USA – FLORIDA Trends and Developments Contributed by: Rebecca G. DiStefano, Jeannie Regidor and Marina Olman-Pal, Greenberg Traurig, P.A.
State certification and rulemaking The OFR would submit an initial substantial-similarity certification to the federal Stablecoin Certification Review Committee (chaired by the Secretary of the Treasury, with the chair of the Federal Reserve Board and the chair of the Federal Deposit Insurance Cor- poration), and annual follow-up certifications thereaf- ter. The Financial Services Commission would have rulemaking authority covering capital, liquidity, risk management, conduct, supervision, examination, reserves, customer-asset protection, reporting and compliance. Rulemaking activity will bear watch- ing closely once the bill becomes law, particularly because the federal implementing regulations under the GENIUS Act remained outstanding as of early 2026, and Florida rule development will need to track those federal regulations once issued. Related: Stablecoin Pilot Program for state payments Separately from the issuer framework, the Florida Leg- islature has advanced legislation creating a Stablecoin Pilot Program within the Department of Financial Ser- vices to test the acceptance of designated payment stablecoins for certain government payments, with conversion to US dollars and reporting on transac- tion volume, savings, security, compliance and fraud. The pilot is intended to position Florida as a leader in payments innovation while maintaining consumer protection and fiscal oversight, and would comple- ment the issuer framework by creating a state-side use case for compliant stablecoin issuance. Virtual Currency in Florida Virtual currency Florida’s Money Services Businesses Act (Chapter 560, F.S.) broadly defines “virtual currency” as “a medium of exchange in electronic or digital format that is not currency”. As relevant here, Chapter 560 requires a licence or an exemption from licensure for a person who, for compensation, acts as a “money transmitter” by receiving currency, monetary value, a payment instrument or virtual currency for the pur- pose of acting as an intermediary to transmit currency, monetary value, a payment instrument or virtual cur- rency from one person to another location or person by any means. Importantly, the definition of “money transmitter” includes only an intermediary that has the
ability to unilaterally execute or indefinitely prevent a transaction. These clarifications became law in Florida in 2023, following OFR declaratory statements and to align with Florida appellate court case State v Espi- noza . The Virtual Currency Kiosk Act The Florida Virtual Currency Kiosk Act (CS/HB 505) as currently drafted would require virtual currency kiosk businesses (except licensed money transmitters) to register with the OFR. The Florida Virtual Currency Kiosk Act would be integrated into Florida’s Money Services Business Act, and would update disciplinary actions and unlicensed activities sections of Chap- ter 560 to apply to registered entities, and proposes consumer-related requirements. The draft act would require virtual currency kiosks to: • ask each customer the amount of any other virtual currency transactions that the customer conducted on the same calendar day; • provide a notice to customers that fraud often begins with contact from strangers lying about their identity and that, if the customer was directed to the kiosk by someone the customer does not personally know, the customer should stop the transaction and contact a financial adviser or law enforcement; and • provide a refund within 72 hours after the virtual currency transaction if the consumer believes they were a suspect in a fraudulent, non-US virtual cur- rency transaction. The Florida Virtual Currency Kiosk Act is pending the governor’s signature at the time of this writing. If approved by the governor or allowed to become law without the governor’s signature, these provisions are expected to take effect on 1 January 2027, except where otherwise provided. Secured Lending Developments Widely publicised Model Act UCC amendments in 2022 helped modernise commercial law by introduc- ing Article 12, providing mechanisms for creditors to secure debtors’ digital assets as collateral. By allow- ing creditors to layer perfection methods of traditional financing statement filing with perfection by control,
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