Florida committee backs state framework and pilot for payment stablecoins
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Summary
The Insurance & Banking Subcommittee voted to report favorably on PCS for HB 175 (state safe harbor for payment stablecoins) and CS for HB 1415 (a DFS stablecoin pilot). Sponsors said the measures let issuers opt into Florida regulation under the federal GENIUS Act and permit the Department of Financial Services to pilot accepting approved, fully backed stablecoins for state fees.
The Florida House Insurance & Banking Subcommittee voted to report favorably on two measures aimed at bringing regulated stablecoins into state financial operations.
Representative Barnaby introduced PCS for HB 175 as a state-level framework that would let payment-stablecoin issuers choose Florida regulation rather than federal licensing under the GENIUS Act. “PCS for HB 175 creates the state level framework required by the federal guiding and establishing national innovation for US Stablecoins known as the Genius Act,” the sponsor said, adding the PCS meets federal minimum requirements on reserves, disclosures and supervision.
Representatives Holcomb and G. Lombardo presented CS for HB 1415, which would create a Department of Financial Services pilot to accept approved stablecoins for certain government payments and to operate a state-designated digital wallet to convert those payments to U.S. dollars. Holcomb told the committee the pilot is intended to modernize payment options, improve efficiency and maintain consumer protections.
Committee members asked how the proposals would affect banks and state regulators. A sponsor answer said banks and other entities could be issuers; entities with under $10 billion in relevant thresholds would register with Florida’s Office of Financial Regulation (OFR) and be regulated in-state, while larger firms would come under federal supervision. OFR Commissioner Weigel said the likely number of registrants is “indeterminate” but that existing resources are assumed to be sufficient to handle new applications; if not, OFR would request additional full-time employees through the legislature.
Proponents from the industry urged passage. Samuel Arms, president of the Florida Blockchain Business Association, said the bills would create a foundation to attract blockchain firms and jobs to Florida: “This bill is doing for the hundreds of thousands of companies around The United States … it creates a foundational framework for this technology.”
Members also pressed sponsors about program revenue and reporting. Sponsors described HB 1415 as a pilot primarily intended to cover operating expenses for DFS and said interest or fees collected would go to the state and to DFS to operate the program; sponsors agreed to follow-up conversations about whether and how interest or other revenue should be earmarked for specific programs.
The committee adopted a strike-all amendment to narrow eligibility of stablecoins in the DFS pilot to established coins that meet capitalization and custody thresholds and to require qualified custodial arrangements for funds received in the pilot. With no recorded dissents during floor roll calls, the committee chair announced both HB 175 (PCS) and HB 1415 (CS as amended) will be reported favorably to the next stage.
Next steps: both measures will proceed to subsequent committee stops where sponsors said they will continue to coordinate with OFR, DFS and federal guidance under the GENIUS Act.
