Delaware modernizes stablecoin and digital asset regulations

Delaware is advancing bills to regulate stablecoin issuers and modernize banking laws, aiming to boost digital financial services, strengthen compliance, and enhance consumer protections.

Delaware lawmakers have introduced a legislative package to modernize the state's financial regulations, focusing on stablecoin issuers and digital asset service providers. The Delaware Payment Stablecoin Act proposes a licensing framework, adopting definitions and standards from federal models such as the GENIUS Act and the U.S. federal Stablecoin Act. Issuers would be required to maintain sufficient reserves, meet redemption timing standards, fulfill capital requirements, and comply with anti-money laundering and data privacy rules. Additionally, the Delaware Banking Modernization Act aims to update the state's banking code for the first time since 1981 by adding digital asset definitions and clarifying regulatory oversight. This legislative package is designed to lower barriers to financial services, making it easier for residents to send, receive, and store money using digital tools. Both bills will be reviewed by the Senate Banking Committee before being debated. Lawmakers also plan to introduce further legislation focused on consumer protection and licensing for money transmission and virtual currencies.