SB 314 — Payment Stablecoin

providing construction;

specifying that licensed qualified payment stablecoin issuers may only engage in certain activities;

providing criminal penalties;

560.505, PageF.S.; 2 of 40 CODING:

Wordsrequiring strickenthe areoffice deletions;to submit initial and additional certifications to a specified committee under certain circumstances;

words underlined are additions.

Florida Senate - 2026 CS for CS for SB 314 595-03180-26 2026314c2 F.S.;

requiring the office to submit initial certification to a specified committee on a specified form in accordance with a specified timeline;

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

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 under certain circumstances;

providing criminal penalties;

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 a specified application to obtaincertain suchrequirements; certificate or apply for Page 3 of 40 CODING:

specifying that certain transactions are not regulated by certain provisions;

requiring qualified payment stablecoin issuers to comply with certain requirements;

specifying that qualified payment stablecoin issuers remain subject to certain provisions under certain circumstances;

authorizing the office to enter into an agreement with specified regulators for joint supervision of qualified payment Page 3 of 28 CODING:

Florida Senate - 2026 CS for CS for SB 314 595-03180-26597-02497-26 2026314c22026314c1 thestablecoin certificate;issuers;

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

requiringspecifying thethat officequalified topayment complystablecoin withissuers may engage only in certain requirements;activities;

requiring that the application be deemed approved under certain circumstances;

providing that denial of an application does not prohibit an applicant from filing a subsequent application;

specifying that failure to comply with certain provisions is considered good cause for revocation of a certificate of approval;

requiring the office to give a specified notice to a qualified payment stablecoin issuer within a specified timeframe;

providing applicability;

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 transactions are not regulated under certain provisions;

specifying that certain stablecoin is not a security and not subject to certain provisions;

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

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 under certain circumstances;

specifying that the office remains solely responsible for supervising qualified payment stablecoin issuers or is jointly responsible with the United States Office of the Comptroller of the Currency for such supervision under Page 4 of 40 CODING:

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words underlined are additions.

Florida Senate - 2026 CS for CS for SB 314 595-03180-26 2026314c2 certain circumstances;

authorizing the office to enter into an specified agreement;

authorizing qualified payment stablecoin issuers to engage in certain activities;

defining the term “registered public accounting firm”;

providing an effective dates.date.

Present subsections (17) through (32), (33), (34), and (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)(34), through (33), (35), (36), and (37),(36) and (39)(38) through (42),(41), respectively, new subsections (17)(33) and (34)(37) and subsection (38) are added to that section, and present subsection (25) of that section is amended, to read:

(17)(25) “Federal-qualified“Money paymentservices stablecoinbusiness” issuer” means any person located in or doing business in this state, from this state, or into this Page 4 of the28 following:CODING:

(a) A nonbank entity, other than a state-qualified payment stablecoin issuer, approved by the Office of the Comptroller 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 Page 5 of 40 CODING:

Florida Senate - 2026 CS for CS for SB 314 595-03180-26597-02497-26 2026314c22026314c1 stablecoins.state from locations outside this state or country who acts as a payment instrument seller, foreign currency exchanger, check casher, or money transmitter, or qualified payment stablecoin issuer.

As(33) used“Payment instablecoin” thismeans section,a thedigital termasset “nationalthat bank”meets hasall theof same meaning as in the GENIUSfollowing Act,requirements: 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.

For purposes of this section, the term “federal branch” has the same meaning as in section 3 of the Federal Deposit Insurance Act, 12 U.S.C.

s.

1813.

(26)(25) “Money services 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 instrument seller, foreign currency exchanger, check casher, or money transmitter, or qualified payment stablecoin issuer.

(34) “Payment stablecoin” means a digital asset that meets all of the following requirements:

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Florida Senate - 2026 CS for CS for SB 314 595-03180-26 2026314c2 a.

