HB 175 — CS/CS/HB 175: Payment Stablecoin

providing criminal penalties;

requiring the office to submit initial certificationand additional certifications to a specified committee onunder acertain specifiedcircumstances; form in accordance with a specified timeline;

requiring the office to submit a specified additional certification no later than a specified date;

requiring theand FinancialPage Services3 Commissionof to33 adoptCODING: specified rules;

amending s.

655.50, F.S.;

revising the definition of the term "monetary instruments";

requiring qualified payment stablecoin issuers to comply with certain provisions;

requiring qualified payment stablecoin issuers to submit to the office a specified certification no later than a specified date;

requiring the office to make such certification available to the Secretary of the Treasury upon request;

authorizing the office to revoke the license of qualified payment stablecoin issuers and to refer Page 3 of 47 CODING:

hb175-02-c2hb175-01-c1 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 CS/CS/HBCS/HB 175 2026 certainauthorizing mattersthe Financial Services Commission to adopt specified entities;rules;

amending s.

658.19, F.S.;

revising the application requirements for the application for authority to organize a bank or trust company;

prohibitingspecifying athat certain trust companycompanies fromare engagingexempt infrom theregistration activityas of a qualified payment stablecoin issuerissuers unlessbut theare trustsubject companyto obtainscertain aprovisions; certificate of approval or is exempted from such certificate;

requiringspecifying athat trustcertain companypayment tostablecoins requestare anot specifiedsecurities certificateand inare conjunctionnot withsubject ato specifiedcertain applicationrequirements; or apply for the certificate;

specifying applicationthat requirements;certain transactions are not regulated by certain provisions;

requiring thequalified officepayment stablecoin issuers with consolidated total outstanding payment stablecoin issuance that reaches a specified threshold to comply with certain requirements;

requiringspecifying that thequalified applicationpayment bestablecoin deemedissuers approvedremain subject to certain provisions under certain circumstances;

providingauthorizing that the denialoffice ofto enter into an applicationagreement doeswith notspecified prohibitregulators anfor applicantjoint fromsupervision filingof aqualified subsequentpayment application;stablecoin issuers;

specifying that the failureoffice toremains complysolely withresponsible certainfor provisionssupervising qualified payment stablecoin issuers or is consideredjointly goodresponsible causewith forthe revocationOffice of athe certificateComptroller of approval;the Currency for such supervision under certain circumstances;

requiringspecifying thethat office to give a specified notice to a qualified payment stablecoin issuerissuers withinmay aengage specifiedonly timeframe;in certain activities;

providingrequiring applicability;qualified payment stablecoin issuers to comply with certain Page 4 of 33 CODING:

requiring out-of- state state-qualified payment stablecoin issuers to provide a specified written notice to the office within a specified timeframe;

specifying that certain Page 4 of 47 CODING:

hb175-02-c2hb175-01-c1 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 CS/CS/HBCS/HB 175 2026 transactionsrequirements; are not regulated under certain provisions;

specifyingdefining thatthe certainterm stablecoin"registered ispublic notaccounting afirm"; security and not subject to certain provisions;

requiring certain qualified payment stablecoin issuers to comply with certain requirements;

requiring certain qualified payment stablecoin issuers to provide a specified notice to the office;

specifying that qualified payment stablecoin issuers are subject to certain provisions;

specifying that the office remains solely responsible for supervising qualified payment stablecoin issuers or is jointly responsible with the Office of the Comptroller of the Currency for such supervision under certain circumstances;

authorizing the office to enter into an specified agreement;

authorizing qualified payment stablecoin issuers to engage in certain activities;

requiring qualified payment stablecoin issuers to comply with certain requirements;

PageSection 51. of 47 CODING:

WordsPresent strickensubsections (33), (34), and (35) and (36) through (39) of section 560.103, Florida Statutes, as amended by chapter 2025-100, Laws of Florida, are deletions;redesignated as subsections (34), (35), and (36) and (38) through (41), respectively, new subsections (33) and (37) are added to that section, and subsection (25) of that section is amended, to read:

words underlined are additions.

hb175-02-c2 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 CS/CS/HB 175 2026 Section 1.

Present subsections (17) through (32), (33), (34), (35), and (36) through (39) of section 560.103, Florida Statutes, as amended by chapter 2025-100, Laws of Florida, are redesignated as subsections (18) through (33), (35), (36), (37), and (39) through (42), respectively, new subsections (17), (34), and (38) are added to that section, and present subsection (25) of that section is amended, to read:

(17)(25) "Federally"Money qualifiedservices business" means any person located in or doing business in this state, from this state, or into this state from locations outside this state or country who acts as a payment stablecoininstrument issuer"seller, meansforeign anycurrency ofexchanger, thecheck following:casher, or money transmitter, or qualified payment stablecoin issuer.

(a)(33)(a) A"Payment nonbankstablecoin" entity,means other than a state-qualifieddigital paymentasset stablecointhat issuer,Page approved5 by the Office of the33 ComptrollerCODING: of the Currency to issue payment stablecoins.

(b) An uninsured national bank that is chartered by the Office of the Comptroller of the Currency pursuant to Title LXII of the Revised Statutes and is approved to issue payment stablecoins.

As used in this paragraph, the term "national bank" has the same meaning as in the GENIUS Act, Pub.

L.

No.

119-27.

(c) A federal branch that is approved by the Office of the Comptroller of the Currency to issue payment stablecoins.

As used in this paragraph, the term "federal branch" has the same meaning as in s.

3 of the Federal Deposit Insurance Act, 12 U.S.C.

s.

1813.

(26)(25) "Money services business" means any person Page 6 of 47 CODING:

hb175-02-c2hb175-01-c1 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 CS/CS/HBCS/HB 175 2026 locatedis, in or doingis businessdesigned into thisbe, state,used from this state, or into this state from locations outside this state or country who acts as a paymentmeans instrumentof seller,payment foreign currency exchanger, check casher, or moneysettlement, transmitter,and orthe qualifiedissuer paymentof stablecoinwhich: issuer.

