Payment Stablecoin

Florida Senate
-
2026

CS for CS for SB 314

By
the Committees on Rules; and Banking and Insurance; and
Senator Burton

595-03180-26 2026314c2
1 A bill to be entitled
2 An act relating to payment stablecoin; amending s.
3 560.103, F.S.; revising the definition of the term
4 “money services business”; defining terms; amending s.
5 560.123, F.S.; revising the Florida Control of Money
6 Laundering in Money Services Business Act to include
7 payment stablecoins; requiring certain payment
8 stablecoin issuers to comply with certain regulations;
9 requiring qualified payment stablecoin issuers to
10 submit a specified certification to the Office of
11 Financial Regulation annually; requiring the office to
12 make such certifications available to the Secretary of
13 the Treasury upon request; authorizing the office to
14 revoke the license of qualified payment stablecoin
15 issuers under certain circumstances; providing
16 criminal penalties; amending s. 560.125, F.S.;
17 revising the circumstances relating to violations of
18 certain provisions; revising penalties; creating part
19 V of ch. 560, F.S., entitled “Payment Stablecoin
20 Issuers”; creating s. 560.501, F.S.; defining terms;
21 prohibiting persons from engaging in the activity of a
22 qualified payment stablecoin issuer without being
23 licensed or exempted from licensure; requiring the
24 office to give a specified written notice under
25 certain circumstances; providing applicability;
26 requiring out-of-state state-qualified payment
27 stablecoin issuers to provide a specified written
28 notice to the office within a specified timeframe;
29 specifying that certain transactions are not regulated
30 under certain provisions; specifying that certain
31 stablecoin is not a security and not subject to
32 certain provisions; requiring certain qualified
33 payment stablecoin issuers to comply with certain
34 requirements under certain circumstances; requiring
35 certain qualified payment stablecoin issuers to
36 provide a specified notice to the office; specifying
37 that qualified payment stablecoin issuers are subject
38 to certain provisions under certain circumstances;
39 specifying that the office remains solely responsible
40 for supervising qualified payment stablecoin issuers
41 or is jointly responsible with the United States
42 Office of the Comptroller of the Currency for such
43 supervision under certain circumstances; authorizing
44 the office to enter into an specified agreement;
45 creating s. 560.502, F.S.; requiring applicants
46 seeking to be a qualified payment stablecoin issuer to
47 submit a specified application to the office;
48 specifying requirements of such application; requiring
49 the office to comply with certain requirements;
50 authorizing certain information to be incorporated
51 into other licensing application forms; creating s.
52 560.503, F.S.; specifying that licensed qualified
53 payment stablecoin issuers may only engage in certain
54 activities; creating s. 560.504, F.S.; requiring
55 qualified payment stablecoin issuers to comply with
56 certain requirements; providing criminal penalties;
57 prohibiting qualified payment stablecoin issuers from
58 engaging in certain conduct; creating s. 560.505,
59 F.S.; requiring the office to submit initial
60 certification to a specified committee on a specified
61 form in accordance with a specified timeline;
62 requiring the office to submit a specified additional
63 certification no later than a specified date;
64 requiring the office to comply with certain
65 requirements; creating s. 560.506, F.S.; requiring the
66 Financial Services Commission to adopt specified
67 rules; amending s. 655.50, F.S.; revising the
68 definition of the term “monetary instruments”;
69 requiring qualified payment stablecoin issuers to
70 comply with certain provisions; requiring qualified
71 payment stablecoin issuers to submit to the office a
72 specified certification no later than a specified
73 date; requiring the office to make such certification
74 available to the Secretary of the Treasury upon
75 request; authorizing the office to revoke the license
76 of qualified payment stablecoin issuers under certain
77 circumstances; providing criminal penalties; amending
78 s. 658.19, F.S.; revising the application requirements
79 for the application for authority to organize a bank
80 or trust company; creating s. 658.997, F.S.; defining
81 terms; prohibiting a trust company from engaging in
82 the activity of a qualified payment stablecoin issuer
83 unless the trust company obtains a certificate of
84 approval or is exempted from such certificate;
85 requiring a trust company to request a specified
86 certificate in conjunction with a specified
87 application to obtain such certificate or apply for
88 the certificate; specifying application requirements;
89 requiring the office to comply with certain
90 requirements; requiring that the application be deemed
91 approved under certain circumstances; providing that
92 denial of an application does not prohibit an
93 applicant from filing a subsequent application;
94 specifying that failure to comply with certain
95 provisions is considered good cause for revocation of
96 a certificate of approval; requiring the office to
97 give a specified notice to a qualified payment
98 stablecoin issuer within a specified timeframe;
99 providing applicability; requiring out-of-state state
100 qualified payment stablecoin issuers to provide a
101 specified written notice to the office within a
102 specified timeframe; specifying that certain
103 transactions are not regulated under certain
104 provisions; specifying that certain stablecoin is not
105 a security and not subject to certain provisions;
106 requiring certain qualified payment stablecoin issuers
107 to comply with certain requirements under certain
108 circumstances; requiring certain qualified payment
109 stablecoin issuers to provide a specified notice to
110 the office; specifying that qualified payment
111 stablecoin issuers are subject to certain provisions
112 under certain circumstances; specifying that the
113 office remains solely responsible for supervising
114 qualified payment stablecoin issuers or is jointly
115 responsible with the United States Office of the
116 Comptroller of the Currency for such supervision under
117 certain circumstances; authorizing the office to enter
118 into an specified agreement; authorizing qualified
119 payment stablecoin issuers to engage in certain
120 activities; requiring qualified payment stablecoin
121 issuers to comply with certain requirements;
122 prohibiting qualified payment stablecoin issuers from
123 engaging in certain conduct; requiring that the
124 office’s initial and annual recertification include
125 certain information; providing for certain rule
126 adoption by the commission; providing effective dates.
127
128 Be It Enacted by the Legislature of the State of Florida:
129
130 Section 1. Present subsections (17) through (32), (33),
131 (34), and (35) and (36) through (39) of section 560.103, Florida
132 Statutes, as amended by chapter 2025-100, Laws of Florida, are
133 redesignated as subsections (18) through (33), (35), (36), and
134 (37), and (39) through (42), respectively, new subsections (17)
135 and (34) and subsection (38) are added to that section, and
136 present subsection (25) of that section is amended, to read:
137 560.103 Definitions.—As used in this chapter, the term:
138
(17) “Federal-qualified payment stablecoin issuer” means

139
any of the following:

140
(a) A nonbank entity, other than a state-qualified payment

141
stablecoin issuer, approved by the Office of the Comptroller of

142
the Currency to issue payment stablecoins.

143
(b) An uninsured national bank that is chartered by the

144
Office of the Comptroller of the Currency pursuant to title LXII

145
of the Revised Statutes and is approved to issue payment

146
stablecoins. As used in this section, the term “national bank”

147
has the same meaning as in the GENIUS Act, Pub. L. No. 119-27.