3 of the Federal Deposit InsurancePage Act,5 12of U.S.C.28 CODING:

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words underlined are additions.

Florida Senate - 2026 CS for SB 314 597-02497-26 2026314c1 Insurance Act, 12 U.S.C.

(c) As used in this subsection, the term “digital asset” means any digital representation of value that is recorded on a cryptographically secured digital ledger.

(38)(37) “Qualified payment stablecoin issuer” means an entity that:legally established under the laws of a state and approved by the office to issue payment stablecoins.

(a)Section Is2. legally established under the laws of a state and approved to issue payment stablecoins by the office;

andParagraph (b)(w) Isof notsubsection an(1) uninsuredof nationalsection bank560.114, charteredFlorida byStatutes, theis Pageamended 7to ofread: 40 CODING:

560.114 Disciplinary actions;

penalties.— (1) The following actions by a money services business, authorized vendor, or affiliated party constitute grounds for the issuance of a 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 a money services business or deferred presentment provider without Page 6 of 28 CODING:

Florida Senate - 2026 CS for CS for SB 314 595-03180-26597-02497-26 2026314c22026314c1 Comptroller pursuant to title LXII of the Revised Statutes, a federallicense branch, an insured depository institution, or aregistration, subsidiaryunless ofexempted suchfrom nationallicensure bank, federal branch, or insuredregistration. depository institution.

TheSection terms3. “national bank” and “federal branch” have the same meaning as in subsection (17).

ThePresent termsubsection “insured(9) depositoryof institution”section has560.123, theFlorida sameStatutes, meaningis redesignated as definedsubsection in(10), s.a new subsection (9) is added to that section, and subsections (2), (3), and (8) of that section are amended, to read:

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

s.

1813, and an insured credit union.

Section 2.

Effective October 1, 2026, 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:

or to be designed to evade the reporting requirements of this section or Pagechapter 8896. of 40 CODING:

The money services business must maintain appropriate procedures to ensure compliance with this section and chapter 896.

(a) Multiple financial transactions shall be treated as a single transaction if the money services business has knowledge that they are made by or on behalf of any one person and result in value in or value out totaling a value of more than $10,000 Page 7 of 28 CODING:

Florida Senate - 2026 CS for CS for SB 314 595-03180-26597-02497-26 2026314c22026314c1 chapterduring 896.any day.

The money services business must maintain appropriate procedures to ensure compliance with this section and chapter 896.

(a) Multiple financial transactions shall be treated as a single transaction if the money services business has knowledge that they are made by or on behalf of any one person and result in value in or value out totaling a value of more than $10,000 during any day.

Page775.082 9or ofs. 40 CODING:

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Florida Senate - 2026 CS for CS for SB 314 595-03180-26 2026314c2 775.082 or s.

775.082,Page s.8 of 28 CODING:

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Florida Senate - 2026 CS for SB 314 597-02497-26 2026314c1 775.082, 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 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 Pageinstruments, 10or ofvirtual 40currency, CODING:or payment stablecoins.

(d) A person who violates this section is also liable for a civil penalty of up to the greater of the value of the currency, monetary value, payment instruments, or virtual currency, or payment stablecoins involved or $25,000.

(9) A state qualified payment stablecoin issuer must comply with any anti-money laundering regulation provided in the GENIUS Page 9 of 28 CODING:

Florida Senate - 2026 CS for CS for SB 314 595-03180-26597-02497-26 2026314c22026314c1 instruments,Act orunder virtualPub. currency, or payment stablecoins.

(d) A person who violates this section is also liable for a civil penalty of up to the greater of the value of the currency, monetary value, payment instruments, or virtual currency, or payment stablecoins involved or $25,000.

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

91-508,91- 508, and subchapter II of chapter 53 of Title 31, United States Code,Code. and any other applicable federal anti-money laundering provisions.

