The State of Florida has tabled a Bill that proposes to bring regulatory clarity to state chartered bank and trust companies that want to participate in ‘digital trust business’. That includes services such as crypto custody and crypto exchanges. Additionally, it covers banks issuing stablecoins. So far the Bill has only been introduced in the Senate and hasn’t received a Committee hearing.
Much of the proposed legislation outlines the application process and risk analysis that banks must go through to participate in crypto. But it also appears to introduce stablecoin legislation.
Some of the stablecoin requirements are similar to those proposed in Federal legislation. For example, backing assets would be short dated Treasuries, reverse repurchase (repo) agreements or bank deposits. A limited proportion of assets could be held in government money market funds.
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