148
(c) A federal branch that is approved by the Office of the

149
Comptroller of the Currency to issue payment stablecoins. For

150
purposes of this section, the term “federal branch” has the same

151
meaning as in section 3 of the Federal Deposit Insurance Act, 12

152
U.S.C. s. 1813.

153
(26)
(25)
“Money services business” means any person located
154 in or doing business in this state, from this state, or into
155 this state from locations outside this state or country who acts
156 as a payment instrument seller, foreign currency exchanger,
157 check casher,
or
money transmitter,
or qualified payment

158
stablecoin issuer
.
159
(34)

“Payment stablecoin” means a digital asset that meets

160
all of the following requirements:

161
(a)1.

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

162
or settlement; and

163
2. The issuer of which:

164
a. Is obligated to convert, redeem, or repurchase the

165
digital asset for a fixed amount of monetary value, not

166
including a digital asset denominated in a fixed amount of

167
monetary value.

168
b. Represents that such issuer will maintain, or create the

169
reasonable expectation that it will maintain, a stable value

170
relative to the value of a fixed amount of monetary value.

171
(b)

The term does not include a digital asset that is any

172
of the following:

173
1. A national currency. For purposes of this subparagraph,

174
the term “national currency” means each of the following:

175
a. A Federal Reserve note as the term is used in the first

176
undesignated paragraph of s. 16 of the Federal Reserve Act, 12

177
U.S.C. s. 411.

178
b. Money standing to the credit of an account with a

179
Federal Reserve Bank.

180
c. Money issued by a foreign central bank.

181
d. Money issued by an intergovernmental organization

182
pursuant to an agreement by two or more governments.

183
2. A deposit as defined in s. 3 of the Federal Deposit

184
Insurance Act, 12 U.S.C. s. 1813, including a deposit recorded

185
using distributed ledger technology. For purposes of this

186
subparagraph, the term “distributed ledger” means technology in

187
which data is shared across a network that creates a public

188
digital ledger of verified transactions or information among

189
network participants and cryptography is used to link the data

190
to maintain the integrity of the public ledger and execute other

191
functions.

192
3. A security, as defined in s. 517.021, s. 2 of the

193
Securities Act of 1933, 15 U.S.C. s. 77b, s. 3 of the Securities

194
and Exchange Act of 1934, 15 U.S.C. s. 78c, or s. 2 of the

195
Investment Company Act of 1940, 15 U.S.C. s. 80a-2.

196
(c)

As used in this subsection, the term “digital asset”

197
means any digital representation of value recorded on a

198
cryptographically secured digital ledger.

199
(38)

“Qualified payment stablecoin issuer” means an entity

200
that:

201
(a) Is legally established under the laws of a state and

202
approved to issue payment stablecoins by the office; and

203
(b) Is not an uninsured national bank chartered by the

204
Comptroller pursuant to title LXII of the Revised Statutes, a

205
federal branch, an insured depository institution, or a

206
subsidiary of such national bank, federal branch, or insured

207
depository institution. The terms “national bank” and “federal

208
branch” have the same meaning as in subsection (17). The term

209
“insured depository institution” has the same meaning as defined

210
in s. 3 of the Federal Deposit Insurance Act, 12 U.S.C. s. 1813,

211
and an insured credit union.

212 Section 2. Effective October 1, 2026, present subsection
213 (9) of section 560.123, Florida Statutes, is redesignated as
214 subsection (10), a new subsection (9) is added to that section,
215 and subsections (2), (3), and (8) of that section are amended,
216 to read:
217 560.123 Florida Control of Money Laundering in Money
218 Services Business Act.—
219 (2) The purpose of this section is to require the
220 maintenance of certain records of transactions involving
221 currency, monetary value, payment instruments,
or
virtual
222 currency
, or payment stablecoins
in order to deter the use of a
223 money services business to conceal proceeds from criminal
224 activity and to ensure the availability of such records for
225 criminal, tax, or regulatory investigations or proceedings.
226 (3) A money services business shall keep a record, as
227 prescribed by the commission, of each financial transaction
228 occurring in this state which it knows to involve currency,
229 monetary value, a payment instrument,
or
virtual currency
, or a

230
payment stablecoin
having a value greater than $10,000; to
231 involve the proceeds of specified unlawful activity; or to be
232 designed to evade the reporting requirements of this section or
233 chapter 896. The money services business must maintain
234 appropriate procedures to ensure compliance with this section
235 and chapter 896.
236 (a) Multiple financial transactions shall be treated as a
237 single transaction if the money services business has knowledge
238 that they are made by or on behalf of any one person and result
239 in value in or value out totaling a value of more than $10,000
240 during any day.
241 (b) A money services business may keep a record of any
242 financial transaction occurring in this state, regardless of the
243 value, if it suspects that the transaction involves the proceeds
244 of unlawful activity.
245 (c) The money services business must file a report with the
246 office of any records required by this subsection, at such time
247 and containing such information as required by rule. The timely
248 filing of the report required by 31 U.S.C. s. 5313 with the
249 appropriate federal agency shall be deemed compliance with the
250 reporting requirements of this subsection unless the reports are
251 not regularly and comprehensively transmitted by the federal
252 agency to the office.
253 (d) A money services business, or control person, employee,
254 or agent thereof, that files a report in good faith pursuant to
255 this section is not liable to any person for loss or damage
256 caused in whole or in part by the making, filing, or
257 governmental use of the report, or any information contained
258 therein.
259 (8)(a) Except as provided in paragraph (b), a person who
260 willfully violates any provision of this section commits a
261 misdemeanor of the first degree, punishable as provided in s.
262 775.082 or s. 775.083.
263 (b) A person who willfully violates any provision of this
264 section, if the violation involves:
265 1. Currency, monetary value, payment instruments,
or

266 virtual currency
, or payment stablecoins
of a value exceeding
267 $300 but less than $20,000 in any 12-month period, commits a
268 felony of the third degree, punishable as provided in s.
269 775.082, s. 775.083, or s. 775.084.
270 2. Currency, monetary value, payment instruments,
or

271 virtual currency
, or payment stablecoins
of a value totaling or
272 exceeding $20,000 but less than $100,000 in any 12-month period,
273 commits a felony of the second degree, punishable as provided in
274 s. 775.082, s. 775.083, or s. 775.084.
275 3. Currency, monetary value, payment instruments,
or

276 virtual currency
, or payment stablecoins
of a value totaling or
277 exceeding $100,000 in any 12-month period, commits a felony of
278 the first degree, punishable as provided in s. 775.082, s.
279 775.083, or s. 775.084.
280 (c) In addition to the penalties authorized by s. 775.082,
281 s. 775.083, or s. 775.084, a person who has been convicted of,
282 or entered a plea of guilty or nolo contendere, regardless of
283 adjudication, to having violated paragraph (b) may be sentenced
284 to pay a fine of up to the greater of $250,000 or twice the
285 value of the currency, monetary value, payment instruments,
or

286 virtual currency,
or payment stablecoins,
except that on a
287 second or subsequent conviction for or plea of guilty or nolo
288 contendere, regardless of adjudication, to a violation of
289 paragraph (b), the fine may be up to the greater of $500,000 or
290 quintuple the value of the currency, monetary value, payment
291 instruments,
or
virtual currency
, or payment stablecoins
.
292 (d) A person who violates this section is also liable for a
293 civil penalty of up to the greater of the value of the currency,
294 monetary value, payment instruments,
or
virtual currency
, or

295
payment stablecoins
involved or $25,000.
296
(9) A qualified payment stablecoin issuer must comply with

297
any anti-money laundering provisions in the GENIUS Act under

298
Pub. L. No. 119-27, which includes, but is not limited to,

299
provisions relating to economic sanctions, prevention of money

300
laundering, customer identification, and due diligence in the

301
Bank Secrecy Act, s. 21 of the Federal Deposit Insurance Act, 12

302
U.S.C. s. 1813, chapter 2 of Title I of Pub. L. No. 91-508, and

303
subchapter II of chapter 53 of Title 31, United States Code, and

304
any other applicable federal anti-money laundering provisions.