(a)Section Not4. later than 180 days after the approval of an application for a license as a qualified payment stablecoin issuer pursuant to this chapter, 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 qualified payment stablecoin issuer from facilitating money laundering, in particular, facilitating money laundering for cartels and organizations designated as foreign terrorist organizations under s.

219Subsection (1), paragraph (a) of thesubsection Immigration(5), and Nationalitysubsection Act,(6) 8of U.S.C.section 560.125, Florida Statutes, are amended to read:

s.

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

(b) The office shall make the certifications described in paragraph (a) available to the Secretary of the Treasury upon Page 11 of 40 CODING:

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words underlined are additions.

Florida Senate - 2026 CS for CS for SB 314 595-03180-26 2026314c2 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, 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:

penalties.— (5)(1) A person whomay violatesnot engage in the business of a money services business or deferred presentment provider in this section,state ifunless the violationperson involves:is 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 principal, interest, or charges relating to such transaction.

(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, Page 1210 of 4028 CODING:

Florida Senate - 2026 CS for CS for SB 314 595-03180-26597-02497-26 2026314c22026314c1 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.

Section 4.5.

560.501-560.506, Florida Statutes, is created and entitled “Payment Stablecoin Issuers.” Section 5.6.

EffectiveSection October 1, 2026, section 560.501, Florida Statutes, is created to read:

560.501 LicenseRegistration requirement;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.—Forthis purposesstate ofwithout 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, other than this state, to issues. payment stablecoin.

(2)560.141 LICENSEand REQUIREMENT.—Effectiveissues Octoberpayment 1,stablecoins 2026,with a personconsolidated maytotal notoutstanding engagePage in11 the activity of a28 qualifiedCODING: payment stablecoin issuer in this state unless the person is licensed or exempted from licensure under this chapter.

The office shall give written notice to each applicant that the office has granted or denied the application for a license as a qualified payment stablecoin issuer.

(3) EXEMPTION FROM LICENSURE.— Page 13 of 40 CODING:

Florida Senate - 2026 CS for CS for SB 314 595-03180-26597-02497-26 2026314c22026314c1 (a)issuance Subsectionof (2)$10 doesbillion notor applyless to:is exempt from registration as a qualified payment stablecoin issuer but is subject to ss.

560.503 and 560.504.

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

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

A federal-qualified payment stablecoin issuer.

2.

An out-of-state state-qualified payment stablecoin issuer of which this state is a host state.

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

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

1.

(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.— (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:

Not later than 360 days after the payment stablecoin issuance reaches such threshold, transition to the applicable federal regulatory framework administered jointly by the office Pageand 14the United States Office of 40the CODING:Comptroller of the Currency;

or 2.

Beginning on the date the payment stablecoin issuance reaches such threshold, cease issuing new payment stablecoins Page 12 of 28 CODING:

Florida Senate - 2026 CS for CS for SB 314 595-03180-26597-02497-26 2026314c22026314c1 anduntil the Unitedpayment Statesstablecoin Officefalls ofbelow the Comptroller$10 ofbillion theconsolidated Currency;total outstanding issuance threshold.

or(b) 2.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.

Beginning on the date the payment stablecoin issuance 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 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) To the extent 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.

Section 6.7.

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

officeThe duties;application must include the following information:

application(a) forms.—The (1)legal ADDITIONALname LICENSEof APPLICATIONthe REQUIREMENTS.—Inapplicant, Pageincluding 15any fictitious or trade names used by the applicant in the conduct of 40its CODING:business, and the physical and mailing addresses of the applicant.

(b) The date of the applicant’s formation and the state in which the applicant was formed, if applicable.

(c) The name, social security number, alien identification number or taxpayer identification number, business and residence Page 13 of 28 CODING:

Florida Senate - 2026 CS for CS for SB 314 595-03180-26597-02497-26 2026314c22026314c1 additionaddresses, toand theemployment licensehistory requirementsfor under part I of this chapter, an applicant seeking a license under this part must also submit to the officepast an5 applicationyears onfor aeach formcontrol prescribedperson byas ruledefined ofin thes. commission.

