threshold, transition to the applicable
656 federal regulatory framework administered jointly by the office
657 and the United States Office of the Comptroller of the Currency;
658 or
659 2. Beginning on the date the payment stablecoin issuance
660 reaches such threshold, cease issuing new payment stablecoins
661 until the payment stablecoin falls below the $10 billion
662 consolidated total outstanding issuance threshold.
663 (b) A qualified payment stablecoin issuer remains subject
664 to this part if a federal waiver of the transition requirements
665 in paragraph (a) is obtained pursuant to the GENIUS Act, Pub. L.
666 No. 119-27, and the office remains solely responsible for
667 supervising the qualified payment stablecoin issuer, or if the
668 office is jointly responsible with the United States Office of
669 the Comptroller of the Currency to supervise the qualified
670 payment stablecoin issuer pursuant to subparagraph (a)1. The
671 office may enter into an agreement with the relevant primary
672 federal payment stablecoin regulator for the joint supervision
673 of any qualified payment stablecoin issuer.
674 (4) LIMITATION ON PAYMENT STABLECOIN ACTIVITIES.—Unless
675 licensed under chapter 560 or chapter 655 to conduct other
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676 financial business activities, a qualified payment stablecoin
677 issuer may engage only in the following activities:
678 (a) Issue payment stablecoins.
679 (b) Redeem payment stablecoins.
680 (c) Manage related reserves, including purchasing,
681 selling, and holding reserve assets or providing custodial
682 services for reserve assets, consistent with federal law and the
683 laws of this state.
684 (d) Undertake other activities that directly support any
685 of the activities described in this section.
686 (5) MINIMUM PRUDENTIAL REQUIREMENTS.—
687 (a) In accordance with the GENIUS Act, Pub. L. No. 119-27,
688 a qualified payment stablecoin issuer must comply with all of
689 the following requirements:
690 1. Maintain identifiable reserves backing the outstanding
691 payment stablecoins of the qualified payment stablecoin issuer
692 on at least a one-to-one basis, with reserves consisting of any
693 of the following:
694 a. United States coin or currency or money standing to the
695 credit of an account with a Federal Reserve Bank.
696 b. Funds held as demand deposits or insured shares at an
697 insured depository institution, subject to limitations
698 established by the Federal Deposit Insurance Corporation and the
699 National Credit Union Administration.
700 c. Treasury bills, notes, or bonds with a remaining
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701 maturity or issued with a maturity of 93 days or less.
702 d. Money received under repurchase agreements, with the
703 qualified payment stablecoin issuer acting as a seller of
704 securities and with an overnight maturity, that are backed by
705 Treasury bills with a maturity of 93 days or less.
706 e. Reverse purchase agreements, with the qualified payment
707 stablecoin issuer acting as a purchaser of securities and with
708 an overnight maturity, that are collateralized by Treasury
709 bills, notes, or bonds on an overnight basis, subject to
710 overcollateralization in line with standard market terms that
711 meet federal requirements in the GENIUS Act, Pub. L. No. 119-27.
712 f. Securities issued by an investment company registered
713 under s. 8(a) of the Investment Company Act of 1940, 15 U.S.C.
714 s. 80a-8(a), or other registered government money market fund,
715 and that are invested solely in underlying assets described in
716 sub-subparagraphs a.-e.
717 g. Any other similarly liquid Federal Government-issued
718 asset approved by the primary federal payment stablecoin
719 regulator, in consultation with the office.
720 h. Any reserve described in sub-subparagraphs a.-c. or
721 sub-subparagraph f. or sub-subparagraph g. in tokenized form,
722 provided that such reserves comply with all applicable laws and
723 regulations.
724 2. Publicly disclose the issuer's redemption policy, which
725 must comply with all of the following requirements:
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726 a. Establish clear and conspicuous procedures for timely
727 redemption of outstanding payment stablecoins.
728 b. Publicly, clearly, and conspicuously disclose in plain
729 language all fees associated with purchasing or redeeming the
730 payment stablecoins, provided that such fees can be changed only
731 upon not less than 7 days' prior notice to consumers.