305
(a) Not later than 180 days after the approval of an

306
application for a license as a qualified payment stablecoin

307
issuer pursuant to this chapter, and on an annual basis

308
thereafter, each qualified payment stablecoin issuer shall

309
submit to the office a certification that the issuer has

310
implemented anti-money laundering and economic sanctions

311
compliance programs that are reasonably designed to prevent the

312
qualified payment stablecoin issuer from facilitating money

313
laundering, in particular, facilitating money laundering for

314
cartels and organizations designated as foreign terrorist

315
organizations under s. 219 of the Immigration and Nationality

316
Act, 8 U.S.C. s. 1189, and the financing of terrorist

317
activities, consistent with the requirements of the act.

318
(b) The office shall make the certifications described in

319
paragraph (a) available to the Secretary of the Treasury upon

320
request.

321
(c) The office may revoke the license of the qualified

322
payment stablecoin issuer if such issuer does not submit the

323
certification required under paragraph (a).

324
(d)

If the office has reason to believe that any person has

325
knowingly violated paragraph (a), which may be subject to

326
federal criminal penalties set forth under 18 U.S.C. s. 1001,

327
the office may refer the matter to the United States Attorney

328
General or the attorney general of this state.

329 Section 3. Effective October 1, 2026, paragraph (a) of
330 subsection (5) and subsection (6) of section 560.125, Florida
331 Statutes, are amended to read:
332 560.125 Unlicensed activity; penalties.—
333 (5) A person who violates this section, if the violation
334 involves:
335 (a) Currency, monetary value, payment instruments,
or

336 virtual currency
, or payment stablecoins
of a value exceeding
337 $300 but less than $20,000 in any 12-month period, commits a
338 felony of the third degree, punishable as provided in s.
339 775.082, s. 775.083, or s. 775.084.
340 (6) In addition to the penalties authorized by s. 775.082,
341 s. 775.083, or s. 775.084, a person who has been convicted of,
342 or entered a plea of guilty or nolo contendere to, having
343 violated this section may be sentenced to pay a fine of up to
344 the greater of $250,000 or twice the value of the currency,
345 monetary value, payment instruments,
or
virtual currency,
or

346
payment stablecoins,
except that on a second or subsequent
347 violation of this section the fine may be up to the greater of
348 $500,000 or quintuple the value of the currency, monetary value,
349 payment instruments, or virtual currency.
350 Section 4.
Part V of chapter 560, Florida Statutes,

351
consisting of ss. 560.501-560.506, Florida Statutes, is created

352
and entitled “Payment Stablecoin Issuers.”

353 Section 5. Effective October 1, 2026, section 560.501,
354 Florida Statutes, is created to read:
355
560.501

License requirement; exemptions; transition to

356
federal oversight; definitions.—

357
(1) DEFINITIONS.—For purposes of this section, the term:

358
(a) “Home state” means a state other than this state in

359
which a payment stablecoin issuer is established or has its

360
principal place of business.

361
(b)

“Host state” means a state in which the payment

362
stablecoin issuer establishes a branch, solicits customers, or

363
otherwise engages in business activities, other than the home

364
state.

365
(c)

“Out-of-state state-qualified payment stablecoin

366
issuer” means a payment stablecoin issuer that has been approved

367
in accordance with the requirements of the GENIUS Act by the

368
payment stablecoin issuer’s home state, other than this state,

369
to issue payment stablecoin.

370
(2)

LICENSE REQUIREMENT.—Effective October 1, 2026, a

371
person may not engage in the activity of a qualified payment

372
stablecoin issuer in this state unless the person is licensed or

373
exempted from licensure under this chapter. The office shall

374
give written notice to each applicant that the office has

375
granted or denied the application for a license as a qualified

376
payment stablecoin issuer.

377
(3)

EXEMPTION FROM LICENSURE.—

378
(a)

Subsection (2) does not apply to:

379
1.

A federal-qualified payment stablecoin issuer.

380
2.

An out-of-state state-qualified payment stablecoin

381
issuer of which this state is a host state. An out-of-state

382
state-qualified payment stablecoin issuer must provide written

383
notice to the office within 30 days after engaging in activity

384
that makes this state a host state of such issuer.

385
(b) The following transactions are not regulated under this

386
part:

387
1. The direct transfer of payment stablecoins between two

388
individuals acting on their own behalf and for their own lawful

389
purposes, without the involvement of an intermediary.

390
2. Any transaction involving the receipt of payment

391
stablecoins by an individual between an account owned by the

392
individual in the United States and an account owned by the

393
individual abroad which are offered by the same parent company.

394
3. Any transaction by means of a software or hardware

395
wallet that facilitates an individual’s own custody of payment

396
stablecoins.

397
(c) A payment stablecoin that meets the requirements of

398
this part is not a security and is not subject to chapter 517.

399
(4) TRANSITION TO FEDERAL OVERSIGHT.—

400
(a)

Unless a federal waiver is obtained, a qualified

401
payment stablecoin issuer with a consolidated total outstanding

402
payment stablecoin issuance that reaches the $10 billion

403
threshold must comply with one of the following requirements:

404
1.

Not later than 360 days after the payment stablecoin

405
issuance reaches such threshold, transition to the applicable

406
federal regulatory framework administered jointly by the office

407
and the United States Office of the Comptroller of the Currency;

408
or

409
2.

Beginning on the date the payment stablecoin issuance

410
reaches such threshold, cease issuing new payment stablecoins

411
until the payment stablecoin falls below the $10 billion

412
consolidated total outstanding issuance threshold.

413
(b) A qualified payment stablecoin issuer with a

414
consolidated total outstanding payment stablecoin issuance that

415
reaches the $10 billion threshold must, within 7 business days,

416
provide notice to the office that the threshold has been

417
reached.

418
(c)

To the extent or for any relevant period for which a

419
waiver or transition applies, a qualified payment stablecoin

420
issuer remains subject to this part if a federal waiver of the

421
transition requirements in paragraph (a) is obtained pursuant to

422
the GENIUS Act, Pub. L. No. 119-27, and the office remains

423
solely responsible for supervising the qualified payment

424
stablecoin issuer, or if the office is jointly responsible with

425
the United States Office of the Comptroller of the Currency to

426
supervise the qualified payment stablecoin issuer pursuant to

427
subparagraph (a)1. The office may enter into an agreement with

428
the relevant primary federal payment stablecoin regulator for

429
the joint supervision of any qualified payment stablecoin

430
issuer.