Such560.103. application must include all of the following:

(a)(d) EvidenceA description of the abilityorganizational structure of the applicant, basedincluding onthe financialidentity conditionof andany resources,parent toor meetsubsidiary of the requirementsapplicant, inand s.a disclosure of whether any parent or subsidiary is publicly traded.

560.504.(e) The name and mailing address of the registered agent in this state for service of process.

(b)(f) AAn statementattestation asthat tothe whetherapplicant anhas individualdeveloped whoclearly hasdocumented beenpolicies, convictedprocesses, and procedures regarding the use of ablockchain felonyanalytics offenseto involvingprevent insidertransfers trading,to embezzlement,wallet cybercrime,addresses moneylinked laundering,to financingknown terrorism,criminal oractivity, financialincluding fraudthe ismanner servingin aswhich ansuch officerblockchain oranalytics directoractivity ofwill integrate into its compliance controls, and that the applicant.applicant will maintain and comply with such blockchain analytics policies, processes, and procedures.

(c)(g) AnAny explanationother ofinformation theas competence,required experience,by andthis integritychapter ofor thecommission officers,rule. directors, and principal shareholders of the applicant, its subsidiaries, and parent company which includes, but is not limited to:

1.(2) Any information needed to resolve deficiencies found in the application must be provided within a time period prescribed by rule.

The(3) recordA ofregistrant thoseshall officers,report, directors,on anda principalform shareholdersprescribed by rule of compliancethe withcommission, lawsany andchange regulations;in the information contained in an initial application form or an amendment thereto within 30 days after the change is effective.

and(4) 2.A registrant must renew its registration annually on or before December 31 of the year preceding the expiration date of the registration.

TheTo abilityrenew ofsuch thoseregistration, officers,the directors,registrant andmust principalsubmit shareholdersa torenewal fulfillapplication anythat commitmentsprovides to, and any conditions imposed by, the officeinformation inPage connection14 withof the28 applicationCODING: at issue and any prior applications.

(d) A statement as to whether the redemption policy of the applicant meets the standards under s.

560.504.

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

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

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Florida Senate - 2026 CS for CS for SB 314 595-03180-26597-02497-26 2026314c22026314c1 (a)required Uponin receiptsubsection of(1) aif substantiallythere completeare application,changes evaluatein andthe makeapplication ainformation, determinationor onan eachaffidavit applicationsigned basedby onthe registrant that the criteriainformation establishedremains inthe thissame section.as the prior year’s information.

(b)(5) NotAny laterrenewal thanregistration 120made dayspursuant afterto receivingthis asection substantiallybecomes completeeffective application,upon renderthe adate decisionthe onoffice approves the application.application for registration.

1.The office shall approve the renewal registration within a timeframe prescribed by rule.

An(6) applicationFailure isto consideredsubmit substantiallyan complete if the application containsto sufficientrenew informationa forqualified thepayment officestablecoin toissuer’s renderregistration awithin decision60 ondays whetherafter the applicantregistration satisfiesbecomes theinactive factorswill describedresult in paragraphthe (1)(a).registration becoming expired.

2.If the registration is expired, a new application to register the qualified payment stablecoin issuer pursuant to subsection (1) must be submitted to the office, and a certification of registration must be issued by the office before the qualified payment stablecoin issuer may conduct business in this state.

Not(7) laterIf thana 30control daysperson afterof receivinga anregistrant applicationor underprospective thisregistrant section,has theengaged officein shallany notifyunlawful thebusiness applicantpractice, asor tohas whetherbeen theconvicted officeor considersfound theguilty applicationof, toor bepled substantiallyguilty completeor and,nolo ifcontendere theto, applicationregardless isof notadjudication, substantiallya complete,crime theinvolving additionaldishonest informationdealing, thefraud, applicantacts mustof providemoral turpitude, or other acts that reflect an inability to engage lawfully in orderthe forbusiness of a registered qualified payment stablecoin issuer, the office may deny the prospective registrant’s initial registration application toor bethe consideredregistrant’s substantiallyrenewal complete.application.

