Nick DiCeglie proposal to allow Florida to accept stablecoins as payment clears first Senate committee

A proposal by St. Petersburg Republican Sen. Nick DiCeglie to allow certain state fees to be paid using stablecoins cleared its first Senate committee.

If approved, SB 1568 would establish a Florida Stablecoin Pilot Program within the Department of Financial Services (DFS). The pilot would allow applicants and licensees to voluntarily pay certain Department-administered licensing, registration, application and renewal fees using approved payment stablecoins that are fully backed by at least $1 billion in reserve assets and redeemable for U.S. dollars.

The Senate Banking and Insurance Committee advanced SB 1568 unanimously after adopting a substitute amendment with a 10-0 vote. DiCeglie told Committee members the bill aims to update how government fees are collected without weakening existing financial or consumer safeguards.

“As the digital economy grows, states across the nation are exploring new tools to make payments faster, more efficient and create additional payment options,” DiCeglie said. “Florida is taking the lead by embracing financial innovation responsibly, building on the guardrails established under President (Donald) Trump’s GENIUS Act to ensure progress never comes at the expense of consumer protections or taxpayer safeguards.”

Under the proposal, DFS would be authorized to accept approved stablecoins as payment through a state-designated digital wallet and convert those payments into U.S. dollars, processing them in the same manner as traditional payment methods.

Before the final vote, the Committee adopted a substitute amendment that narrowed the bill by removing language authorizing DFS to create a state-issued stablecoin and by tightening eligibility requirements for stablecoins used in the pilot. The amendment also limits participation to existing stablecoins with substantial market presence.

“After many discussions with the department, we have agreed to limit the pilot program and scope to existing stablecoins only,” DiCeglie said. “It tightens the payment stablecoin criteria for the pilot program to only allow stablecoins that have had a market capitalization of at least $1 billion over the preceding 12 months.”

No Committee members raised questions during debate. DiCeglie closed by urging favorable support of efforts to ensure Florida accepts the currencies of the future as payment.

“This is a great bill. The future is here,” he said.

SB 1568 now advances to its second of three Committee stops with the Appropriations Committee on Agriculture, Environment, and General Government. Spring Hill Republican Rep. Jeff Holcomb filed a similar bill (HB 1415), although it has not yet been considered by a House Committee. If approved by the Legislature and signed by the Governor, the bill would be effective immediately upon becoming law.