The bill establishes a new section in Florida law, specifically section 215.986, which defines and recognizes both specie legal tender and electronic currency as legal tender. It outlines various definitions, including "bullion," "electronic currency," "legal tender," "precious metal," "specie," and "specie legal tender." The bill prohibits the characterization of specie or specie legal tender as personal property for taxation and regulatory purposes, and it specifies that transactions involving the purchase or sale of specie, as well as exchanges between different types of legal tender, do not incur tax liabilities. Additionally, it states that individuals cannot be compelled to accept or tender specie as legal tender unless specified by the State Constitution or general law.

Furthermore, the bill authorizes governmental entities to recognize specie legal tender for the payment of private debts, taxes, and fees. It mandates that the Chief Financial Officer adopt rules regarding the acceptance of specie legal tender for public debts, taxes, fees, or obligations. The effective date for this act is set for July 1, 2025.