431 Section 6. Section 560.502, Florida Statutes, is created to
432 read:
433
560.502

Additional license application requirements; office

434
duties; application forms.—

435
(1) ADDITIONAL LICENSE APPLICATION REQUIREMENTS.—In

436
addition to the license requirements under part I of this

437
chapter, an applicant seeking a license under this part must

438
also submit to the office an application on a form prescribed by

439
rule of the commission. Such application must include all of the

440
following:

441
(a) Evidence of the ability of the applicant, based on

442
financial condition and resources, to meet the requirements in

443
s. 560.504.

444
(b) A statement as to whether an individual who has been

445
convicted of a felony offense involving insider trading,

446
embezzlement, cybercrime, money laundering, financing terrorism,

447
or financial fraud is serving as an officer or director of the

448
applicant.

449
(c) An explanation of the competence, experience, and

450
integrity of the officers, directors, and principal shareholders

451
of the applicant, its subsidiaries, and parent company which

452
includes, but is not limited to:

453
1. The record of those officers, directors, and principal

454
shareholders of compliance with laws and regulations; and

455
2. The ability of those officers, directors, and principal

456
shareholders to fulfill any commitments to, and any conditions

457
imposed by, the office in connection with the application at

458
issue and any prior applications.

459
(d) A statement as to whether the redemption policy of the

460
applicant meets the standards under s. 560.504.

461
(e) Any other factors necessary to ensure the safety and

462
soundness of the qualified payment stablecoin issuer.

463
(2) OFFICE DUTIES.—The office shall comply with the

464
following requirements:

465
(a) Upon receipt of a substantially complete application,

466
evaluate and make a determination on each application based on

467
the criteria established in this section.

468
(b) Not later than 120 days after receiving a substantially

469
complete application, render a decision on the application.

470
1. An application is considered substantially complete if

471
the application contains sufficient information for the office

472
to render a decision on whether the applicant satisfies the

473
factors described in paragraph (1)(a).

474
2. Not later than 30 days after receiving an application

475
under this section, the office shall notify the applicant as to

476
whether the office considers the application to be substantially

477
complete and, if the application is not substantially complete,

478
the additional information the applicant must provide in order

479
for the application to be considered substantially complete.

480
3. An application considered substantially complete under

481
this subparagraph remains substantially complete unless there is

482
a material change in circumstances that requires the office to

483
treat the application as a new application.

484
4. If the office fails to render a decision on a complete

485
application within the time specified in paragraph (2)(b), the

486
application is deemed approved.

487
(c) Deny a substantially complete application received

488
pursuant to this subsection only if the office determines that

489
the activities of the applicant would be unsafe or unsound based

490
on the factors described in paragraph (1)(a).

491
1. The issuance of a payment stablecoin on an open, public,

492
or decentralized network is not a valid ground for denial of an

493
application for approval as a qualified payment stablecoin

494
issuer.

495
2. If the office denies a complete application submitted

496
pursuant to this subsection, not later than 30 days after the

497
date of such denial, the office must provide the applicant with

498
written notice explaining the denial with specificity, including

499
all findings made by the regulator with respect to all

500
identified material shortcomings in the application, along with

501
actionable recommendations on how the applicant could address

502
the identified material shortcomings.

503
3. Denial of an application under this section does not

504
prohibit the applicant from filing a subsequent application.

505
4. A denial entitles the applicant to an opportunity to be

506
heard pursuant to chapter 120.

507
(d) Pay fingerprint retention fees that are charged for the

508
retention of any fingerprints that are required for each control

509
person of the applicant to obtain a license as a qualified

510
payment stablecoin issuer in accordance with this chapter.

511
(3)

APPLICATION FORMS.—The information required in the

512
application form prescribed by rule of the commission under

513
subsection (1) may be incorporated in other licensing

514
application forms required under this chapter, as appropriate,

515
to allow a person to apply for two licenses in one application

516
form in order to streamline the application process.

517 Section 7. Effective October 1, 2026, section 560.503,
518 Florida Statutes, is created to read:
519
560.503 Limitation on payment stablecoin activities.—A

520
licensed qualified payment stablecoin issuer may engage only in

521
the following activities:

522
(1) Issue payment stablecoins.

523
(2) Redeem payment stablecoins.

524
(3) Manage related reserves, including purchasing, selling,

525
and holding reserve assets or providing custodial services for

526
reserve assets, consistent with federal law and the laws of this

527
state.

528
(4) Undertake other activities that directly support any of

529
the activities described in this section.

530 Section 8. Effective October 1, 2026, section 560.504,
531 Florida Statutes, is created to read:
532
560.504

Minimum prudential requirements.—

533
(1) In accordance with the GENIUS Act, Pub. L. No. 119-27,

534
a qualified payment stablecoin issuer must comply with all of

535
the following requirements:

536
(a) Maintain identifiable reserves backing the outstanding

537
payment stablecoins of the qualified payment stablecoin issuer

538
on at least a one-to-one basis, with reserves consisting of any

539
of the following:

540
1. United States coin or currency or money standing to the

541
credit of an account with a Federal Reserve Bank.

542
2. Funds held as demand deposits or insured shares at an

543
insured depository institution, subject to limitations

544
established by the Federal Deposit Insurance Corporation and the

545
National Credit Union Administration.

546
3. United States Treasury bills, notes, or bonds with a

547
remaining maturity or issued with a maturity of 93 days or less.

548
4. Money received under repurchase agreements, with the

549
qualified payment stablecoin issuer acting as a seller of

550
securities and with an overnight maturity, which are backed by

551
United States Treasury bills with a maturity of 93 days or less.

552
5. Reverse purchase agreements, with the qualified payment

553
stablecoin issuer acting as a purchaser of securities and with

554
an overnight maturity, that are collateralized by United States

555
Treasury bills, notes, or bonds on an overnight basis, subject

556
to overcollateralization in line with standard market terms that

557
meet federal requirements in the GENIUS Act, Pub. L. No. 119-27.

558
6. Securities issued by an investment company registered

559
under s. 8(a) of the Investment Company Act of 1940, 15 U.S.C.

560
s. 80a-8(a), or other registered government money market fund,

561
and that are invested solely in underlying assets described in

562
subparagraphs 1.-5.

563
7. Any other similarly liquid Federal Government-issued

564
asset approved by the primary federal payment stablecoin

565
regulator, in consultation with the office.

566
8. Any reserve described in subparagraphs 1., 2., and 3. or

567
subparagraph 6. or subparagraph 7. in tokenized form, provided

568
that such reserves comply with all applicable laws and

569
regulations.

570
(b)

Publicly disclose the issuer’s redemption policy, which

571
must comply with all of the following requirements:

572
1. Establish clear and conspicuous procedures for timely

573
redemption of outstanding payment stablecoins.

574
2.

Publicly, clearly, and conspicuously disclose in plain

575
language all fees associated with purchasing or redeeming the

576
payment stablecoins, provided that such fees can be changed only

577
upon not less than 7 days’ prior notice to consumers.

578
(c) Publish on the issuer’s website a monthly reserve

579
composition of the issuer’s reserve which must contain all of

580
the following information:

581
1. The total number of outstanding payment stablecoins

582
issued by the issuer.

583
2. The amount and composition of the reserves described in

584
paragraph (a), including the average tenor and geographic

585
location of custody of each category of reserve instruments.

586
(d)

Comply with all federal prohibitions on pledging,

587
rehypothecating, or reusing reserve assets, either directly or

588
indirectly, except for any of the following purposes:

589
1. Satisfying margin obligations in connection with

590
investments in permitted reserves under subparagraph (a)4. or

591
subparagraph (a)5.

592
2. Satisfying obligations associated with the use, receipt,

593
or provision of standard custodial services.

594
3.

Creating liquidity to meet reasonable expectations of

595
requests to redeem payment stablecoins, such that reserves in

596
the form of United States Treasury bills may be sold as

597
purchased securities for repurchase agreements with a maturity

598
of 93 days or less, provided that either:

599
a. The repurchase agreements are cleared by a clearing

600
agency registered with the Securities and Exchange Commission;

601
or

602
b. The qualified payment stablecoin issuer receives prior

603
approval from the office.

604
(e)

Engage a registered public accounting firm to conduct a

605
monthly examination of the previous month-end reserve report.

606
For purposes of this paragraph, the term “registered public

607
accounting firm” means a public accounting firm registered with

608
the Public Company Accounting Oversight Board.

609
(f) Submit to the office each month a certification as to

610
the accuracy of the month-end reserve report by the qualified

611
payment stablecoin issuer’s chief executive officer and chief

612
financial officer. Whoever knowingly makes a false statement in

613
writing with the intent to mislead a public servant in the

614
performance of his or her official duty commits a misdemeanor of

615
the second degree, punishable as provided in s. 775.082 or s.

616
775.083.

617
(g) A qualified payment stablecoin issuer with more than

618
$50 billion in consolidated total outstanding issuance shall

619
prepare, in accordance with generally accepted accounting

620
principles, an annual financial statement, which must include

621
disclosure of any related party transactions, as defined by such

622
generally accepted accounting principles.

623
1. A registered public accounting firm must perform an

624
audit of the annual financial statements.

625
2. Each qualified payment stablecoin issuer required to

626
prepare an audited annual financial statement must comply with

627
all of the following requirements:

628
a. Make such audited financial statements publicly

629
available on the website of the permitted payment stablecoin

630
issuer; and

631
b. Submit such audited financial statements annually to the

632
office.

633
(h) Comply with any federal regulations or rules prescribed

634
by commission relating to capital, liquidity, and risk

635
management requirements.

636
(i)

Engage only custodians or safekeepers that comply with

637
s. 10 of the GENIUS Act, Pub. L. No. 119-27.

638
(j)

Comply with any other federal requirements of s. 4(a)

639
of the GENIUS Act, Pub. L. No. 119-27, and any implementing

640
federal regulations.

641
(2) A qualified payment stablecoin issuer is prohibited

642
from engaging in all of the following conduct:

643
(a)

Except as may be authorized under federal law, tying

644
arrangements that condition access to stablecoin services on the

645
purchase of unrelated products or services from such qualified

646
payment stablecoin issuer or an agreement not to obtain products

647
or services from a competitor.

648
(b) Using deceptive names, which includes, but is not

649
limited to, any of the following:

650
1. Using any combination of terms relating to the United

651
States Government, except abbreviations directly related to the

652
currency to which a payment stablecoin is pegged, such as “USD.”

653
2. Marketing a payment stablecoin in such a way that a

654
reasonable person would perceive the payment stablecoin to be

655
legal tender, as described in 31 U.S.C. s. 5103, issued by the

656
United States, or guaranteed or approved by the United States

657
Government.

658
(c)

Paying the holder of any payment stablecoin any form of

659
interest or yield solely in connection with holding, use, or

660
retention of such payment stablecoin if
such payment is

661
prohibited under federal law
.

662 Section 9. Section 560.505, Florida Statutes, is created to
663 read:
664
560.505

State certification.—

665
(1)

The office shall submit an initial certification to the

666
federal Stablecoin Certification Review Committee, on a form

667
prescribed by the committee, in accordance with the timeline

668
established by the committee for accepting certifications,

669
attesting that the state regulatory regime meets the criteria

670
for substantial similarity to the GENIUS Act, Pub. L. No. 119

671
27, as required under that act.

672
(2)

No later than the date to be determined by the United

673
States Secretary of the Treasury each year, the office must

674
submit to the Stablecoin Certification Review Committee an

675
additional certification that confirms the accuracy of the

676
initial certification submitted.

677
(3) The office must comply with the requirements of s.

678
4(c)(4) of the GENIUS Act, Pub. L. No. 119-27, to ensure the

679
state receives certification and annual recertification by the

680
Stablecoin Certification Review Committee of the state

681
regulatory regime.

682 Section 10. Section 560.506, Florida Statutes, is created
683 to read:
684
560.506

Rulemaking authority.—The commission shall adopt

685
rules to administer this part as required in s. 13 of the GENIUS

686
Act, Pub. L. No. 119-27. The commission shall also adopt rules

687
relating to capital, liquidity, and risk management which are

688
consistent with section 4(a)(4) of the GENIUS Act, Pub. L. No.

689
119-27. The commission may adopt rules establishing standards

690
for the conduct, supervision, examination, and regulation of

691
qualified payment stablecoin issuers, including requirements

692
relating to reserves, customer-asset protection, reporting, and

693
compliance, in order to meet the minimum requirements

694
established by the Stablecoin Certification Review Committee.

695 Section 11. Subsection (12) is added to section 655.50,
696 Florida Statutes, and paragraph (e) of subsection (3) of that
697 section is amended, to read:
698 655.50 Florida Control of Money Laundering and Terrorist
699 Financing in Financial Institutions Act.—
700 (3) As used in this section, the term:
701 (e) “Monetary instruments” means coin or currency of the
702 United States or of any other country,
payment stablecoins as

703
defined in s. 658.997,
travelers’ checks, personal checks, bank
704 checks, money orders, stored value cards, prepaid cards,
705 investment securities or negotiable instruments in bearer form
706 or otherwise in such form that title thereto passes upon
707 delivery, or similar devices.
708
(12) A qualified payment stablecoin issuer, as defined in

709
s. 658.997, must comply with any anti-money laundering

710
provisions in the GENIUS Act under Pub. L. No. 119-27, which

711
includes, but is not limited to, provisions relating to economic

712
sanctions, prevention of money laundering, customer

713
identification, and due diligence in the Bank Secrecy Act, s. 21

714
of the Federal Deposit Insurance Act, 12 U.S.C. s. 1813, chapter

715
2 of Title I of Pub. L. No. 91-508, and subchapter II of chapter

716
53 of Title 31, United States Code, and any other applicable

717
federal anti-money laundering provisions.

718
(a) Not later than 180 days after the approval of an

719
application for certificate of approval as a qualified payment

720
stablecoin issuer pursuant to s. 658.997, and on an annual basis

721
thereafter, each qualified payment stablecoin issuer shall

722
submit to the office a certification that the issuer has

723
implemented anti-money laundering and economic sanctions

724
compliance programs that are reasonably designed to prevent the

725
qualified payment stablecoin issuer from facilitating money

726
laundering, in particular, facilitating money laundering for

727
cartels and organizations designated as foreign terrorist

728
organizations under s. 219 of the Immigration and Nationality

729
Act, 8 U.S.C. s. 1189, and the financing of terrorist

730
activities, consistent with the requirements of the act.

731
(b) The office shall make the certifications described in

732
paragraph (a) available to the Secretary of the Treasury upon

733
request.

734
(c) The office may revoke the certificate of approval of

735
the qualified payment stablecoin issuer if the qualified payment

736
stablecoin issuer does not submit the certification required

737
under paragraph (a).

738
(d)

If the office has reason to believe that any person has

739
knowingly violated paragraph (a), which may be subject to

740
federal criminal penalties set forth under 18 U.S.C. s. 1001,

741
the office may refer the matter to the United States Attorney

742
General or the Attorney General of this state.

743 Section 12. Paragraph (h) is added to subsection (1) of
744 section 658.19, Florida Statutes, to read:
745 658.19 Application for authority to organize a bank or
746 trust company.—
747 (1) A written application for authority to organize a
748 banking corporation or a trust company shall be filed with the
749 office by the proposed directors and shall include:
750
(h) A request for a certificate of approval as a qualified

751
payment stablecoin issuer, as defined in s. 658.997, if desired

752
in connection with an application to organize a trust company.

753 Section 13. Section 658.997, Florida Statutes, is created
754 to read:
755
658.997 Qualified payment stablecoin issuers.—

756
(1) DEFINITIONS.—As used in this section, the term:

757
(a)

“Federal-qualified payment stablecoin issuer” means any

758
of the following:

759
1. A nonbank entity, other than a state-qualified payment

760
stablecoin issuer, approved by the Office of the Comptroller of

761
the Currency to issue payment stablecoins.

762
2. An uninsured national bank that is chartered by the

763
Office of the Comptroller of the Currency pursuant to title LXII

764
of the Revised Statutes and is approved to issue payment

765
stablecoins. As used in this subsection, the term “national

766
bank” has the same meaning as in the GENIUS Act, Pub. L. No.

767
119-27.

768
3. A federal branch that is approved by the Office of the

769
Comptroller of the Currency to issue payment stablecoins. For

770
purposes of this subparagraph, the term “federal branch” has the

771
same meaning as in section 3 of the Federal Deposit Insurance

772
Act, 12 U.S.C. s. 1813.

773
(b)

“Home state” means a state other than this state in

774
which a payment stablecoin issuer is established or has its

775
principal place of business.

776
(c)

“Host state” means a state in which the payment

777
stablecoin issuer establishes a branch, solicits customers, or

778
otherwise engages in business activities, other than the home

779
state.

780
(d)

“Out-of-state state-qualified payment stablecoin

781
issuer” means a payment stablecoin issuer that has been approved

782
in accordance with the requirements of the GENIUS Act, Pub. L.

783
No. 119-27, by the payment stablecoin issuer’s home state, other

784
than this state, to issue payment stablecoin.

785
(e) “Payment stablecoin” means a digital asset that meets

786
all of the following requirements:

787
1.a.

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

788
or settlement; and

789
b. The issuer of which:

790
(I) Is obligated to convert, redeem, or repurchase the

791
digital asset for a fixed amount of monetary value, not

792
including a digital asset denominated in a fixed amount of

793
monetary value.

794
(II) Represents that such issuer will maintain, or create

795
the reasonable expectation that it will maintain, a stable value

796
relative to the value of a fixed amount of monetary value.

797
2.

The term does not include a digital asset that is any of

798
the following:

799
a. A national currency. For purposes of this subparagraph,

800
the term “national currency” means each of the following:

801
(I) A Federal Reserve note as the term is used in the first

802
undesignated paragraph of s. 16 of the Federal Reserve Act, 12

803
U.S.C. s. 411.

804
(II) Money standing to the credit of an account with a

805
Federal Reserve Bank.

806
(III) Money issued by a foreign central bank.

807
(IV) Money issued by an intergovernmental organization

808
pursuant to an agreement by two or more governments.

809
b. A deposit as defined in s. 3 of the Federal Deposit

810
Insurance Act, 12 U.S.C. s. 1813, including a deposit recorded

811
using distributed ledger technology. For purposes of this

812
subparagraph, the term “distributed ledger” means technology in

813
which data is shared across a network that creates a public

814
digital ledger of verified transactions or information among

815
network participants and cryptography is used to link the data

816
to maintain the integrity of the public ledger and execute other

817
functions.

818
c. A security, as defined in s. 517.021, s. 2 of the

819
Securities Act of 1933, 15 U.S.C. s. 77b, s. 3 of the Securities

820
and Exchange Act of 1934, 15 U.S.C. s. 78c, or s. 2 of the

821
Investment Company Act of 1940, 15 U.S.C. s. 80a-2.

822
3.

As used in this paragraph, the term “digital asset”

823
means any digital representation of value that is recorded on a

824
cryptographically secured digital ledger.

825
(f) “Qualified payment stablecoin issuer” means an entity

826
that:

827
1.
Is legally established under the laws of
a
state and

828
approved to issue payment stablecoins by the office; and

829
2.

Is not an uninsured national bank chartered by the

830
Comptroller pursuant to title LXII of the Revised Statutes, a

831
federal branch, an insured depository institution, or a

832
subsidiary of such national bank, federal branch, or insured

833
depository institution. The terms “national bank” and “federal

834
branch” have the same meaning as in subsection (17). The term

835
“insured depository institution” has the same meaning as defined

836
in s. 3 of the Federal Deposit Insurance Act, 12 U.S.C. s. 1813,

837
and an insured credit union.

838
(2)

APPROVAL REQUIREMENT.—Effective October 1, 2026, a

839
trust company may not engage in the activity of a qualified

840
payment stablecoin issuer in this state unless the trust company

841
obtains a certificate of approval or is exempted from such

842
certificate under this section.

843
(a) To obtain a certificate of approval as a qualified

844
payment stablecoin issuer pursuant to this chapter, a trust

845
company must request such certificate in conjunction with an

846
application to organize a trust company pursuant to s. 658.19 or

847
apply for a certificate of approval as a qualified payment

848
stablecoin issuer on forms prescribed by rule of the commission

849
that meet the requirements of this section. The application must

850
require only information, documents, or materials that are

851
necessary to determine whether the applicant meets the criteria

852
provided in this section.

853
(b) With respect to any application for a certificate of

854
approval as a qualified payment stablecoin issuer pursuant to

855
this section, the office must comply with the following

856
requirements:

857
1. Upon receipt of a substantially complete application,

858
evaluate and make a determination on each application based on

859
the criteria established in this section, including all of the

860
following factors:

861
a. The ability of the applicant, based on financial

862
condition and resources, to meet the requirements in subsection

863
(6).

864
b. Whether an individual who has been convicted of a felony

865
offense involving insider trading, embezzlement, cybercrime,

866
money laundering, financing terrorism, or financial fraud is

867
serving as an officer or director of the applicant.

