No. CS/CS/SB 1568
Use of Digital Currency by the Department of Financial Services; Establishing the Florida Stablecoin Pilot Program within the Department of Financial Services; authorizing the department to accept payment stablecoins; authorizing the department to conduct examinations, audits, and investigations of permitted payment stablecoin issuers; requiring the department to monitor and evaluate the pilot program and collect certain data, etc.
Plain English Summary
AI-GENERATEDThe Department of Financial Services may accept payment stablecoins for fees, a voluntary option for applicants and licensees.
The department must convert received stablecoins to U.S. dollars and deposit them in a qualified public depository.
The department may hold stablecoins only in amounts needed for 30-day refunds, with any yields credited to the state.
The department must submit an annual report to the Governor and legislative leaders on program performance and recommendations.
AIThe Department of Financial Services may accept payment stablecoins for fees and issue refunds in stablecoins, but only if the participant chooses to use them.
AIAny stablecoin the department accepts must be fully backed 1:1 by U.S. currency or short-term Treasuries and issued by a federally or state-approved entity.
AIThe department must convert received stablecoins into U.S. currency within a reasonable time and deposit the funds in a qualified public depository.
AIThe department may examine, audit, or investigate permitted stablecoin issuers to verify asset backing and consumer protection compliance.
AIThe department must submit an annual report to the Governor and legislative leaders detailing transaction volume, security incidents, and recommendations for expansion or termination.