Final Order on Petition for Declaratory Statement Re Richard Quattrucci

Index: OFR 2026 - 373 STATE OF FLORIDA OFFICE OF FINANCIAL REGULATION In Re: RICHARD QUATTRUCCI, Case Number: 138095 Petitioner. FINAL ORDER ON PETITION FOR DECLARATORY STATEMENT THIS CAUSE came on for consideration upon the Petition for Declaratory Statement ("Petition") filed by Richard Quattrucci ("Petitioner") and received by the Office of Financial Regulation ("Office") on April 21, 2026. Having considered the Petition and relevant statutes and rules, the Office issues this Final Order on Petition for Declaratory Statement. FINDINGS OFF ACT

1. The Petition, attached hereto as Exhibit A, requests the Office to issue a Declaratory Statement addressing whether operating in accordance with the proposed business model, Petitioner would be considered a money transmitter pursuant to chapter 560, Florida Statutes.

2. The Office considered all the information Petitioner provided and, pursuant to Rule 28-105.003, Florida Administrative Code, has taken such information as fact for the purpose of this Order. The facts set forth in the Petition are hereby adopted and incorporated herein by reference as the findings of fact by the Office.

3. Pursuant to, and in compliance with, section 120.565(3), Florida Statutes, the Office published notice of the Petition. The notice appeared in the Florida Administrative Register at Volume 52, Number 87, published May 5, 2026. The Office received no comments regarding the matter. 1

4. The Office's conclusions are based on the assertions of fact contained in the Petition. Any modification of the assertions of fact could alter the Office's conclusions. None of Petitioner's assertions of fact are admitted by the Office as being true, and Petitioner's question is viewed as purely hypothetical. If any facts asserted by Petitioner are untrue or materially incomplete, the Office's conclusions provided herein would not apply. CONCLUSIONS OF LAW

5. Pursuant to chapters 120 and 560, Florida Statutes, the Office has jurisdiction over this matter.

6. Pursuant to section 120.565(1 ), Florida Statutes, any substantially affected person may seek a declaratory statement regarding an agency's opinion as to the applicability of a statute as it applies to the petitioner's particular set of circumstances.

7. Pursuant to section 560.105, Florida Statutes, the Office is responsible for the administration and enforcement of chapter 560, Florida Statutes.

8. It is well established that the purpose of a declaratory statement is to afford a petitioner the opportunity to seek an agency's position regarding the applicability of the agency's statutory provisions, orders, or rules to the petitioner's particular circumstances. Adventist Health System/Sunbelt, Inc. v. Agency for Health Care Admin., 955 So.2d 1173, 1176 (Fla. I st DCA 2007) (citingChilesv. Div. of Elections, 711 So.2d 151 , 154(Fla. lstDCA 1998)).

9. A declaratory statement can be used to avoid costly administrative litigation by informing a petitioner in advance as to the agency's views regarding the petitioner's contemplated conduct. Adventist Health, 955 So.2d at 1176; Chiles, 711 So.2d at 154; and Nat'! Ass'n of Optometrists & Opticians v. Fla. Dep't of Health, 922 So.2d 1060, 1062 (Fla. l st DCA 2006). 2

I 0. Petitioner possesses the requisite interest and is the proper party to request a declaratory statement under section 120.565, Florida Statutes, and Rule 28-105 et seq., Florida Administrative Code. 11. Section 560. l 03(23), Florida Statutes, a "money services business" means any person located in or doing business in this state, from this state, or into this state from locations outside this state or country who acts as a payment instrument seller, foreign currency, check casher, or money transmitter. 12. Section 560.103(24), Florida Statutes, defines "money transmitter" as: [A] corporation, limited liability company, limited liability partnership, or foreign entity qualified to do business in this state which receives currency, monetary value, or payment instruments or virtual currency for the purpose of acting as an intermediary to transmit currency, monetary value, a payment instrucent, or virtual currency from one person to another location or person by any means, including transmission by wire, facsimile, electronic transfer, courier, the Internet, or through bill payment services or other businesses that facilitate such transfer within this country, or to or from this country. 13 . Pursuant to sections 560.125(1), Florida Statutes, a person may not engage in the business of a money services business unless they are licensed or exempt from licensure under chapter 560, Florida Statutes. 14. Pursuant to section 560.204(1 ), Florida Statutes, a person may not engage in the activity of a money transmitter for compensation unless they are licensed or exempted from licensure. 15. Under the specific set of facts stated in Petitioner's proposed business model, Petitioner would not be a "money transmitter" pursuant to section 560.103(24), Florida Statutes. 3

Based on the foregoing Findings of Fact and Conclusions of Law, it is hereby DECLARED THAT: I. The Office has jurisdiction over the subject matter and the parties pursuant to section 560.105, Florida Statutes; II. Petitioner is a substantially affected person; and, III. Petitioner's petition is GRANTED. Petitioner would not be a "money transmitter" pursuant to chapter 560, Florida Statutes, for the activities contemplated in Petitioner's proposed business model. DONE and ORDERED this zs1: day of July, 2026, in Tallahassee, Leon County, Florida. 4