(34)1. "Payment stablecoin" means a digital asset that meets all of the following requirements:

(a)1.

Is, or is designed to be, used as a means of payment or settlement.

2.

The issuer of which:

a.

b.2.

AsFor usedpurposes inof this subparagraph, the term "national currency" means anyeach of the following:

Money standing to the credit of an account with a PageFederal 7Reserve ofBank. 47 CODING:

Words stricken are deletions;

words underlined are additions.

hb175-02-c2 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 CS/CS/HB 175 2026 Federal Reserve Bank.

AsFor usedpurposes inof this subparagraph, the term "distributed ledger" means technology in whichPage data6 is shared across a network that creates a public digital ledger of verified33 transactionsCODING: or information among network participants and cryptography is used to link the data to maintain the integrity of the public ledger and execute other functions.

Words stricken are deletions;

words underlined are additions.

hb175-01-c1 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 CS/HB 175 2026 which data is shared across a network that creates a public digital ledger of verified transactions or information among network participants and cryptography is used to link the data to maintain the integrity of the public ledger and execute other functions.

(38)(37) "Qualified payment stablecoin issuer" means an entity that:legally established under the laws of a state and registered with the office to issue payment stablecoins.

(a) Is legally established under the laws of a state and approved to issue payment stablecoins by the office;

and (b) Is not an uninsured national bank chartered by the Page 8 of 47 CODING:

Words stricken are deletions;

words underlined are additions.

hb175-02-c2 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 CS/CS/HB 175 2026 Office of the Comptroller of the Currency pursuant to Title LXII of the Revised Statutes, a federal branch, an insured depository institution, or a subsidiary of such national bank, federal branch, or insured depository institution.

As used in this paragraph, the terms "national bank" and "federal branch" have the same meaning as in subsection (17), and the term "insured depository institution" has the same meaning as defined in s.

3 of the Federal Deposit Insurance Act, 12 U.S.C.

s.

1813, and an insured credit union.

EffectiveParagraph October(w) 1,of 2026, present subsection (9)(1) of section 560.123,560.114, Florida Statutes, is redesignatedamended as subsection (10), a new subsection (9) is added to that section, and subsections (2), (3), and (8) of that section are amended, to read:

560.123560.114 FloridaDisciplinary Controlactions; of Money Laundering in Money Services Business Act.— (2) The purpose of this section is to require the maintenance of certain records of transactions involving currency, monetary value, payment instruments, or virtual currency, or payment stablecoins in order to deter the use of a money services business to conceal proceeds from criminal activity and to ensure the availability of such records for criminal, tax, or regulatory investigations or proceedings.

(3)penalties.— A(1) moneyThe servicesfollowing businessactions shallby keep a record,money asservices prescribedbusiness, byauthorized thevendor, commission,or ofaffiliated eachparty financialconstitute transactiongrounds Pagefor 9the issuance of 47a CODING:cease and desist order;

the issuance of a removal order;

the denial, suspension, or revocation of a license;

or taking any other action within the authority of the office pursuant to this chapter:

(w) Engaging or advertising engagement in the business of Page 7 of 33 CODING:

hb175-02-c2hb175-01-c1 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 CS/CS/HBCS/HB 175 2026 occurringa inmoney thisservices statebusiness whichor itdeferred knowspresentment toprovider involvewithout currency, monetary value, a paymentlicense instrument, or virtualregistration, currency,unless orexempted afrom paymentlicensure stablecoinor havingregistration. a value greater than $10,000;

Section 3.

Present subsection (9) of section 560.123, Florida Statutes, is redesignated as subsection (10), a new subsection (9) is added to that section, and subsections (2), (3), and (8) of that section are amended, to read:

560.123 Florida Control of Money Laundering in Money Services Business Act.— (2) The purpose of this section is to require the maintenance of certain records of transactions involving currency, monetary value, payment instruments, or virtual currency, or payment stablecoins in order to deter the use of a money services business to conceal proceeds from criminal activity and to ensure the availability of such records for criminal, tax, or regulatory investigations or proceedings.

(3) A money services business shall keep a record, as prescribed by the commission, of each financial transaction occurring in this state which it knows to involve currency, monetary value, a payment instrument, or virtual currency, or a payment stablecoin having a value greater than $10,000;

The money services business must maintain appropriate procedures to ensure compliance with this section andPage chapter8 896.of 33 CODING:

Words stricken are deletions;

words underlined are additions.

hb175-01-c1 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 CS/HB 175 2026 and chapter 896.

Page(d) 10A money services business, or control person, employee, or agent thereof, that files a report in good faith pursuant to this section is not liable to any person for loss or damage caused in whole or in part by the making, filing, or governmental use of 47the CODING:report, or any information contained therein.

(8)(a) Except as provided in paragraph (b), a person who Page 9 of 33 CODING:

hb175-02-c2hb175-01-c1 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 CS/CS/HBCS/HB 175 2026 (d)willfully Aviolates moneyany servicesprovision business,of or control person, employee, or agent thereof, that files a report in good faith pursuant to this section iscommits nota liablemisdemeanor to any person for loss or damage caused in whole or in part by the making, filing, or governmental use of the report,first ordegree, anypunishable informationas containedprovided therein.in s.

(8)(a) Except as provided in paragraph (b), a person who willfully violates any provision of this section commits a misdemeanor of the first degree, punishable as provided in s.

Currency, monetary value, payment instruments, or virtual currency, or payment stablecoins of a value totaling or exceeding $100,000 in any 12-month period, commits a felony of Pagethe 11first ofdegree, 47punishable CODING:as provided in s.

Words stricken are deletions;

words underlined are additions.

hb175-02-c2 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 CS/CS/HB 175 2026 the first degree, punishable as provided in s.

775.084, a person who has been convicted of, or entered a plea of guilty or nolo contendere, regardless of adjudication, to having violated paragraph (b) may be sentenced to pay a fine of up to the greater of $250,000 or twice the valuePage of10 the currency, monetary value, payment instruments, or virtual currency, or payment stablecoins, except that on a second or subsequent conviction for or plea of guilty33 orCODING: nolo contendere, regardless of adjudication, to a violation of paragraph (b), the fine may be up to the greater of $500,000 or quintuple the value of the currency, monetary value, payment instruments, or virtual currency, or payment stablecoins.

