BroadChain has learned that on March 7, The Block reported the Florida Senate passed Senate Bill 314 with a unanimous 37-0 vote. This move clears a path to establish a regulatory framework for payment stablecoin issuers within the state.
The bill, along with its companion House Bill 175, will now be sent to Governor Ron DeSantis for his signature within the next 30 days.
A key provision of the bill is that it bars payment stablecoin issuers from paying interest to holders, but only "if such payments are prohibited under federal law."
Also passed on the same day was the companion bill CS/CS/SB1440. This legislation expands confidentiality protections for information held by virtual currency businesses, qualified payment stablecoin issuers, and other entities, aiming to safeguard trade secrets and other non-public information.