NOTICE OF RIGHTS A PARTY WHO IS ADVERSELY AFFECTED BY THIS FINAL ORDER IS ENTITLED TO JUDICIAL REVIEW PURSUANT TO SECTION 120.68, FLORIDA STATUTES. REVIEW PROCEEDINGS ARE GOVERNED BY THE FLORIDA RULES OF APPELLATE PROCEDURE. SUCH PROCEEDINGS ARE COMMENCED BY FILING THE ORIGINAL NOTICE OF APPEAL WITH THE AGENCY CLERK FOR THE OFFICE OF FINANCIAL REGULATION AS FOLLOWS: Bv Mail or E-mail OR Agency Clerk Office of Financial Regulation P.O. Box 8050 Tallahassee, FL 32314-8050 Phone: (850)410-9889 E-mail: Agency.Clerk@flofr.gov Bv Hand Delivery Agency Clerk Office of Financial Regulation General Counsel's Office The Fletcher Building 101 East Gaines Street Tallahassee, FL 32399 Phone: (850) 410-9889 A COPY OF THE NOTICE OF APPEAL, ACCOMPANIED BY THE FILING FEES AS REQUIRED BY LAW, MUST ALSO BE FILED WITH THE DISTRICT COURT OF APPEAL, FIRST DISTRICT, 2000 DRAYTON DRIVE, TALLAHASSEE, FLORIDA 32399-0950, OR WITH THE DISTRICT COURT OF APPEAL IN THE APPELLATE DISTRICT WHERE THE PARTY RESIDES. THE NOTICE OF APPEAL MUST BE FILED WITH BOTH THE AGENCY CLERK FOR THE OFFICE OF FINANCIAL REGULATION AND THE DISTRICT COURT OF APPEAL WITHIN 30 DAYS OF THE RENDITION OF THE ORDER TO BE REVIEWED. 5

CERTIFICATE OF SERVICE I HEREBY CERTIFY that a true and correct copy of the foregoing Final Order was furnished to Richard Quattrucci by electronic mail to rtq2017@gmail.com on thisl ~ of July, 2026. 6 egulation 14-8050 Email rk@flofr.gov Tel: ( 889

Exhibit A PETITION FOR DECLARATORY STATEMENT BEFORE THE OFFICE OF FINANCIAL REGULATION

1. PETITIONER INFORMATION Name: Richard Quattrucci Telephone: 781-400-3753 Email: rtq2017@gmail.com
2. STATUTORY PROVISIONS AT ISSUE Petitioner seeks a declaratory statement regarding the applicability of Chapter 560, Florida Statutes (specifically the definitions of "Money Transmitter" and "Intermediary" under Section 560.103) to Petitioner's particular set of circumstances on a business idea they are thinking of establishing.
3. DESCRIPTION OF PARTICULAR CIRCUMSTANCES Petitioner if moving forward will be a Florida LLC engaged in the following specific workflow:
4. Petitioner purchases virtual currency (e.g., Bitcoin) using their own capital on the Kraken exchange.
5. Petitioner offers this virtual currency for sale as a principal on the LocalCoinSwap (LCS) platform.
6. Transactions utilize a third-party escrow service provided by LCS to secure the virtual currency until payment is confirmed.
7. Petitioner receives payment directly from buyers via Zelle into a business bank account.
8. Petitioner is a direct party to every transaction (principal-to-principal) and does not hold or transmit funds for third parties.
9. SUBSTANTIAL EFFECT ON PETITIONER Petitioner is substantially affected because they intend to potentially engage in these transactions regularly for profit. Petitioner is in doubt as to whether this activity constitutes "money transmission" requiring licensure under Chapter 560, especially in light of the 2022 legislative changes narrowing the definition of money transmitter to "intermediaries". Petitioner seeks to ensure full regulatory compliance to avoid potential felony penalties for unlicensed activity under Section 560.125.
10. REQUEST FOR RELIEF Petitioner respectfully requests that the Office of Financial Regulation issue a declaratory statement confirming whether the business model described above requires a Money Transmitter License under Chapter 560, Florida Statutes. SIGNATURE: _________ _ DATE: __________ _

From: To: Subject: Date: Attachments: Richardo Agency Clerk Petition for Declaratory Statement - Richard Quattrucci Tuesday, April 21, 2026 9:36:10 PM PETITION FOR DECLARATORY SJAJJ:MENT BEFORE lliE OFACE OF FINANCTAL REGULATION <2},pdf I You don't often get email from rtq2017@gmail.com. Learn why this js important Dear Agency Clerk, First and foremost I hope all is well and you are having a wonderful day. Please find attached a Petition for Declaratory Statement filed pursuant to Section 120.565, Florida Statutes, and Rule 28-105.002, Florida Administrative Code. This petition seeks a binding opinion from the Office of Financial Regulation regarding the applicability of Chapter 560, Florida Statutes, to my specific potential business operations involving virtual currency transactions. This business has not been established or operating yet I'm just seeking information to explore how to do it right and if it is worth it. Please acknowledge receipt of this filing. Sincerely, Richard Quattrucci 781-400-3753