House Bill 1351 and Senate Bill 1578 have officially been filed in the Florida Legislature. House Bill 1351, which has been filed by Representative Vance Aloupis, has not received committee assignments yet. Senate Bill 1758, filed by Senator Jeff Brandes, has received three committee stops: Banking and Insurance, Commerce and Tourism, and Rules.
For industry, these bills are incredibly important as they will solve the long outstanding Espinoza issue that has plagued Florida blockchain and cryptocurrency businesses.
The most important aspects of this short bill are its definitions, specifically of virtual currency and monetary value. The complications between Chapters 560 and 896 have always made money transmission some what complex in Florida. The Espinoza case created further complications. The definitions in these bills was meant to solve these issues. Other definitions to note are those on permissible investments.