Words stricken are deletions;

words underlined are additions.

hb175-01-c1 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 CS/HB 175 2026 value of the currency, monetary value, payment instruments, or virtual currency, or payment stablecoins, except that on a second or subsequent conviction for or plea of guilty or nolo contendere, regardless of adjudication, to a violation of paragraph (b), the fine may be up to the greater of $500,000 or quintuple the value of the currency, monetary value, payment instruments, or virtual currency, or payment stablecoins.

(9) A state qualified payment stablecoin issuer must comply with any anti-money laundering provisionsregulation provided in the GENIUS Act under Pub.

119-27, which include,includes, but areis not limited to, provisions relating to economic sanctions, prevention of money laundering, customer identification, and due diligence in the Bank Secrecy Act;

and Pagesubchapter 12II of 47chapter CODING:53 of Title 31, United States Code.

Section 4.

Subsection (1), paragraph (a) of subsection (5), and subsection (6) of section 560.125, Florida Statutes, are amended to read:

560.125 Unlicensed activity;

penalties.— (1) A person may not engage in the business of a money Page 11 of 33 CODING:

hb175-02-c2hb175-01-c1 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 CS/CS/HBCS/HB 175 2026 subchapterservices IIbusiness ofor chapterdeferred 53presentment ofprovider Titlein 31this ofstate unless the Unitedperson Statesis Code;licensed, registered, or exempted from licensure or registration under this chapter.

A deferred presentment transaction conducted by a person not authorized to conduct such transaction under this chapter is void, and the unauthorized person has no right to collect, receive, or retain any otherprincipal, applicableinterest, federalor anti-moneycharges launderingrelating provisions.to such transaction.

(a)(5) NotA laterperson thanwho 180violates days after the approval of an application for a license as a qualified payment stablecoin issuer pursuant to this chapter,section, andif on an annual basis thereafter, each qualified payment stablecoin issuer shall submit to the officeviolation ainvolves: certification that the issuer has implemented anti-money laundering and economic sanctions compliance programs that are reasonably designed to prevent the qualified payment stablecoin issuer from facilitating money laundering, in particular, facilitating money laundering for cartels and organizations designated as foreign terrorist organizations under s.

219 of the Immigration and Nationality Act, 8 U.S.C.

s.

1189, and the financing of terrorist activities, consistent with the requirements of the act.

(b) The office shall make the certifications submitted to the office under paragraph (a) available to the Secretary of the Treasury upon request.

(c) The office may revoke the license of the qualified payment stablecoin issuer if such issuer does not submit the certification required under paragraph (a).

(d) If the office has reason to believe that any person has knowingly violated paragraph (a), which may be subject to federal criminal penalties set forth under 18 U.S.C.

s.

1001, Page 13 of 47 CODING:

Words stricken are deletions;

words underlined are additions.

hb175-02-c2 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 CS/CS/HB 175 2026 the office may refer the matter to the United States Attorney General or the Attorney General of this state.

Section 3.

Effective October 1, 2026, paragraph (a) of subsection (5) and subsection (6) of section 560.125, Florida Statutes, are amended to read:

560.125 Unlicensed activity;

penalties.— (5) A person who violates this section, if the violation involves:

775.084, a person who has been convicted of, or entered a plea of guilty or nolo contendere to, having violated this section may be sentenced to pay a fine of up to the greater of $250,000 or twice the value of the currency, monetary value, payment instruments, or virtual currency, or payment stablecoins, except that on a second or subsequent violation of this section the fine may be up to the greater of $500,000 or quintuple the value of the currency, monetary value, payment instruments, or virtual currency, or payment stablecoins.Page 12 of 33 CODING:

Section 4.

Part V of chapter 560, Florida Statutes, Page 14 of 47 CODING:

hb175-02-c2hb175-01-c1 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 CS/CS/HBCS/HB 175 2026 consistingstablecoins. of ss.

560.501-560.506, Florida Statutes, is created and entitled "Payment Stablecoin Issuers." Section 5.

EffectivePart OctoberV 1,of 2026,chapter section560, 560.501, Florida Statutes, isconsisting createdof toss. read:

560.501560.501-560.506, LicenseFlorida requirement;Statutes, is created and entitled "Payment Stablecoin Issuers." Section 6.

Section 560.501, Florida Statutes, is created to read:

560.501 Registration required;

transition to federal oversight;oversight.— (1) REGISTRATION REQUIREMENT.—Unless exempted, a person may not engage in the activity of a qualified payment stablecoin issuer as authorized in s.

definitions.—560.503 (1)in DEFINITIONS.—Asthis usedstate inwithout thisfirst section,registering, or renewing registration, with the term:office in accordance with s.

(a)560.502 "Homeand state"receiving meansnotification afrom statethe otheroffice thanthat thissuch stateperson inis whichapproved as a qualified payment stablecoin issuerissuer. is established or has its principal place of business.

(b)The "Hostoffice state"shall meansgive awritten statenotice into whichsuch theperson paymentthat stablecointhe issueragency establisheshas aapproved branch, solicits customers, or otherwisedenied engages in business activities, other than the homeapplication state.for registration.

(c)(2) "Out-of-stateEXEMPTIONS.— state-qualified(a) paymentA stablecoin issuer" means a payment stablecoininstrument issuerseller, thatforeign hascurrency beenexchanger, approvedcheck incasher, accordanceor withmoney thetransmitter requirementsthat ofis thelicensed GENIUSas Acta bymoney theservices paymentbusiness stablecoinpursuant issuer's home state to issues. payment stablecoin.

(2)560.141 LICENSEand REQUIREMENT.—Aissues personpayment maystablecoins notwith engagea inconsolidated thetotal activityoutstanding issuance of a$10 qualifiedbillion paymentor stablecoinless issueris inexempt thisfrom stateregistration unlessas thea personqualified ispayment licensedstablecoin orissuer exemptedbut fromis licensuresubject underto thisss. chapter.