3.(8) The office shall deny the application of a qualified payment stablecoin issuer that submits a renewal application that fails to comply with subsection (1).

AnPage application15 consideredof substantially28 completeCODING: 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.

4.

If the office fails to render a decision on a complete application within the time specified in paragraph (2)(b), the application is deemed approved.

(c) 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 paragraph (1)(a).

1.

The issuance of a payment stablecoin on an open, public, or decentralized network is not a valid ground for denial of an application for approval as a qualified payment stablecoin Page 17 of 40 CODING:

Florida Senate - 2026 CS for CSSB 314 597-02497-26 2026314c1 (9) Any false statement made by a qualified payment stablecoin issuer in an application for SBregistration 314under 595-03180-26this 2026314c2section issuer.renders the registration void.

2.A void registration may not be construed as creating a defense to any prosecution for violation of this chapter.

IfSection the8. office denies a complete application submitted pursuant to this subsection, 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 actionable recommendations on how the applicant could address the identified material shortcomings.

3.Section 560.503, Florida Statutes, is created to read:

Denial560.503 ofLimitation anon applicationpayment stablecoin activities.—Unless licensed under this sectionchapter doesor notchapter prohibit655 theto applicantconduct fromother filingfinancial business activities, a subsequentqualified application.payment stablecoin issuer may engage only in the following activities:

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:

Page(2) 18Redeem ofpayment 40stablecoins. CODING:

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Florida Senate - 2026 CS for CS for SB 314 595-03180-26 2026314c2 (2) Redeem payment stablecoins.

Section 8.9.

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

1.Page 16 of 28 CODING:

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Florida Senate - 2026 CS for SB 314 597-02497-26 2026314c1 1.

United States Treasury bills, notes, or bonds with a remaining maturity or issued with a maturity of 93 days or less.

Money received under repurchase agreements, with the qualified payment stablecoin issuer acting as a seller of securities and with an overnight maturity, whichthat are backed by United States Treasury bills with a maturity of 93 days or less.

Page5. 19 of 40 CODING:

WordsReverse strickenpurchase agreements, with the qualified payment stablecoin issuer acting as a purchaser of securities and with an overnight maturity, that are deletions;collateralized by Treasury bills, notes, or bonds on an overnight basis, subject to overcollateralization in line with standard market terms that meet federal requirements in the GENIUS Act, Pub.

words underlined are additions.

Florida Senate - 2026 CS for CS for SB 314 595-03180-26 2026314c2 5.

Reverse purchase agreements, with the qualified payment stablecoin issuer acting as a purchaser of securities and with an overnight maturity, that are collateralized by United States Treasury bills, notes, or bonds on an overnight basis, subject to overcollateralization in line with standard market terms that meet federal requirements in the GENIUS Act, Pub.

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

in tokenized form, provided that such reserves comply with all applicable laws and regulations.Page 17 of 28 CODING:

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words underlined are additions.

Florida Senate - 2026 CS for SB 314 597-02497-26 2026314c1 regulations.

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Florida Senate - 2026 CS for CS for SB 314 595-03180-26 2026314c2 1.

Creating liquidity to meet reasonable expectations of requests to redeem payment stablecoins, such that reserves in the form of United States Treasury bills may be sold as purchased securities for repurchase agreements with a maturity of 93 days or less, providedPage that18 either:of 28 CODING:

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Florida Senate - 2026 CS for SB 314 597-02497-26 2026314c1 provided that either:

(f) Submit to the office each month a certification as to Pagethe 21accuracy of 40the CODING:month-end reserve report by the qualified payment stablecoin issuer’s chief executive officer and chief financial officer.