868
c. The competence, experience, and integrity of the

869
officers, directors, and principal shareholders of the

870
applicant, its subsidiaries, and parent company which includes,

871
but is not limited to:

872
(I) The record of those officers, directors, and principal

873
shareholders of compliance with laws and regulations; and

874
(II) The ability of those officers, directors, and

875
principal shareholders to fulfill any commitments to, and any

876
conditions imposed by, the office in connection with the

877
application at issue and any prior applications.

878
d. Whether the redemption policy of the applicant meets the

879
standards under subsection (6).

880
e. Any other factors necessary to ensure the safety and

881
soundness of the qualified payment stablecoin issuer.

882
2. Not later than 120 days after receiving a substantially

883
complete application, render a decision on the application.

884
a. An application is considered substantially complete if

885
the application contains sufficient information for the office

886
to render a decision on whether the applicant satisfies the

887
factors described in this subparagraph.

888
b. Not later than 30 days after receiving an application

889
under this section, the office must notify the applicant as to

890
whether the office considers the application to be substantially

891
complete and, if the application is not substantially complete,

892
the additional information the applicant must provide in order

893
for the application to be considered substantially complete.

894
c. An application considered substantially complete under

895
this subparagraph remains substantially complete unless there is

896
a material change in circumstances that requires the office to

897
treat the application as a new application.

898
3.

If the applicant is approved as a qualified payment

899
stablecoin issuer, issue a certificate of approval to the

900
applicant. A certificate of approval remains valid unless or

901
until the office revokes such certificate pursuant to the

902
provisions of this chapter.

903
4. Deny a substantially complete application received

904
pursuant to this subsection only if the office determines that

905
the activities of the applicant would be unsafe or unsound based

906
on the factors described in subparagraph 1.

907
a. The issuance of a payment stablecoin on an open, public,

908
or decentralized network is not a valid ground for denial of an

909
application for approval as a qualified payment stablecoin

910
issuer.

911
b. If the office denies a complete application submitted

912
pursuant to this subsection, not later than 30 days after the

913
date of such denial, the office must provide the applicant with

914
written notice explaining the denial with specificity, including

915
all findings made by the regulator with respect to all

916
identified material shortcomings in the application, along with

917
actionable recommendations on how the applicant could address

918
the identified material shortcomings.

919
c. A denial entitles the applicant to an opportunity to be

920
heard pursuant to chapter 120.

921
5. Modify any current forms or rules relating to an

922
application to organize a trust company pursuant to s. 658.19 to

923
conform them to the standards and requirements of this section.

924
Any information or documents that are required for the office to

925
determine whether an applicant meets the requirements of this

926
section must be incorporated into an application to organize a

927
trust company so that an applicant may elect, but is not

928
required, to submit such information and documents to apply for

929
a certificate of approval as a qualified payment stablecoin

930
issuer as part of the organization process.

931
(c) If the office fails to render a decision on a complete

932
application within the time specified in subparagraph (b)2., the

933
application is deemed approved.

934
(d) Denial of an application under this section may not

935
prohibit the applicant from filing a subsequent application.

936
(e)

Failure to comply with any provision of this section or

937
with any rule or order of the office is considered good cause

938
for revocation of a certificate of approval issued pursuant to

939
subparagraph (b)3. The office shall give prior written notice to

940
the qualified payment stablecoin issuer of such withdrawal

941
within a time prescribed by rule.

942
(3) EXEMPTIONS.—Effective October 1, 2026, subsection (2)

943
does not apply to:

944
(a) A federal-qualified payment stablecoin issuer.

945
(b) An out-of-state state-qualified payment stablecoin

946
issuer. The out-of-state state-qualified payment stablecoin

947
issuer must provide written notice to the office within 30 days

948
after engaging in the activity of a qualified payment stablecoin

949
issuer in this state.

950
(c) The following transactions are not regulated under this

951
part:

952
1. The direct transfer of payment stablecoin between two

953
individuals acting on their own behalf and for their own lawful

954
purposes, without the involvement of an intermediary.

955
2. Any transaction involving the receipt of payment

956
stablecoin by an individual between an account owned by the

957
individual in the United States and an account owned by the

958
individual abroad which are offered by the same parent company.

959
3. Any transaction by means of a software or hardware

960
wallet that facilitates an individual’s own custody of payment

961
stablecoins.

962
(d)

A payment stablecoin that meets the requirements of

963
this part is not a security and is not subject to the

964
requirements of chapter 517.

965
(4)

TRANSITION TO FEDERAL OVERSIGHT.—Effective October 1,

966
2026:

967
(a)

Unless a federal waiver is obtained, a qualified

968
payment stablecoin issuer with a consolidated total outstanding

969
payment stablecoin issuance that reaches the $10 billion

970
threshold must comply with one of the following requirements:

971
1.

Not later than 360 days after the payment stablecoin

972
issuance reaches such threshold, transition to the applicable

973
federal regulatory framework administered jointly by the office

974
and the appropriate federal regulator; or

975
2.

Beginning on the date the payment stablecoin issuance

976
reaches such threshold, cease issuing new payment stablecoins

977
until the payment stablecoin falls below the $10 billion

978
consolidated total outstanding issuance threshold.

979
(b) A qualified payment stablecoin issuer with a

980
consolidated total outstanding payment stablecoin issuance that

981
reaches the $10 billion threshold must, within 7 business days,

982
provide notice to the office that the threshold has been

983
reached.

984
(c)

To the extent or for any relevant period for which a

985
waiver or transition applies, a qualified payment stablecoin

986
issuer remains subject to this part if a federal waiver of the

987
transition requirements in paragraph (a) is obtained pursuant to

988
the GENIUS Act, Pub. L. No. 119-27, and the office remains

989
solely responsible for supervising the qualified payment

990
stablecoin issuer, or if the office is jointly responsible with

991
the United States Office of the Comptroller of the Currency to

992
supervise the qualified payment stablecoin issuer pursuant to

993
subparagraph (a)1. The office may enter into an agreement with

994
the relevant primary federal payment stablecoin regulator for

995
the joint supervision of any qualified payment stablecoin

996
issuer.

997
(5)

LIMITATION ON PAYMENT STABLECOIN ACTIVITIES.—Effective

998
October 1, 2026, a qualified payment stablecoin issuer that has

999
been issued a certificate of approval may engage only in the

1000
following activities:

1001
(a) Issue payment stablecoins.

1002
(b) Redeem payment stablecoins.

1003
(c) Manage related reserves, including purchasing, selling,

1004
and holding reserve assets or providing custodial services for

1005
reserve assets, consistent with federal law and the laws of this

1006
state.

1007
(d) Undertake other activities that directly support any of

1008
the activities described in this section.

1009
(6) MINIMUM PRUDENTIAL REQUIREMENTS.—Effective October 1,

1010
2026:

1011
(a) In accordance with the GENIUS Act, Pub. L. No. 119-27,

1012
a qualified payment stablecoin issuer shall comply with all of

1013
the following requirements:

1014
1. Maintain identifiable reserves backing the outstanding

1015
payment stablecoins of the qualified payment stablecoin issuer

1016
on at least a one-to-one basis, with reserves consisting of any

1017
of the following:

1018
a. United States coin or currency or money standing to the

1019
credit of an account with a Federal Reserve Bank.