The560.503 officeand shall560.504. give written notice to each applicant that the office has granted or denied the application for a license as a qualified payment stablecoin issuer.

Page 1513 of 4733 CODING:

hb175-02-c2hb175-01-c1 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 CS/CS/HBCS/HB 175 2026 (3)(b) EXEMPTIONA FROMpayment LICENSURE.—stablecoin (a)that Themeets licensethe requirementrequirements underof subsectionthis (2)part doesis not applya to:security and is not subject to the requirements of chapter 517.

(c) The following transactions are not regulated under this part:

AThe federallydirect qualifiedtransfer of payment stablecoin issuer.between two individuals acting on their own behalf and for their own lawful purposes, without the involvement of an intermediary.

AnAny out-of-statetransaction state-qualifiedinvolving the receipt of payment stablecoinstablecoins issuerby foran individual between an account owned by the individual in the United States and an account owned by the individual abroad which thisare stateoffered isby athe hostsame state.parent company.

An out-of-state state-qualified payment stablecoin issuer must provide written notice to the office within 30 days after engaging in an activity that makes this state a host state of such issuer.

(b) The following transactions are not regulated under this part:

1.

The direct transfer of payment stablecoins between two individuals acting on their own behalf and for their own lawful purposes, without the involvement of an intermediary.

2.

Any transaction involving the receipt of payment stablecoins by an individual between an account owned by the individual in the United States and an account owned by the individual abroad, and both accounts are offered by the same parent company.

(c)(3) ATRANSITION TO FEDERAL OVERSIGHT.— (a) Unless a federal waiver is obtained, a qualified payment stablecoin thatissuer meetswith thea requirementsconsolidated oftotal thisoutstanding partpayment isstablecoin notissuance athat securityreaches andthe is$10 notbillion subjectthreshold tomust chaptercomply 517.with one of the following requirements:

(4) TRANSITION TO FEDERAL OVERSIGHT.— Page 16 of 47 CODING:

Words stricken are deletions;

words underlined are additions.

hb175-02-c2 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 CS/CS/HB 175 2026 (a) Unless a federal waiver is obtained, a qualified payment stablecoin issuer with a consolidated total outstanding payment stablecoin issuance that reaches the $10 billion threshold must comply with one of the following requirements:

Beginning on the date the payment stablecoin issuance reachesPage such14 threshold,of cease33 issuingCODING: new payment stablecoins until the payment stablecoin falls below the $10 billion consolidated total outstanding issuance threshold.

(b)Words Astricken qualifiedare paymentdeletions; stablecoin issuer with a consolidated total outstanding payment stablecoin issuance that reaches the $10 billion threshold must, within 7 business days, provide notice to the office that the threshold has been reached.

(c)words Tounderlined theare extentadditions. or for any relevant period for which a waiver or transition applies, a qualified payment stablecoin issuer remains subject to this part if a federal waiver of the transition requirements in paragraph (a) is obtained pursuant to the GENIUS Act, Pub.

hb175-01-c1 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 CS/HB 175 2026 reaches such threshold, cease issuing new payment stablecoins until the payment stablecoin falls below the $10 billion consolidated total outstanding issuance threshold.

(b) A qualified payment stablecoin issuer remains subject to this part if a federal waiver of the transition requirements in paragraph (a) is obtained pursuant to the GENIUS Act, Pub.

119-27, and the office remains solely responsible for supervising the qualified payment stablecoin issuer, or if the office is jointly responsible with the Office of the Comptroller of the Currency to supervise the Pagequalified 17payment ofstablecoin 47issuer CODING:pursuant to subparagraph (a)1.

The office may enter into an agreement with the relevant primary federal payment stablecoin regulator for the joint supervision of any qualified payment stablecoin issuer.

Section 7.

Section 560.502, Florida Statutes, is created to read:

560.502 Registration applications.— (1) To apply to be a qualified payment stablecoin issuer under this part, the applicant must submit a completed registration application on forms prescribed by rule of the commission.

The application must include the following information:

(a) The legal name of the applicant, including any fictitious or trade names used by the applicant in the conduct of its business, and the physical and mailing addresses of the Page 15 of 33 CODING:

hb175-02-c2hb175-01-c1 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 CS/CS/HBCS/HB 175 2026 qualifiedapplicant. payment stablecoin issuer pursuant to subparagraph (a)1.

(b) The officedate mayof enterthe intoapplicant's anformation agreementand with the relevantstate primaryin federalwhich payment stablecoin regulator for the jointapplicant supervisionwas offormed, anyif qualifiedapplicable. payment stablecoin issuer.

Section(c) 6.The name, social security number, alien identification number or taxpayer identification number, business and residence addresses, and employment history for the past 5 years for each control person.

Effective(d) OctoberA 1,description 2026,of sectionthe 560.502,organizational Floridastructure Statutes,of isthe createdapplicant, toincluding read:the identity of any parent or subsidiary of the applicant, and a disclosure of whether any parent or subsidiary is publicly traded.

560.502(e) AdditionalThe licensename applicationand requirements;mailing address of the registered agent in this state for service of process.

office(f) duties;An attestation that the applicant has developed clearly documented policies, processes, and procedures regarding the use of blockchain analytics to prevent transfers to wallet addresses linked to known criminal activity, including the manner in which such blockchain analytics activity will integrate into its compliance controls, and that the applicant will maintain and comply with such blockchain analytics policies, processes, and procedures.

application(g) forms.—Any (1)other ADDITIONALinformation LICENSEas APPLICATIONrequired REQUIREMENTS.—Inby addition to the license requirements under part I of this chapter,chapter anor applicantcommission seekingrule. a license under this part must also submit to the office an application on a form prescribed by rule of the commission.

Such(2) Any information needed to resolve deficiencies found in the application must includebe allprovided within a time period Page 16 of the33 following:CODING:

(a) Evidence of the ability of the applicant, based on financial condition and resources, to meet the requirements in s.

