Delaware leaders unveil stablecoin licensing framework in sweeping banking update
Delaware introduced three bills to modernize banking laws, focusing on digital assets and establishing a state licensing framework for stablecoins.Summary
Delaware legislators, including Sen. Spiros Mantzavinos and Rep. Bill Bush, have unveiled a comprehensive package of three bills aimed at overhauling the state's outdated banking regulations to incorporate digital assets and stablecoins. Senate Bill 16, the Delaware Banking Modernization Act, updates definitions, expands the Bank Commissioner's authority, and modernizes governance rules. Senate Bill 19 establishes a state licensing and supervision framework for stablecoin issuers, mirroring definitions from the federal GENIUS Act and imposing requirements like reserve mandates and capital adequacy standards. A third bill will standardize money transmission laws based on the Conference of State Bank Supervisors' Model Act to streamline multi-state coordination. These efforts aim to build on Delaware's financial hub legacy, encourage innovation, and address the rapidly growing global stablecoin market, which exceeds $310 billion in capitalization.
(Source：Crypto Briefing)