Words(g) strickenComply arewith deletions;any federal regulations or state rules prescribed by commission rule relating to capital, liquidity, and risk management requirements.

words(h) underlinedEngage areonly additions.custodians or safekeepers that comply with s.

Florida Senate - 2026 CS for CS for SB 314 595-03180-26 2026314c2 the accuracy of the month-end reserve report by the qualified payment stablecoin issuer’s chief executive officer and chief financial officer.

Whoever knowingly makes a false statement in writing with the intent to mislead a public servant in the performance of his or her official duty commits a misdemeanor of the second degree, punishable as provided in s.

775.082 or s.

775.083.

(g) A qualified payment stablecoin issuer with more than $50 billion in consolidated total outstanding issuance shall 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 statements.

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;

and 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.

4(a) Pageof 22the ofGENIUS 40Act, CODING:Pub.

Words stricken are deletions;

words underlined are additions.

Florida Senate - 2026 CS for CS for SB 314 595-03180-26 2026314c2 of the GENIUS Act, Pub.

(a) Except as may be authorized under federal law, tying arrangements that condition access to stablecoin services on the purchase of unrelated products or services from such qualified payment stablecoin issuer or an agreement not to obtain products orPage services19 fromof a28 competitor.CODING:

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words underlined are additions.

Florida Senate - 2026 CS for SB 314 597-02497-26 2026314c1 or services from a competitor.

(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.

560.505 State certification.— (1) TheNo officelater shallthan submit20 andays initialafter certification to the federal Stablecoin Certification Review Committee,Committee begins accepting certifications or no later than 20 days after the effective date of this act, whichever is later, the office must submit an initial certification to such committee on a form prescribed by the committee,committee inattesting accordancethat withthe state regulatory regime meets the timelinecriteria Pagefor 23substantial ofsimilarity 40established CODING: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 Page 20 of 28 CODING:

Florida Senate - 2026 CS for CS for SB 314 595-03180-26597-02497-26 2026314c22026314c1 establishedadditional bycertification the committee for accepting certifications, attesting that theconfirms state regulatory regime meets the criteriaaccuracy forof substantial similarity to the GENIUSinitial Act,certification Pub.submitted.

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 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 shall also adopt rules relating to capital, liquidity, and risk management which are consistent with sections. 4(a)(4) of the GENIUS Act, Pub.

4(a)(4) of the GENIUS Act, Pub.

119-27.119- 27.

Section 11.

Subsection (12) is added to section 655.50, Florida Statutes, and paragraph (e) of subsection (3) of that Page 24 of 40 CODING:

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Florida Senate - 2026 CS for CS for SB 314 595-03180-26 2026314c2 section is amended, to read:

655.50 Florida Control of Money Laundering and Terrorist Financing in Financial Institutions Act.— (3) As used in this section, the term:

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

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

L.

No.

119-27, which includes, but is 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 certificate of approval as a qualified payment stablecoin issuer pursuant to s.

658.997, 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 qualified payment stablecoin issuer from facilitating money Page 25 of 40 CODING:

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words underlined are additions.

Florida Senate - 2026 CS for CS for SB 314 595-03180-26 2026314c2 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 described in 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:

(h) A request for a certificate of approval as a qualified payment stablecoin issuer, as defined in s.

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

Section 13.

Page658.997 26Qualified ofpayment 40stablecoin CODING:issuers.— (1) DEFINITIONS.—As used in this section, the term:

(a) “Payment stablecoin” has the same meaning as in s.

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 Page 21 of 28 CODING:

Florida Senate - 2026 CS for CS for SB 314 595-03180-26597-02497-26 2026314c22026314c1 658.997purposes Qualifiedof payment stablecoin issuers.— (1) DEFINITIONS.—As used in this section,paragraph, the term:terms:

(a) “Federal-qualified payment stablecoin issuer” means any of the following:

A“Federal nonbankbranch” entity,means other than a state-qualifiedbranch payment stablecoin issuer, approved 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 subsection, 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.