560.504.

(b) A statement as to whether an individual who has been convicted of a felony offense involving insider trading, embezzlement, cybercrime, money laundering, financing terrorism, or financial fraud is serving as an officer or director of the applicant.

(c) An explanation of the competence, experience, and integrity of the officers, directors, and principal shareholders of the applicant, its subsidiaries, and parent company which Page 18 of 47 CODING:

hb175-02-c2hb175-01-c1 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 CS/CS/HBCS/HB 175 2026 includes,prescribed butby isrule notof limitedthe to:commission.

1.(3) A registrant shall report, on a form prescribed by rule of the commission, any change in the information contained in an initial application form or an amendment thereto within 30 days after the change is effective.

The(4) recordA ofregistrant themust officers,renew directors,its andregistration principalannually shareholderson or before December 31 of compliancethe withyear lawspreceding andthe regulations.expiration date of the registration.

2.To renew such registration, the registrant must submit a renewal application that provides the information required in subsection (1) if there are changes in the application information, or an affidavit signed by the registrant that the information remains the same as the prior year's information.

The(5) abilityAny ofrenewal theregistration officers,made directors,pursuant and principal shareholders to fulfillthis anysection commitmentsbecomes to,effective andupon anythe conditionsdate imposed by, the office inapproves connection with the application atfor issueregistration. and any prior applications.

(d)The Aoffice statementshall asapprove to whether the redemptionrenewal policyregistration ofwithin thea applicanttimeframe meetsprescribed theby standardsrule. under s.

560.504.(6) Failure to submit an application to renew a qualified payment stablecoin issuer's registration within 60 days after the registration becomes inactive will result in the registration becoming expired.

(e)If Anythe otherregistration factorsis necessaryexpired, a new application to ensureregister the safetyqualified payment stablecoin issuer pursuant to subsection (1) must be submitted to the office, and soundnessa ofnew registration must be issued by the office before the qualified payment stablecoin issuer.issuer may conduct Page 17 of 33 CODING:

(2) OFFICE DUTIES.—The office must comply with the following requirements:

(a) Upon receipt of a substantially complete application, evaluate and make a determination on each application based on the criteria established in this section.

(b) Not later than 120 days after receiving a substantially complete application, render a decision on the application.

1.

An application is considered substantially complete if the application contains sufficient information for the office to render a decision on whether the applicant satisfies the requirements provided in paragraph (1)(a).

2.

Not later than 30 days after receiving an application under this section, the office must notify the applicant as to Page 19 of 47 CODING:

hb175-02-c2hb175-01-c1 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 CS/CS/HBCS/HB 175 2026 whetherbusiness the office considers the application to be substantially complete and, if the application is not substantially complete, the additional information the applicant must provide in orderthis forstate. the application to be considered substantially complete.

3.(7) If a control person of a registrant or prospective registrant has engaged in any unlawful business practice, or has been convicted or found guilty of, or pled guilty or nolo contendere to, regardless of adjudication, a crime involving dishonest dealing, fraud, acts of moral turpitude, or other acts that reflect an inability to engage lawfully in the business of a registered qualified payment stablecoin issuer, the office may deny the prospective registrant's initial registration application or the registrant's renewal application.

An(8) applicationThe consideredoffice substantiallyshall completedeny underthe thisapplication paragraphof remainsa substantiallyqualified completepayment unlessstablecoin thereissuer isthat submits a materialrenewal changeapplication in circumstances that requiresfails the office to treatcomply thewith applicationsubsection as(1). a new application.

4.(9) Any false statement made by a qualified payment stablecoin issuer in an application for registration under this section renders the registration void.

IfA thevoid officeregistration failsmay tonot renderbe aconstrued decisionas oncreating a completedefense applicationto withinany theprosecution timefor specifiedviolation inof this paragraph,chapter. the application shall be deemed approved.

(c)(10) DenyThe aoffice substantiallymay completenot applicationcharge receivedany pursuantregistration toor thisregistration sectionrenewal onlyfees ifand thealso officemay determinesnot thatcharge theany activitiesapplication offees theto applicantregister would be unsafe or unsoundrenew baseda onregistration. the factors described in paragraph (1)(a).

1.Section 8.

TheSection issuance560.503, ofFlorida aStatutes, payment stablecoin on an open, public, or decentralized network is notcreated ato validread: ground for denial of an application for approval as a qualified payment stablecoin issuer.

2.560.503 Limitation on payment stablecoin activities.— Unless licensed under this chapter or chapter 655 to conduct Page 18 of 33 CODING:

If the office denies a complete application submitted pursuant to this section, not later than 30 days after the date of such denial, the office must provide the applicant with written notice explaining the denial with specificity, including all findings made by the regulator with respect to all identified material shortcomings in the application, along with Page 20 of 47 CODING:

hb175-02-c2hb175-01-c1 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 CS/CS/HBCS/HB 175 2026 actionableother recommendationsfinancial onbusiness howactivities, thea applicantqualified couldpayment addressstablecoin theissuer identifiedmay materialengage shortcomings.only in the following activities:

3.

The denial of an application under this section does not prohibit the applicant from filing a subsequent application.

4.

A denial entitles the applicant to an opportunity to be heard pursuant to chapter 120.

(d) Pay fingerprint retention fees that are charged for the retention of any fingerprints that are required for each control person of the applicant to obtain a license as a qualified payment stablecoin issuer in accordance with this chapter.

(3) APPLICATION FORMS.—The information required in the application form prescribed by rule of the commission under subsection (1) may be incorporated in other licensing application forms required under this chapter, as appropriate, to allow a person to apply for two licenses in one application form in order to streamline the application process.

Section 7.

Effective October 1, 2026, section 560.503, Florida Statutes, is created to read:

560.503 Limitation on payment stablecoin activities.—A licensed qualified payment stablecoin issuer may engage only in the following activities:

(3) Manage related reserves, including purchasing, Pageselling, 21and holding reserve assets or providing custodial services for reserve assets, consistent with federal law and the laws of 47this CODING:state.

