Florida Legislature’s Near-unanimous Vote Approves CBDC Ban

The bill effectively prohibits CBDCs for use as money across the state and is expected to take effect on July 1 following Governor Ron DeSantis’ seal of approval

article-image

Florida Governor Ron DeSantis | Wirestock Creators/Shutterstock modified by Blockworks

share

Florida has responded to Governor Ron DeSantis’ call to prohibit the use of CBDCs across the state.

The bill, known as HB 7049, amends the Uniform Commercial Code (UCC) to include a definition for CBDCs

Despite lawmakers’ divided opinions on the matter, the US Department of the Treasury, under President Joe Biden, is currently outlining the technology required to develop a digital dollar.

That’s prompted some states, including North Carolina, to draw up legislation that seeks to protect against what critics argue is an invasion of privacy from the nascent tech.

Following a 34-5 vote by the Senate last week, which was also supported by seven out of 12  state Democrats, the bill passed a near-unanimous vote in the House, 116-1. The only vote against the bill was cast by Rep. Felicia Robinson, a Democrat from Miami Gardens.

HB 7049 reads:

“A digital currency, a digital medium of exchange, or a digital monetary unit of account issued by the United States Federal Reserve System, a federal agency, a foreign government, a foreign central bank, or a foreign reserve system, that is made directly available to a consumer by such entities.”

The bill also clarifies that CBDCs may not be included in the definition of “money” under the UCC whose definition was revised under the state’s code. 

The definition effectively prohibits CBDCs for use as money across the state, according to Ian Corp, attorney at law firm Agentis.

“If the federal government institutes a CBDC, it could trump the Florida bill under the supremacy clause of the constitution,” he said. That would be similar in nature to the way in which states have decriminalized marijuana while the federal government has not, Corp added. 

Even so, proponents are concerned that the bill could have wider ramifications on banning the use of bitcoin and digital assets more broadly.

DeSantis, a vocal proponent against the issuance and acceptance of a CBDC across Florida, has railed against their potential existence. The governor, among others, views CBDCs as a tool for use in state-wide surveillance of Floridians and US citizens.

Its passage in the state’s legislature now means it heads to DeSantis’ desk. If the governor signs it into law, it is expected to take effect on July 1.


Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the Forward Guidance newsletter.

Get alpha directly in your inbox with the 0xResearch newsletter — market highlights, charts, degen trade ideas, governance updates, and more.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Upcoming Events

Javits Center North | 445 11th Ave

Tues - Thurs, March 18 - 20, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

recent research

Research Report Templates.png

Research

An overview of the Base Ecosystem, with a focus on market leaders.

article-image

Although bitcoin hitting $120k by year’s end is looking unlikely

article-image

About 270 million HYPE has been claimed, valued around $7.6 billion

article-image

Stanford professors David Mazières and Dan Boneh will lead the lab alongside a cohort of graduate student researchers

article-image

With more companies holding BTC, bitcoin yielding strategies could become “a new corporate finance norm,” CoinShares posed

article-image

The proposal comes after Polygon governance considered a controversial use of bridged liquidity for yield

article-image

Can the community balance its decentralized ethos with the need for inclusivity and constructive debate?