Florida Governor Ron DeSantis may soon sign a bill allowing the state to establish a framework for managing its own stablecoin, despite previously warning about the risks of financial oversight from central bank digital currencies (CBDCs).
Bill No. 314 was unanimously approved by the Florida Senate on March 6, enabling the state to set up an independent stablecoin regulation mechanism. However, the bill also requires stablecoin issuers to report transactions exceeding $10,000, similar to federal anti-money laundering regulations — raising concerns among some libertarian groups about potential financial surveillance.
Previously, DeSantis warned that CBDCs could enable the federal government to monitor or control individual transactions, from buying gasoline to purchasing weapons. He described the idea of a “digital dollar” as a step toward a “Big Brother” financial system.
However, Florida’s push to establish a stablecoin regulatory framework could complicate DeSantis’s stance against surveillance. According to Nicholas Anthony, policy expert at the Cato Institute, many politicians currently oppose CBDCs while supporting other financial oversight mechanisms.
If signed into law, the bill would grant the Florida Office of Financial Regulation (OFR) additional authority to serve as the primary regulator for stablecoins in the state, including licensing, revoking licenses, and monitoring compliance.
This move comes as US states prepare to apply for independent stablecoin regulatory authority before the July deadline, aligning with the federal GENIUS Act.
Meanwhile, in Washington, politicians like Senator Ted Cruz continue to warn about the risks of CBDCs. He argues that the temporary ban on CBDCs included in the recently passed Senate housing bill — effective until 2030 — is insufficient, and calls for a permanent ban on the Federal Reserve issuing CBDCs.
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