Words stricken are deletions;

words underlined are additions.

hb175-02-c2 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 CS/CS/HB 175 2026 selling, and holding reserve assets or providing custodial services for reserve assets, consistent with federal law and the laws of this state.

Section 8.9.

EffectiveSection October 1, 2026, section 560.504, Florida Statutes, is created to read:

Funds held as demand deposits or insured shares at an insured depository institution, subject to limitations established by the Federal Deposit Insurance Corporation and the NationalPage Credit19 Unionof Administration.33 CODING:

Words stricken are deletions;

words underlined are additions.

hb175-01-c1 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 CS/HB 175 2026 National Credit Union Administration.

Money received under repurchase agreements, with the qualified payment stablecoin issuer acting as a seller of Pagesecurities 22and with an overnight maturity, which are backed by United States Treasury bills with a maturity of 4793 CODING:days or less.

Words stricken are deletions;

words underlined are additions.

hb175-02-c2 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 CS/CS/HB 175 2026 securities and with an overnight maturity, which are backed by United States Treasury bills with a maturity of 93 days or less.

Any reserve described in subparagraphs 1.,1.-3. 2., and 3.

(b)Page Publicly20 disclose the issuer's redemption policy, which must comply with all of the33 followingCODING: requirements:

Words stricken are deletions;

words underlined are additions.

hb175-01-c1 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 CS/HB 175 2026 (b) Publicly disclose the issuer's redemption policy, which must comply with all of the following requirements:

Publicly, clearly, and conspicuously disclose in plain Pagelanguage 23all offees 47associated CODING:with purchasing or redeeming the payment stablecoins, provided that such fees can be changed only upon not less than 7 days' prior notice to consumers.

Words stricken are deletions;

words underlined are additions.

hb175-02-c2 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 CS/CS/HB 175 2026 language all fees associated with purchasing or redeeming the payment stablecoins, provided that such fees can be changed only upon not less than 7 days' prior notice to consumers.

Creating liquidity to meet reasonable expectations of requestsPage to21 redeem payment stablecoins, such that reserves in the form of United33 StatesCODING: Treasury bills may be sold as purchased securities for repurchase agreements with a maturity of 93 days or less, provided that either:

a.

The repurchase agreements are cleared by a clearing Page 24 of 47 CODING:

hb175-02-c2hb175-01-c1 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 CS/CS/HBCS/HB 175 2026 agencyrequests registeredto withredeem payment stablecoins, such that reserves in the Securitiesform andof ExchangeUnited Commission;States Treasury bills may be sold as purchased securities for repurchase agreements with a maturity of 93 days or less, provided that either:

a.

The repurchase agreements are cleared by a clearing agency registered with the Securities and Exchange Commission;

Whoever(g) knowinglyComply makes a false statement in writing with theany intentfederal toregulations mislead a public servant in the performance of his or herstate officialrules dutyprescribed commitsby acommission misdemeanorrule ofrelating theto secondcapital, degree,liquidity, punishableand asrisk providedmanagement inrequirements. s.

775.082(h) Engage only custodians or safekeepers that comply with s.

775.083.

(g) If the qualified payment stablecoin issuer has more than $50 billion in consolidated total outstanding issuance, prepare, in accordance with generally accepted accounting principles, an annual financial statement, which must include disclosure of any related party transactions, as defined by such generally accepted accounting principles.

1.

A registered public accounting firm must perform an audit of the annual financial statement.

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hb175-02-c2 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 CS/CS/HB 175 2026 2.

Each qualified payment stablecoin issuer required to prepare an audited annual financial statement must comply with all of the following requirements:

a.

Make such audited financial statements publicly available on the website of the permitted payment stablecoin issuer.

b.

Submit such audited financial statements annually to the office.

(h) Comply with any federal regulations or rules prescribed by commission relating to capital, liquidity, and risk management requirements.

(i) Engage only custodians or safekeepers that comply with s.

(j)(i) Comply with any other federal requirements of s.

119-27, and any implementing federalPage regulations.22 of 33 CODING:

Words stricken are deletions;

words underlined are additions.

hb175-01-c1 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 CS/HB 175 2026 federal regulations.

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hb175-02-c2 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 CS/CS/HB 175 2026 1.

(c) PayingUnless authorized by federal law, paying the holder of any payment stablecoin any form of interest or yield solely in connection with holding, use, or retention of such payment stablecoinstablecoin. if such payment is prohibited under federal law.

Section 9.10.

SectionEffective upon becoming a law, section 560.505, Florida Statutes, is created to read:

560.505 State certification.— (1)Page The23 officeof shall33 submitCODING: an initial certification to the federal Stablecoin Certification Review Committee, on a form prescribed by the committee, in accordance with the timeline established by the committee for accepting certifications, attesting that the state regulatory regime meets the criteria for substantial similarity to the GENIUS Act, Pub.

L.

No.

119- 27, as required under that act.

(2) No later than the date to be determined by the United States Secretary of the Treasury each year, the office must submit to the Stablecoin Certification Review Committee an Page 27 of 47 CODING:

hb175-02-c2hb175-01-c1 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 CS/CS/HBCS/HB 175 2026 additional(1) certificationNo thatlater confirmsthan 20 days after the accuracyfederal ofStablecoin Certification Review Committee begins accepting certifications or no later than 20 days after this act becomes a law, whichever is later, the office must submit an initial certification submitted.to such committee on a form prescribed by the committee attesting that the state regulatory regime meets the criteria for substantial similarity established pursuant to the GENIUS Act.

(2) No later than the date to be determined by the United States Secretary of the Treasury each year, the office must submit to the Stablecoin Certification Review Committee an additional certification that confirms the accuracy of the initial certification submitted.

4(c)(4) of the GENIUS Act,Act Pub.to ensure the state receives certification and annual recertification by the Stablecoin Certification Review Committee of the state regulatory regime.

L.Section 11.

No.

119-27, to ensure the state receives certification and annual recertification by the Stablecoin Certification Review Committee of the state regulatory regime.

Section 10.

The commission may adopt rules establishing standards for the conduct, supervision, examination, and regulation of qualifiedPage payment24 stablecoinof issuers,33 includingCODING: requirements relating to reserves, customer-asset protection, reporting, and compliance, in order to meet the minimum requirements established by the Stablecoin Certification Review Committee.

Section 11.

Subsection (12) is added to section 655.50, Florida Statutes, and paragraph (e) of subsection (3) of that section is amended, to read:

655.50 Florida Control of Money Laundering and Terrorist Financing in Financial Institutions Act.— Page 28 of 47 CODING:

hb175-02-c2hb175-01-c1 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 CS/CS/HBCS/HB 175 2026 (3)qualified Aspayment usedstablecoin issuers, including requirements relating to reserves, customer-asset protection, reporting, and compliance, in thisorder section,to meet the term:minimum requirements established by the Stablecoin Certification Review Committee.

(e) "Monetary instruments" means coin or currency of the United States or of any other country, payment stablecoins as defined in s.

658.997(1), travelers' checks, personal checks, bank checks, money orders, stored value cards, prepaid cards, investment securities or negotiable instruments in bearer form or otherwise in such form that title thereto passes upon delivery, or similar devices.

(12) A qualified payment stablecoin issuer, as defined in s.

658.997(1), must comply with any anti-money laundering provisions in the GENIUS Act under Pub.

L.

No.

119-27, which include, but are not limited to, provisions relating to economic sanctions, prevention of money laundering, customer identification, and due diligence in the Bank Secrecy Act;

s.

21 of the Federal Deposit Insurance Act, 12 U.S.C.

s.

1813;

chapter 2 of Title I of Pub.

L.

No.

91-508;

and subchapter II of chapter 53 of Title 31, United States Code;

and any other applicable federal anti-money laundering provisions.

(a) Not later than 180 days after the approval of an application for a certificate of approval as a qualified payment stablecoin issuer, as defined in s.

658.997(1), and on an annual basis thereafter, each qualified payment stablecoin issuer shall submit to the office a certification that the issuer has implemented anti-money laundering and economic sanctions compliance programs that are reasonably designed to prevent the Page 29 of 47 CODING:

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hb175-02-c2 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 CS/CS/HB 175 2026 qualified payment stablecoin issuer from facilitating money laundering, in particular, facilitating money laundering for cartels and organizations designated as foreign terrorist organizations under s.

219 of the Immigration and Nationality Act, 8 U.S.C.

s.

1189, and the financing of terrorist activities, consistent with the requirements of the act.

(b) The office shall make the certifications submitted to the office under paragraph (a) available to the Secretary of the Treasury upon request.

(c) The office may revoke the certificate of approval of the qualified payment stablecoin issuer if the qualified payment stablecoin issuer does not submit the certification required under paragraph (a).

(d) If the office has reason to believe that any person has knowingly violated paragraph (a), which may be subject to federal criminal penalties set forth under 18 U.S.C.

s.

1001, the office may refer the matter to the United States Attorney General or the Attorney General of this state.

Paragraph (h) is added to subsection (1) of section 658.19, Florida Statutes, to read:

658.19 Application for authority to organize a bank or trust company.— (1) A written application for authority to organize a banking corporation or a trust company shall be filed with the office by the proposed directors and shall include:

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hb175-02-c2 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 CS/CS/HB 175 2026 (h) A request for a certificate of approval as a qualified payment stablecoin issuer, as defined in s.

658.997(1), if desired in connection with an application to organize a trust company.

Section 13.

(a) "Federally"Payment qualifiedstablecoin" paymenthas stablecointhe issuer"same meansmeaning anyas ofin thes. following:

560.103.

(b) "Qualified payment stablecoin issuer" has the same meaning as in s.

560.103.

The term does not include an insured depository institution, an uninsured national bank, a federal branch of a foreign bank, or a subsidiary of such entities.

For purposes of this paragraph, the term:

A"Federal nonbankbranch entity,of other than a state-qualifiedforeign paymentbank" stablecoinmeans issuer,a approvedbranch by the Office of thea Comptrollerforeign ofbank theestablished Currencyand tooperating issueunder payment12 stablecoins.U.S.C.

2.

An uninsured national bank that is chartered by the Office of the Comptroller of the Currency pursuant to Title LXII of the Revised Statutes and is approved to issue payment stablecoins.

As used in this subparagraph, the term "national bank" has the same meaning as in the GENIUS Act, Pub.

L.

No.

119-27.

3.

A federal branch that is approved by the Office of the Comptroller of the Currency to issue payment stablecoins.

As used in this subparagraph, the term "federal branch" has the same meaning as in s.

3 of the Federal Deposit Insurance Act, 12 U.S.C.

1813.3102.

(b) "Home state" means a state other than this state in Page 31 of 47 CODING:

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words underlined are additions.

hb175-02-c2 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 CS/CS/HB 175 2026 which a payment stablecoin issuer is established or has its principal place of business.

(c) "Host state" means a state in which the payment stablecoin issuer establishes a branch, solicits customers, or otherwise engages in business activities, other than the home state.

(d) "Out-of-state state-qualified payment stablecoin issuer" means a payment stablecoin issuer that has been approved in accordance with the requirements of the GENIUS Act, Pub.

L.

No.

119-27, by the payment stablecoin issuer's home state to issue payment stablecoin.

(e)1.

"Payment stablecoin" means a digital asset that meets all of the following requirements:

a.

Is, or is designed to be, used as a means of payment or settlement.

b.

The issuer of which:

(I) Is obligated to convert, redeem, or repurchase the digital asset for a fixed amount of monetary value, not including a digital asset denominated in a fixed amount of monetary value.

(II) Represents that such issuer will maintain, or create the reasonable expectation that it will maintain, a stable value relative to the value of a fixed amount of monetary value.

