Odaily Planet Daily reports that Delaware State Senator Spiros Mantzavinos and Representative Bill Bush have introduced the Delaware Banking Modernization Act (Senate Bill 16) and the Delaware Payment Stablecoin Act (Senate Bill 19). The stablecoin bill aims to establish a licensing framework for stablecoin issuers and digital asset service providers, adopting definitions from federal legislation such as the GENIUS Act, and setting requirements including reserve remediation mechanisms, mandatory redemption timeframes, capital standards, and anti-money laundering obligations. If approved, the State Bank Commissioner will implement the relevant regulations within the specified timeframe.
Delaware Governor Matt Meyer stated that the legislation aims to lower barriers to financial services, enabling all residents to send, receive, and save money via the internet. The state had previously launched a blockchain initiative in 2016 to attract related businesses, but last year, several tech and crypto companies, including Coinbase, relocated out of the state.
In addition, both bills must still be reviewed by the Senate Banking Committee and debated by the full Senate. Lawmakers will also submit the Delaware Money Transmission and Virtual Currency Modernization Act in the coming days, which primarily addresses consumer protection and the standardization of licensing activities.