732 3. Publish on the issuer's website a monthly reserve
733 composition of the issuer's reserve which must contain all of
734 the following information:
735 a. The total number of outstanding payment stablecoins
736 issued by the issuer.
737 b. The amount and composition of the reserves described in
738 subparagraph 1., including the average tenor and geographic
739 location of custody of each category of reserve instruments.
740 4. Comply with all federal prohibitions on the pledging,
741 rehypothecating, or reusing reserve assets, either directly or
742 indirectly, except for any of the following purposes:
743 a. Satisfying margin obligations in connection with
744 investments in permitted reserves under sub-subparagraph 1.d. or
745 sub-subparagraph 1.e..
746 b. Satisfying obligations associated with the use,
747 receipt, or provision of standard custodial services.
748 c. Creating liquidity to meet reasonable expectations of
749 requests to redeem payment stablecoins, such that reserves in
750 the form of Treasury bills may be sold as purchased securities
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751 for repurchase agreements with a maturity of 93 days or less,
752 provided that either:
753 (I) The repurchase agreements are cleared by a clearing
754 agency registered with the Securities and Exchange Commission;
755 or
756 (II) The qualified payment stablecoin issuer receives
757 prior approval from the office.
758 5. Engage a registered public accounting firm to conduct a
759 monthly examination of the previous month-end reserve report.
760 For purposes of this subparagraph, the term "registered public
761 accounting firm" means a public accounting firm registered with
762 the Public Company Accounting Oversight Board.
763 6. Submit to the office each month a certification as to
764 the accuracy of the month-end reserve report by the qualified
765 payment stablecoin issuer's chief executive officer and chief
766 financial officer.
767 7. Comply with any federal regulations or state rules
768 prescribed by commission rule relating to capital, liquidity,
769 and risk management requirements.
770 8. Engage only custodians or safekeepers that comply with
771 s. 10 of the GENIUS Act, Pub. L. No. 119-27.
772 9. Comply with any other federal requirements of s. 4(a)
773 of the GENIUS Act, Pub. L. No. 119-27, and any implementing
774 federal regulations.
775 (b) A qualified payment stablecoin issuer is prohibited
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776 from engaging in all of the following conduct:
777 1. Except as may be authorized under federal law, tying
778 arrangements that condition access to stablecoin services on the
779 purchase of unrelated products or services from such qualified
780 payment stablecoin issuer or an agreement not to obtain products
781 or services from a competitor.
782 2. Using deceptive names, which includes, but is not
783 limited to, any of the following:
784 a. Using any combination of terms relating to the United
785 States Government, except abbreviations directly related to the
786 currency to which a payment stablecoin is pegged, such as "USD."
787 b. Marketing a payment stablecoin in such a way that a
788 reasonable person would perceive the payment stablecoin to be
789 legal tender, as described in 31 U.S.C. s. 5103, issued by the
790 United States, or guaranteed or approved by the United States
791 Government.
792 3. Unless authorized by federal law, paying the holder of
793 any payment stablecoin any form of interest or yield solely in
794 connection with holding, use, or retention of such payment
795 stablecoin.
796 (6) CERTIFICATION.—The office's initial certification and
797 annual recertification submission to the federal Stablecoin
798 Certification Review Committee pursuant to s. 560.505 must
799 include any relevant information related to the provisions of
800 this chapter in the office's request for certification or
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801 recertification of the state regulatory regime of payment
802 stablecoins.
803 (7) RULEMAKING.—The commission may adopt rules to
804 administer this section as required in s. 13 of the GENIUS Act,
805 Pub. L. No. 119-27. The commission must also adopt rules
806 relating to capital, liquidity, and risk management which are
807 consistent with s. 4(a)(4) of the GENIUS Act, Pub. L. No. 119-
808 27. The commission may adopt rules establishing standards for
809 the conduct, supervision, examination, and regulation of
810 qualified payment stablecoin issuers, including requirements
811 relating to reserves, customer-asset protection, reporting, and
812 compliance in order to meet the minimum requirements established
813 by the Stablecoin Certification Review Committee.
814 Section 13. Except as otherwise expressly provided in this
815 act, this act shall take effect on January 1, 2027.
816
817
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