For purposes of this subparagraph, the term “federal branch” has the same meaning as in section 3 of the Federal Deposit Insurance Act, 12 U.S.C.

1813.3102.

(b) “Home state” means a state other than this state in 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, other Page 27 of 40 CODING:

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Florida Senate - 2026 CS for CS for SB 314 595-03180-26 2026314c2 than this state, to issue payment stablecoin.

(e) “Payment stablecoin” means a digital asset that meets all of the following requirements:

1.a.

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

and 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 includeany abank digitalor assetsavings thatassociation isthe deposits of which are insured by the Federal Deposit Insurance Corporation and insured credit union means any credit union the member accounts of which are insured by the following:National Credit Union Administration Board.

a.

A national currency.

For purposes of this 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.

For purposes of this subparagraph, the term “distributed ledger” means technology in Page 28 of 40 CODING:

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words underlined are additions.

Florida Senate - 2026 CS for CS for SB 314 595-03180-26 2026314c2 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 inany 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 cryptographicallyan securedinsured digitaldepository ledger.institution 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.

1.(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.

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 Comptroller 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.

The terms “national bank” and “federal branch” have the same meaning as in subsection (17).

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 Page 29 of 40 CODING:

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Florida Senate - 2026 CS for CS for SB 314 595-03180-26 2026314c2 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 stablecoin issuer on forms prescribed by rule of the commission that 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 includes, Page 30 of 40 CODING:

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words underlined are additions.

Florida Senate - 2026 CS for CS for SB 314 595-03180-26 2026314c2 but is not limited to:

(I) The record of those officers, directors, and principal shareholders of compliance with laws and regulations;

and (II) The ability of those 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 subparagraph.

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.

3.

If the applicant is approved as a qualified payment stablecoin issuer, issue a certificate of approval to the Page 31 of 40 CODING:

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Florida Senate - 2026 CS for CS for SB 314 595-03180-26 2026314c2 applicant.

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

a.

The issuance of a payment stablecoin on an open, public, or decentralized network is not a valid ground for denial of an application for approval as a qualified payment stablecoin issuer.

b.

If the office denies a complete application submitted pursuant to this subsection, 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 actionable recommendations on how the applicant could address the identified material shortcomings.

c.

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

5.

Modify any current forms or rules relating to an application to organize a trust company pursuant to s.

658.19 to conform them to the standards and requirements of this section.

Any information or documents that are required for the office to determine whether an applicant meets the requirements of this section must be incorporated into an application to organize a trust company so that an applicant may elect, but is not required, to submit such information and documents to apply for Page 32 of 40 CODING:

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Florida Senate - 2026 CS for CS for SB 314 595-03180-26 2026314c2 a certificate of approval as a qualified payment stablecoin issuer as part of the organization process.

(c) If the office fails to render a decision on a complete application within the time specified in subparagraph (b)2., the application is deemed approved.

(d) Denial of an application under this section may not prohibit the applicant from filing a subsequent application.

(e) Failure to comply with any provision of this section or with any rule or order of the office is considered good cause for revocation of a certificate of approval issued pursuant to subparagraph (b)3.

The office shall give prior written notice to the qualified payment stablecoin issuer of such withdrawal within a time prescribed by rule.

(3) EXEMPTIONS.—Effective October 1, 2026, subsection (2) does not apply to:

(a) A federal-qualified payment stablecoin issuer.

(b) An out-of-state state-qualified payment stablecoin issuer.

The out-of-state state-qualified payment stablecoin issuer must provide written notice to the office within 30 days after engaging in the activity of a qualified payment stablecoin issuer in this state.

Any transaction involving the receipt of payment stablecoin by an individual between an account owned by the individual in the United States and an account owned by the Page 3322 of 4028 CODING: