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ENROLLED
2026
Legislature
CS for CS for SB 1568, 1st Engrossed
20261568er
1
2 An act relating to the use of digital currency by the
3 Department of Financial Services; creating s. 17.72,
4 F.S.; establishing the Florida Stablecoin Pilot
5 Program within the Department of Financial Services;
6 providing legislative intent; providing definitions;
7 authorizing the department to engage in certain
8 activities; authorizing the department to designate
9 one or more payment stablecoins for certain
10 activities; requiring that certain payment stablecoins
11 meet specified criteria; authorizing the department to
12 accept payment stablecoins; authorizing program
13 participants to elect to voluntarily participate in
14 the program and remit payment stablecoins to a
15 compatible digital wallet address; requiring certain
16 participants to provide the department with a
17 compatible digital wallet address; requiring the
18 department to comply with certain requirements;
19 requiring the department to provide a compatible
20 digital wallet address for a specified purpose;
21 authorizing the department to conduct examinations,
22 audits, and investigations of permitted payment
23 stablecoin issuers; requiring the department to
24 coordinate with the Office of Financial Regulation
25 under certain circumstances; requiring the department
26 to monitor and evaluate the pilot program and collect
27 certain data; requiring the department to submit an
28 annual report containing certain information to the
29 Governor and Legislature, beginning on a specified
30 date and annually thereafter; providing construction;
31 authorizing the department to adopt rules; providing
32 an effective date.
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34 Be It Enacted by the Legislature of the State of Florida:
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36 Section 1. Section 17.72, Florida Statutes, is created to
37 read:
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17.72
Florida Stablecoin Pilot Program.—There is
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established within the department the Florida Stablecoin Pilot
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Program. It is the intent of the Legislature that the Florida
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Stablecoin Pilot Program yield benefits from the acceptance of
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payment stablecoins as a form of payment for governmental fees
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through this voluntary pilot program.
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(1) DEFINITIONS.—As used in this section, the term:
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(a) “Blockchain” means a mathematically secured,
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chronological, decentralized, distributed, and digital ledger or
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database that consists of records of transactions that cannot be
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altered retroactively.
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(b) “Compatible digital wallet address” means the address
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of a software application that securely stores private keys for
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accessing and completing transactions with payment stablecoins.
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(c) “Digital asset” means any digital representation of
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value that is recorded on a cryptographically secured digital
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ledger.
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(d) “Exchange platform” means a company licensed and
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regulated by the Federal Government or a state government which
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provides trading, custody, or money transmission services of
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payment stablecoins or other digital assets.
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(e) “Exchange platform fee” means a fee charged by an
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exchange platform for the trading, custody, or money
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transmission services of payment stablecoins or other digital
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assets.
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(f) “Federal qualified payment stablecoin issuer” means any
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of the following:
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1. A nonbank entity, other than a state qualified payment
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stablecoin issuer, approved by the Office of the Comptroller of
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the Currency to issue payment stablecoins.
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2. An uninsured national bank that is chartered by the
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Office of the Comptroller of the Currency pursuant to title LXII
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of the Revised Statutes and is approved to issue payment
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stablecoins. For purposes of this subparagraph, the term
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“national bank” has the same meaning as in the GENIUS Act, Pub.
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L. No. 119-27.
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3. A federal branch that is approved by the Office of the
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Comptroller of the Currency to issue payment stablecoins. For
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purposes of this subparagraph, the term “federal branch” has the
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same meaning as in s. 3 of the Federal Deposit Insurance Act, 12
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U.S.C. s. 1813.
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(g) “Network fee” means the cost paid by a user to have a
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transaction processed and confirmed on a blockchain network.
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(h)1. “Payment stablecoin” means a digital asset that meets
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all of the following requirements:
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a. Is, or is designed to be, used as a means of payment or
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settlement.
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b. The issuer of which:
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(I) Is obligated to convert, redeem, or repurchase the
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digital asset for a fixed amount of monetary value, not
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including a digital asset denominated in a fixed amount of
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monetary value.
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(II) Represents that such issuer will maintain, or create
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the reasonable expectation that it will maintain, a stable value
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relative to the value of a fixed amount of monetary value.
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2. The term does not include a digital asset that is any of
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the following:
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a. A national currency as defined in the GENIUS Act, Pub.
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L. No. 119-27.
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b. A deposit as defined in s. 3 of the Federal Deposit
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Insurance Act, 12 U.S.C. s. 1813, including a deposit recorded
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using distributed ledger technology. For purposes of this sub
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subparagraph, the term “distributed ledger” has the same meaning
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as in the GENIUS Act, Pub. L. No. 119-27.
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c. A security as defined in s. 517.021, s. 2 of the
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Securities Act of 1933, 15 U.S.C. s. 77b, s. 3 of the Securities
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and Exchange Act of 1934, 15 U.S.C. s. 78c, or s. 2 of the
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Investment Company Act of 1940, 15 U.S.C. s. 80a-2.
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(i) “Permitted payment stablecoin issuer” means a person
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formed in the United States which is one of the following:
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1. A subsidiary of an insured depository institution that
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has been approved to issue payment stablecoins under the GENIUS
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Act, Pub. L. No. 119-27. For purposes of this subparagraph, the
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term “insured depository institution” has the same meaning as in
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the GENIUS Act, Pub. L. No. 119-27.
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2. A federal qualified payment stablecoin issuer.
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3. A state qualified payment stablecoin issuer.
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(j) “State payment stablecoin regulator” means the Office
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of Financial Regulation. The term also includes a state agency
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in another state that has primary regulatory and supervisory
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authority in such state over entities that issue payment
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stablecoins.
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(k) “State qualified payment stablecoin issuer” means an
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entity legally established under the laws of a state and
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approved to issue payment stablecoins by a state payment
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stablecoin regulator.
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(2) PROGRAM PARTICIPATION.—
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(a) The department may engage in any of the following
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activities that meet the requirements of this section:
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1. Accept payment stablecoin for the payment of authorized
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fees as provided in paragraph (c).
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2. Issue refunds, reimbursements, or other similar
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disbursements in the form of payment stablecoins to any
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participant who elects to receive a payment in such form. The
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department may purchase payment stablecoins in an amount that is
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necessary to support such activity.
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3. Hold payment stablecoin. If such payment stablecoin does
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not earn any interest or yields, the department may hold payment
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stablecoin only in the amount that is estimated to be required
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to issue refunds, reimbursements, or other similar disbursements
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during a revolving 30-day period. Any direct or indirect yields
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earned with respect to payment stablecoins shall be credited to
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the benefit of the state.
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(b) The department may designate one or more payment
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stablecoins for activities authorized in paragraph (a). Any
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payment stablecoin that is accepted, purchased, held, or
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disbursed by the department pursuant to this section must meet
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all of the following criteria:
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1. Have an average market capitalization of at least $1
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billion during the preceding 12-month period.
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2. Be fully backed by reserve assets on a one-to-one basis
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limited to United States currency, demand deposits at insured
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depository institutions, United States Treasury bills having a
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remaining maturity of 93 days or less, or reverse repurchase
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agreements collateralized by such treasury bills.
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3. Be redeemable at all times at a one-to-one ratio for
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United States dollars through the permitted payment stablecoin
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issuer or its agent.
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4. Be issued by a permitted payment stablecoin issuer.
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5. Be purchased by the department directly from a permitted
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payment stablecoin issuer through a blockchain network or
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indirectly through an exchange platform, or received by the
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department from a program participant.
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6. Be subject, if network fees or exchange platform fees
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are paid by the department, only to reasonable fees that do not
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exceed the fees that would be charged to the department if
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payment were accepted by similar mediums of exchange.
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7. Except as otherwise provided in this section, be issued
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by an issuer that meets any additional criteria for a permitted
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payment stablecoin issuer under any applicable federal or state
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law including, but not limited to, the GENIUS Act, Pub. L. No.
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119-27.
