Florida Senate - 2026 SENATOR AMENDMENT
Bill No. CS for CS for SB 1568
Ì5483725Î548372
LEGISLATIVE ACTION
Senate . House
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Floor: 1/AD/2R .
03/06/2026 11:35 AM .
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Senator DiCeglie moved the following:
1 Senate Amendment (with title amendment)
2
3 Delete everything after the enacting clause
4 and insert:
5 Section 1. Section 17.72, Florida Statutes, is created to
6 read:
7 17.72 Florida Stablecoin Pilot Program.—There is
8 established within the department the Florida Stablecoin Pilot
9 Program. It is the intent of the Legislature that the Florida
10 Stablecoin Pilot Program yield benefits from the acceptance of
11 payment stablecoins as a form of payment for governmental fees
12 through this voluntary pilot program.
13 (1) DEFINITIONS.—As used in this section, the term:
14 (a) “Blockchain” means a mathematically secured,
15 chronological, decentralized, distributed, and digital ledger or
16 database that consists of records of transactions that cannot be
17 altered retroactively.
18 (b) “Compatible digital wallet address” means the address
19 of a software application that securely stores private keys for
20 accessing and completing transactions with payment stablecoins.
21 (c) “Digital asset” means any digital representation of
22 value that is recorded on a cryptographically secured digital
23 ledger.
24 (d) “Exchange platform” means a company licensed and
25 regulated by the Federal Government or a state government which
26 provides trading, custody, or money transmission services of
27 payment stablecoins or other digital assets.
28 (e) “Exchange platform fee” means a fee charged by an
29 exchange platform for the trading, custody, or money
30 transmission services of payment stablecoins or other digital
31 assets.
32 (f) “Federal qualified payment stablecoin issuer” means any
33 of the following:
34 1. A nonbank entity, other than a state qualified payment
35 stablecoin issuer, approved by the Office of the Comptroller of
36 the Currency to issue payment stablecoins.
37 2. An uninsured national bank that is chartered by the
38 Office of the Comptroller of the Currency pursuant to title LXII
39 of the Revised Statutes and is approved to issue payment
40 stablecoins. For purposes of this subparagraph, the term
41 “national bank” has the same meaning as in the GENIUS Act, Pub.
42 L. No. 119-27.
43 3. A federal branch that is approved by the Office of the
44 Comptroller of the Currency to issue payment stablecoins. For
45 purposes of this subparagraph, the term “federal branch” has the
46 same meaning as in s. 3 of the Federal Deposit Insurance Act, 12
47 U.S.C. s. 1813.
48 (g) “Network fee” means the cost paid by a user to have a
49 transaction processed and confirmed on a blockchain network.
50 (h)1. “Payment stablecoin” means a digital asset that meets
51 all of the following requirements:
52 a. Is, or is designed to be, used as a means of payment or
53 settlement.
54 b. The issuer of which:
55 (I) Is obligated to convert, redeem, or repurchase the
56 digital asset for a fixed amount of monetary value, not
57 including a digital asset denominated in a fixed amount of
58 monetary value.
59 (II) Represents that such issuer will maintain, or create
60 the reasonable expectation that it will maintain, a stable value
61 relative to the value of a fixed amount of monetary value.
62 2. The term does not include a digital asset that is any of
63 the following:
64 a. A national currency as defined in the GENIUS Act, Pub.
65 L. No. 119-27.
66 b. A deposit as defined in s. 3 of the Federal Deposit
67 Insurance Act, 12 U.S.C. s. 1813, including a deposit recorded
68 using distributed ledger technology. For purposes of this sub
69 subparagraph, the term “distributed ledger” has the same meaning
70 as in the GENIUS Act, Pub. L. No. 119-27.
71 c. A security as defined in s. 517.021, s. 2 of the
72 Securities Act of 1933, 15 U.S.C. s. 77b, s. 3 of the Securities
73 and Exchange Act of 1934, 15 U.S.C. s. 78c, or s. 2 of the
74 Investment Company Act of 1940, 15 U.S.C. s. 80a-2.
75 (i) “Permitted payment stablecoin issuer” means a person
76 formed in the United States which is one of the following:
77 1. A subsidiary of an insured depository institution that
78 has been approved to issue payment stablecoins under the GENIUS
79 Act, Pub. L. No. 119-27. For purposes of this subparagraph, the
80 term “insured depository institution” has the same meaning as in
81 the GENIUS Act, Pub. L. No. 119-27.