The"Insured termdepository doesinstitution" notmeans: include a digital asset that is any of the following:

Pagea. 32 of 47 CODING:

WordsA strickenbank or savings association the deposits of which are deletions;insured by the Federal Deposit Insurance Corporation;

wordsor underlinedb. are additions.

hb175-02-c2 F L O R I D A Hcredit Ounion Uinsured Sby Ethe ONational FCredit RUnion EAdministration PBoard. R E S E N T A T I V E S CS/CS/HB 175 2026 a.

A national currency.

As used in this sub-subparagraph, the term "national currency" means each of the following:

(I) A Federal Reserve note as the term is used in the first undesignated paragraph of s.

16 of the Federal Reserve Act, 12 U.S.C.

s.

411.

(II) Money standing to the credit of an account with a Federal Reserve Bank.

(III) Money issued by a foreign central bank.

(IV) Money issued by an intergovernmental organization pursuant to an agreement by two or more governments.

b.

A deposit as defined in s.

3 of the Federal Deposit Insurance Act, 12 U.S.C.

s.

1813, including a deposit recorded using distributed ledger technology.

As used in this sub- subparagraph, the term "distributed ledger" means technology in which data is shared across a network that creates a public digital ledger of verified transactions or information among network participants and cryptography is used to link the data to maintain the integrity of the public ledger and execute other functions.

c.

A security, as defined in s.

517.021;

s.

2 of the Securities Act of 1933, 15 U.S.C.

s.

77b;

s.

3 of the Securities and Exchange Act of 1934, 15 U.S.C.

s.

78c;

or s.

2 of the Investment Company Act of 1940, 15 U.S.C.

s.

80a-2.

As"Subsidiary" usedmeans ina thiscompany paragraph,that theis termowned "digitalor asset"controlled meansdirectly or indirectly by another company and includes any digitalservice representationcorporation ofowned valuein thatwhole isor recordedin onpart aby an Page 3325 of 4733 CODING:

hb175-02-c2hb175-01-c1 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 CS/CS/HBCS/HB 175 2026 cryptographicallyinsured secureddepository digitalinstitution ledger.or any subsidiary of such a service corporation.

(f)(2) "QualifiedEXEMPTIONS.— (a) A trust company that is organized pursuant to this section and issues payment stablecoins with a consolidated total outstanding issuance of $10 billion or less is exempt from registration as a qualified payment stablecoin issuer"issuer meansbut anis entitysubject that:to the provisions of this section.

(b) A payment stablecoin that meets the requirements of this part is not a security and is not subject to the requirements of chapter 517.

(c) The following transactions are not regulated under this part:

Is legally established under the laws of a state and approved to issue payment stablecoins by the office;

and 2.

Is not an uninsured national bank chartered by the Office of the Comptroller of the Currency pursuant to Title LXII of the Revised Statutes, a federal branch, an insured depository institution, or a subsidiary of such national bank, federal branch, or insured depository institution.

As used in this subparagraph, the terms "national bank" and "federal branch" have the same meaning as in subsection (1)(a), and the term "insured depository institution" has the same meaning as defined in s.

3 of the Federal Deposit Insurance Act, 12 U.S.C.

s.

1813, and an insured credit union.

(2) APPROVAL REQUIREMENT.—Effective October 1, 2026, a trust company may not engage in the activity of a qualified payment stablecoin issuer in this state unless the trust company obtains a certificate of approval or is exempted from such certificate under this section.

(a) To obtain a certificate of approval as a qualified payment stablecoin issuer pursuant to this chapter, a trust company must request such certificate in conjunction with an application to organize a trust company pursuant to s.

658.19 or apply for a certificate of approval as a qualified payment Page 34 of 47 CODING:

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words underlined are additions.

hb175-02-c2 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 CS/CS/HB 175 2026 stablecoin issuer on forms prescribed by rule of the commission which meet the requirements of this section.

The application must require only information, documents, or materials that are necessary to determine whether the applicant meets the criteria provided in this section.

(b) With respect to any application for a certificate of approval as a qualified payment stablecoin issuer pursuant to this section, the office must comply with the following requirements:

1.

Upon receipt of a substantially complete application, evaluate and make a determination on each application based on the criteria established in this section, including all of the following factors:

a.

The ability of the applicant, based on financial condition and resources, to meet the requirements in subsection (6).

b.

Whether an individual who has been convicted of a felony offense involving insider trading, embezzlement, cybercrime, money laundering, financing terrorism, or financial fraud is serving as an officer or director of the applicant.

c.

The competence, experience, and integrity of the officers, directors, and principal shareholders of the applicant, its subsidiaries, and parent company, which include, but are not limited to:

(I) The record of the officers, directors, and principal Page 35 of 47 CODING:

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words underlined are additions.

hb175-02-c2 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 CS/CS/HB 175 2026 shareholders of compliance with laws and regulations.

(II) The ability of the officers, directors, and principal shareholders to fulfill any commitments to, and any conditions imposed by, the office in connection with the application at issue and any prior applications.

d.

Whether the redemption policy of the applicant meets the standards under subsection (6).

e.

Any other factors necessary to ensure the safety and soundness of the qualified payment stablecoin issuer.

2.

Not later than 120 days after receiving a substantially complete application, render a decision on the application.

a.

An application is considered substantially complete if the application contains sufficient information for the office to render a decision on whether the applicant satisfies the factors described in this paragraph.

b.

Not later than 30 days after receiving an application under this section, the office must notify the applicant as to whether the office considers the application to be substantially complete and, if the application is not substantially complete, the additional information the applicant must provide in order for the application to be considered substantially complete.

c.

An application considered substantially complete under this subparagraph remains substantially complete unless there is a material change in circumstances that requires the office to treat the application as a new application.

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hb175-02-c2 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 CS/CS/HB 175 2026 3.

If the applicant is approved as a qualified payment stablecoin issuer, issue a certificate of approval to the applicant.

A certificate of approval remains valid unless or until the office revokes such certificate pursuant to this chapter.

4.

Deny a substantially complete application received pursuant to this subsection only if the office determines that the activities of the applicant would be unsafe or unsound based on the factors described in subparagraph 1.