The bill CS/CS/HB 175 establishes a comprehensive regulatory framework for qualified payment stablecoin issuers in Florida, set to take effect on October 1, 2026. It defines key terms such as "qualified payment stablecoin issuer" and revises the definition of "money services business" to include these issuers. The legislation mandates that qualified issuers comply with specific regulations, including annual certifications to the Office of Financial Regulation, which must be made available to the Secretary of the Treasury upon request. It also outlines the licensing process, compliance requirements, and penalties for violations, while ensuring that payment stablecoins are not classified as securities under state law.

Additionally, the bill requires issuers to maintain reserves on a one-to-one basis with outstanding stablecoins and specifies acceptable types of reserves, such as U.S. Treasury bills. Issuers must publicly disclose their redemption policies and reserve compositions, and engage a registered public accounting firm for monthly examinations of their reserve reports. The bill also includes provisions for transitioning to federal oversight for issuers that reach a $10 billion issuance threshold and prohibits deceptive marketing practices. Overall, the legislation aims to enhance consumer protection, ensure the integrity of the financial system, and align state regulations with federal standards established by the GENIUS Act.

Statutes affected:
H 175 c1: 560.114