82 2. A federal qualified payment stablecoin issuer.
83 3. A state qualified payment stablecoin issuer.
84 (j) “State payment stablecoin regulator” means the Office
85 of Financial Regulation. The term also includes a state agency
86 in another state that has primary regulatory and supervisory
87 authority in such state over entities that issue payment
88 stablecoins.
89 (k) “State qualified payment stablecoin issuer” means an
90 entity legally established under the laws of a state and
91 approved to issue payment stablecoins by a state payment
92 stablecoin regulator.
93 (2) PROGRAM PARTICIPATION.—
94 (a) The department may engage in any of the following
95 activities that meet the requirements of this section:
96 1. Accept payment stablecoin for the payment of authorized
97 fees as provided in paragraph (c).
98 2. Issue refunds, reimbursements, or other similar
99 disbursements in the form of payment stablecoins to any
100 participant who elects to receive a payment in such form. The
101 department may purchase payment stablecoins in an amount that is
102 necessary to support such activity.
103 3. Hold payment stablecoin. If such payment stablecoin does
104 not earn any interest or yields, the department may hold payment
105 stablecoin only in the amount that is estimated to be required
106 to issue refunds, reimbursements, or other similar disbursements
107 during a revolving 30-day period. Any direct or indirect yields
108 earned with respect to payment stablecoins shall be credited to
109 the benefit of the state.
110 (b) The department may designate one or more payment
111 stablecoins for activities authorized in paragraph (a). Any
112 payment stablecoin that is accepted, purchased, held, or
113 disbursed by the department pursuant to this section must meet
114 all of the following criteria:
115 1. Have an average market capitalization of at least $1
116 billion during the preceding 12-month period.
117 2. Be fully backed by reserve assets on a one-to-one basis
118 limited to United States currency, demand deposits at insured
119 depository institutions, United States Treasury bills having a
120 remaining maturity of 93 days or less, or reverse repurchase
121 agreements collateralized by such treasury bills.
122 3. Be redeemable at all times at a one-to-one ratio for
123 United States dollars through the permitted payment stablecoin
124 issuer or its agent.
125 4. Be issued by a permitted payment stablecoin issuer.
126 5. Be purchased by the department directly from a permitted
127 payment stablecoin issuer through a blockchain network or
128 indirectly through an exchange platform, or received by the
129 department from a program participant.
130 6. Be subject, if network fees or exchange platform fees
131 are paid by the department, only to reasonable fees that do not
132 exceed the fees that would be charged to the department if
133 payment were accepted by similar mediums of exchange.
134 7. Except as otherwise provided in this section, be issued
135 by an issuer that meets any additional criteria for a permitted
136 payment stablecoin issuer under any applicable federal or state
137 law including, but not limited to, the GENIUS Act, Pub. L. No.
138 119-27.
139 (c) The department may accept payment stablecoins as a form
140 of payment for fees that include, but are not limited to,
141 licensing fees, registration fees, certification fees,
142 assessment fees, application fees, renewal fees, other
143 regulatory fees administered by the department, or any other fee
144 owed to the department.
145 (d) An applicant, a licensee, or other program participant
146 may elect to voluntarily participate in the pilot program and
147 remit payment stablecoins to a compatible digital wallet address
148 designated by the department as a valid form of payment for any
149 fee authorized in paragraph (c).
150 (e) A participant that elects to receive from the
151 department a refund, reimbursement, or other similar
152 disbursement in the form of payment stablecoin must provide the
153 department with a compatible digital wallet address where such
154 payment may be sent.
155 (3) DEPARTMENT DUTIES.—
156 (a) The department must comply with all of the following
157 requirements:
158 1. Ensure that any payment stablecoin issuer designated for
159 use in the pilot program is a permitted payment stablecoin
160 issuer. If the Federal Government has not approved any federal
161 qualified payment stablecoin issuers and no state payment
162 stablecoin regulator has approved any state qualified payment
163 stablecoin issuers, the department may not engage in any of the
164 activities authorized in subsection (2).
165 2. Provide a compatible digital wallet address to any
166 participant that elects to participate in the voluntary pilot
167 program for the payment of any fees authorized in paragraph
168 (2)(c) to be paid in the form of payment stablecoins.
