Florida Stablecoin Law and BTC Drop

Florida Stablecoin Regulation Approved

The Florida legislature approved Senate Bill 314, which regulates state-level payment stablecoins, and sent it to Governor Ron DeSantis for signature. Samuel Armes, founder of the Florida Blockchain Business Association, announced on X that the law will pass unanimously from the Senate and the House and become law within 30 days. The law amends the money laundering law to include stablecoins, prohibiting unlicensed issuance and exempting certain payment stablecoins from securities status. Issuers operating from outside will be required to notify the Florida Office of Financial Regulation (OFR), and audits will be conducted jointly with OFR or the Comptroller's Office. Consumer protection standards have been aligned with the federal GENIUS Act, and interest or yield payments may be prohibited depending on federal rules.

Florida Senate passes stablecoin bill. Source: Samuel Armes

Florida State Funds Opening to BTC Investments

Additionally, Florida has brought back House Bill 183, which allows state and public entity funds to invest up to 10% in cryptocurrencies including Bitcoin (BTC), exchange-traded funds, NFTs, and other blockchain-based assets. This bill is a revised version of HB 487, which was withdrawn in June. This development could increase BTC demand.

BTC Technical Outlook: Decline Due to Trump Effect

Following Trump's statements, while oil exceeded 90 dollars, BTC fell below 69.500 dollars. Current price: 67,925.18 USD (-4.25%). RSI 45.38 (neutral), trend downward, Supertrend bearish. EMA 20: 68,840. Supports: S1 64,313 (strong, -5.05%), S2 60,000. Resistances: R1 68,170 (+0.64%), R2 71,410. Florida news could support a BTC rally, check BTC futures for details.