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(c) The department may accept payment stablecoins as a form
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of payment for fees that include, but are not limited to,
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licensing fees, registration fees, certification fees,
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assessment fees, application fees, renewal fees, other
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regulatory fees administered by the department, or any other fee
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owed to the department.
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(d) An applicant, a licensee, or other program participant
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may elect to voluntarily participate in the pilot program and
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remit payment stablecoins to a compatible digital wallet address
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designated by the department as a valid form of payment for any
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fee authorized in paragraph (c).
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(e) A participant that elects to receive from the
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department a refund, reimbursement, or other similar
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disbursement in the form of payment stablecoin must provide the
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department with a compatible digital wallet address where such
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payment may be sent.
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(3) DEPARTMENT DUTIES.—
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(a) The department must comply with all of the following
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requirements:
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1. Ensure that any payment stablecoin issuer designated for
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use in the pilot program is a permitted payment stablecoin
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issuer. If the Federal Government has not approved any federal
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qualified payment stablecoin issuers and no state payment
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stablecoin regulator has approved any state qualified payment
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stablecoin issuers, the department may not engage in any of the
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activities authorized in subsection (2).
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2. Provide a compatible digital wallet address to any
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participant that elects to participate in the voluntary pilot
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program for the payment of any fees authorized in paragraph
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(2)(c) to be paid in the form of payment stablecoins.
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3. Within a reasonable time after receiving a payment
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stablecoin from any program participant, convert the payment
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stablecoin into United States currency and credit the applicable
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account where the funds would be held in a qualified public
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depository, unless an exception applies pursuant to s. 280.03,
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in the same manner as a payment made by any other authorized
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means. The department must attempt to minimize the amount of
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potential fees, if applicable, when determining the date and
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time to convert the payment stablecoin.
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(b) The department may conduct examinations, audits, or
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investigations of a permitted payment stablecoin issuer of a
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payment stablecoin designated for use in the pilot program to
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verify asset backing, redeemability, and adherence to consumer
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protection standards, including standards related to fraud
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prevention and dispute resolution. To the extent that the
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department intends to engage in such conduct as to a state
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qualified payment stablecoin issuer, the department must
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coordinate with the Office of Financial Regulation to avoid
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duplicated efforts and to efficiently regulate such issuer.
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(4) REPORTING.—
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(a) The department shall monitor and evaluate the pilot
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program and collect data on transaction volume, cost savings,
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security incidents, regulatory compliance, and economic impacts,
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as well as any instances of fraud or disputes.
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(b) Beginning February 1, 2027, and annually thereafter,
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the department must submit a report to the Governor, the
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President of the Senate, and the Speaker of the House of
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Representatives which must include all of the following:
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1. A summary of the data collected pursuant to paragraph
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(a).
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2. Any findings the department makes with respect to the
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pilot program which include, but are not limited to, findings
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regarding any trends or patterns relating to financial matters,
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such as fiscal impacts, or nonfinancial matters, such as
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utilization analysis.
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3. Any recommendations for expansion or termination of the
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pilot program.
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4. Any proposed statutory changes, if appropriate.
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(5) CONSTRUCTION.—This section:
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(a) Does not alter or supersede any existing statutory fee
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obligations, licensing requirements, or enforcement authority of
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the department.
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(b) Authorizes the acceptance of payment stablecoins as an
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optional payment method and does not require or authorize the
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acceptance of any other digital asset.
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(c) May not be construed to relieve the Chief Financial
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Officer or the department of any obligation to secure public
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funds, including any payment stablecoins, in a qualified public
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depository unless an exemption applies pursuant to s. 280.03 or,
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with respect to payment stablecoins, to hold such stablecoins in
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a manner similar to how direct United States Treasury
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obligations are held pursuant to s. 17.57(2)(a).
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(d) Authorizes the department to give preference to, when
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designating payment stablecoins for use in the pilot program
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pursuant to paragraph (2)(b), state qualified payment stablecoin
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issuers approved by the Office of Financial Regulation.
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(6) RULEMAKING.—The department may adopt rules to implement
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this section.
258 Section 2. This act shall take effect upon becoming a law.