169 3. Within a reasonable time after receiving a payment
170 stablecoin from any program participant, convert the payment
171 stablecoin into United States currency and credit the applicable
172 account where the funds would be held in a qualified public
173 depository, unless an exception applies pursuant to s. 280.03,
174 in the same manner as a payment made by any other authorized
175 means. The department must attempt to minimize the amount of
176 potential fees, if applicable, when determining the date and
177 time to convert the payment stablecoin.
178 (b) The department may conduct examinations, audits, or
179 investigations of a permitted payment stablecoin issuer of a
180 payment stablecoin designated for use in the pilot program to
181 verify asset backing, redeemability, and adherence to consumer
182 protection standards, including standards related to fraud
183 prevention and dispute resolution. To the extent that the
184 department intends to engage in such conduct as to a state
185 qualified payment stablecoin issuer, the department must
186 coordinate with the Office of Financial Regulation to avoid
187 duplicated efforts and to efficiently regulate such issuer.
188 (4) REPORTING.—
189 (a) The department shall monitor and evaluate the pilot
190 program and collect data on transaction volume, cost savings,
191 security incidents, regulatory compliance, and economic impacts,
192 as well as any instances of fraud or disputes.
193 (b) Beginning February 1, 2027, and annually thereafter,
194 the department must submit a report to the Governor, the
195 President of the Senate, and the Speaker of the House of
196 Representatives which must include all of the following:
197 1. A summary of the data collected pursuant to paragraph
198 (a).
199 2. Any findings the department makes with respect to the
200 pilot program which include, but are not limited to, findings
201 regarding any trends or patterns relating to financial matters,
202 such as fiscal impacts, or nonfinancial matters, such as
203 utilization analysis.
204 3. Any recommendations for expansion or termination of the
205 pilot program.
206 4. Any proposed statutory changes, if appropriate.
207 (5) CONSTRUCTION.—This section:
208 (a) Does not alter or supersede any existing statutory fee
209 obligations, licensing requirements, or enforcement authority of
210 the department.
211 (b) Authorizes the acceptance of payment stablecoins as an
212 optional payment method and does not require or authorize the
213 acceptance of any other digital asset.
214 (c) May not be construed to relieve the Chief Financial
215 Officer or the department of any obligation to secure public
216 funds, including any payment stablecoins, in a qualified public
217 depository unless an exemption applies pursuant to s. 280.03 or,
218 with respect to payment stablecoins, to hold such stablecoins in
219 a manner similar to how direct United States Treasury
220 obligations are held pursuant to s. 17.57(2)(a).
221 (d) Authorizes the department to give preference to, when
222 designating payment stablecoins for use in the pilot program
223 pursuant to paragraph (2)(b), state qualified payment stablecoin
224 issuers approved by the Office of Financial Regulation.
225 (6) RULEMAKING.—The department may adopt rules to implement
226 this section.
227 Section 2. This act shall take effect upon becoming a law.
228
229 ================= T I T L E A M E N D M E N T ================
230 And the title is amended as follows:
231 Delete everything before the enacting clause
232 and insert:
233 A bill to be entitled
234 An act relating to the use of digital currency by the
235 Department of Financial Services; creating s. 17.72,
236 F.S.; establishing the Florida Stablecoin Pilot
237 Program within the Department of Financial Services;
238 providing legislative intent; providing definitions;
239 authorizing the department to engage in certain
240 activities; authorizing the department to designate
241 one or more payment stablecoins for certain
242 activities; requiring that certain payment stablecoins
243 meet specified criteria; authorizing the department to
244 accept payment stablecoins; authorizing program
245 participants to elect to voluntarily participate in
246 the program and remit payment stablecoins to a
247 compatible digital wallet address; requiring certain
248 participants to provide the department with a
249 compatible digital wallet address; requiring the
250 department to comply with certain requirements;
251 requiring the department to provide a compatible
252 digital wallet address for a specified purpose;
253 authorizing the department to conduct examinations,
254 audits, and investigations of permitted payment
255 stablecoin issuers; requiring the department to
256 coordinate with the Office of Financial Regulation
257 under certain circumstances; requiring the department
258 to monitor and evaluate the pilot program and collect
259 certain data; requiring the department to submit an
260 annual report containing certain information to the
261 Governor and Legislature, beginning on a specified
262 date and annually thereafter; providing construction;
263 authorizing the department to adopt rules; providing
264 an effective date.