Gate News: On March 7, the Florida State Senate passed Senate Bill 314 on March 6 with a vote of 37 in favor and 0 against, establishing a regulatory framework for the issuance of payment stablecoins in the state. The bill and its companion House Bill 175 will be submitted to Governor Ron DeSantis for signature within the next 30 days. According to the bill, issuers of payment stablecoins are prohibited from paying any form of interest to holders, provided that “federal law prohibits such payments.” Additionally, the companion bill CS/CS/SB 1440 was approved on the same day, aiming to expand confidentiality protections for information related to virtual currency businesses, qualified payment stablecoin issuers, and other institutions to safeguard trade secrets and non-public information.
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