TechFlow News, March 24: According to a Cointelegraph report, two Delaware legislators introduced the “Delaware Banking Modernization Act” (Senate Bill 16) and the “Delaware Payment Stablecoin Act” (Senate Bill 19), aiming to establish a licensing framework for stablecoin issuers.
The Stablecoin Act proposes licensing requirements for stablecoin issuers and digital asset service providers operating in Delaware. It adopts definitions and language from the U.S. federal “Stablecoin Transparency of Reserves and Uniform Standards Act” (GENIUS Act), and sets forth regulatory requirements including remediation mechanisms for reserve shortfalls, mandatory redemption timeframes, capital requirements, and anti-money laundering (AML) obligations. If approved, the State Bank Commissioner will be responsible for implementing the relevant rules within prescribed deadlines. The Banking Modernization Act primarily updates corporate governance standards for traditional financial institutions while introducing a formal definition of digital assets to enhance regulatory certainty. Both bills are currently pending review by the Senate Banking Committee and subsequent full Senate debate.
Delaware Governor Matt Meyer stated that this legislative initiative aims to attract future-oriented industries and provide residents with more convenient financial services.