1020
b. Funds held as demand deposits or insured shares at an

1021
insured depository institution, subject to limitations

1022
established by the Federal Deposit Insurance Corporation and the

1023
National Credit Union Administration.

1024
c. United States Treasury bills, notes, or bonds with a

1025
remaining maturity or issued with a maturity of 93 days or less.

1026
d.

Money received under repurchase agreements, with the

1027
qualified payment stablecoin issuer acting as a seller of

1028
securities and with an overnight maturity, that are backed by

1029
United States Treasury bills with a maturity of 93 days or less.

1030
e. Reverse purchase agreements, with the qualified payment

1031
stablecoin issuer acting as a purchaser of securities and with

1032
an overnight maturity, that are collateralized by United States

1033
Treasury bills, notes, or bonds on an overnight basis, subject

1034
to overcollateralization in line with standard market terms that

1035
meet federal requirements in the GENIUS Act, Pub. L. No. 119-27.

1036
f. Securities issued by an investment company registered

1037
under s. 8(a) of the Investment Company Act of 1940, 15 U.S.C.

1038
s. 80a-8(a), or other registered government money market fund,

1039
and that are invested solely in underlying assets described in

1040
subparagraphs a.-e.

1041
g. Any other similarly liquid Federal Government-issued

1042
asset approved by the primary federal payment stablecoin

1043
regulator, in consultation with the office.

1044
h. Any reserve described in subparagraphs 1., 2., and 3. or

1045
sub-subparagraphs f. and g in tokenized form, provided that such

1046
reserves comply with all applicable laws and regulations.

1047
2.

Publicly disclose the issuer’s redemption policy, which

1048
must comply with all of the following requirements:

1049
a. Establish clear and conspicuous procedures for timely

1050
redemption of outstanding payment stablecoins.

1051
b.

Publicly, clearly, and conspicuously disclose in plain

1052
language all fees associated with purchasing or redeeming the

1053
payment stablecoins, provided that such fees can be changed only

1054
upon not less than 7 days’ prior notice to consumers.

1055
3. Publish on the issuer’s website a monthly reserve

1056
composition of the issuer’s reserve which must contain all of

1057
the following information:

1058
a. The total number of outstanding payment stablecoins

1059
issued by the issuer.

1060
b. The amount and composition of the reserves described in

1061
subparagraph 1., including the average tenor and geographic

1062
location of custody of each category of reserve instruments.

1063
4.

Comply with all federal prohibitions on the pledging,

1064
rehypothecating, or reusing reserve assets, either directly or

1065
indirectly, except for any of the following purposes:

1066
a. Satisfying margin obligations in connection with

1067
investments in permitted reserves under sub-subparagraph 1.d. or

1068
sub-subparagraph (a)1.e.

1069
b. Satisfying obligations associated with the use, receipt,

1070
or provision of standard custodial services.

1071
c.

Creating liquidity to meet reasonable expectations of

1072
requests to redeem payment stablecoins, such that reserves in

1073
the form of United States Treasury bills may be sold as

1074
purchased securities for repurchase agreements with a maturity

1075
of 93 days or less, provided that either:

1076
(I) The repurchase agreements are cleared by a clearing

1077
agency registered with the Securities and Exchange Commission;

1078
or

1079
(II) The qualified payment stablecoin issuer receives prior

1080
approval from the office.

1081
5. Engage a registered public accounting firm to conduct a

1082
monthly examination of the previous month-end reserve report.

1083
For purposes of this subparagraph, the term “registered public

1084
accounting firm” means a public accounting firm registered with

1085
the Public Company Accounting Oversight Board.

1086
6. Submit to the office each month a certification as to

1087
the accuracy of the month-end reserve report by the qualified

1088
payment stablecoin issuer’s chief executive officer and chief

1089
financial officer. Whoever knowingly makes a false statement in

1090
writing with the intent to mislead a public servant in the

1091
performance of his or her official duty commits a misdemeanor of

1092
the second degree, punishable as provided in s. 775.082 or s.

1093
775.083.

1094
7. A qualified payment stablecoin issuer with more than $50

1095
billion in consolidated total outstanding issuance shall

1096
prepare, in accordance with generally accepted accounting

1097
principles, an annual financial statement, which must include

1098
disclosure of any related party transactions, as defined by such

1099
generally accepted accounting principles.

1100
a. A registered public accounting firm must perform an

1101
audit of the annual financial statements.

1102
b. Each qualified payment stablecoin issuer required to

1103
prepare an audited annual financial statement must comply with

1104
all of the following requirements:

1105
(I) Make such audited financial statements publicly

1106
available on the website of the permitted payment stablecoin

1107
issuer; and

1108
(II) Submit such audited financial statements annually to

1109
the office.

1110
8. Comply with any federal regulations or rules prescribed

1111
by the commission relating to capital, liquidity, and risk

1112
management requirements.

1113
9.

Engage only custodians or safekeepers that comply with

1114
s. 10 of the GENIUS Act, Pub. L. No. 119-27.

1115
10. Comply with any other federal requirements of s. 4(a)

1116
of the GENIUS Act, Pub. L. No. 119-27, and any implementing

1117
federal regulations.

1118
(b) A qualified payment stablecoin issuer is prohibited

1119
from engaging in all of the following conduct:

1120
1.

Except as may be authorized under federal law, tying

1121
arrangements that condition access to stablecoin services on the

1122
purchase of unrelated products or services from such qualified

1123
payment stablecoin issuer or an agreement not to obtain products

1124
or services from a competitor.

1125
2. Using deceptive names, which includes, but is not

1126
limited to, any of the following:

1127
a. Using any combination of terms relating to the United

1128
States Government, except abbreviations directly related to the

1129
currency to which a payment stablecoin is pegged, such as “USD.”

1130
b. Marketing a payment stablecoin in such a way that a

1131
reasonable person would perceive the payment stablecoin to be

1132
legal tender, as described in 31 U.S.C. s. 5103, issued by the

1133
United States, or guaranteed or approved by the United States

1134
Government.

1135
3. Paying the holder of any payment stablecoin any form of

1136
interest or yield solely in connection with holding, use, or

1137
retention of such payment stablecoin
if such payment is

1138
prohibited under federal law
.

1139
(7) CERTIFICATION.—The office’s initial certification and

1140
annual recertification submission to the federal Stablecoin

1141
Certification Review Committee pursuant to s. 560.505 must

1142
include any relevant information related to the provisions of

1143
this chapter in the office’s request for certification or

1144
recertification of the state regulatory regime of payment

1145
stablecoins.

1146
(8) RULEMAKING.—The commission may adopt rules to

1147
administer this section as required in s. 13 of the GENIUS Act,

1148
Pub. L. No. 119-27. The commission must also adopt rules

1149
relating to capital, liquidity, and risk management which are

1150
consistent with s. 4(a)(4) of the GENIUS Act, Pub. L. No. 119

1151
27. The commission may adopt rules establishing standards for

1152
the conduct, supervision, examination, and regulation of

1153
qualified payment stablecoin issuers, including requirements

1154
relating to reserves, customer-asset protection, reporting, and

1155
compliance in order to meet the minimum requirements established

1156
by the Stablecoin Certification Review Committee.

1157 Section 14. Except as otherwise expressly provided in this
1158 act, this act shall take effect upon becoming a law.