Overview
- Delaware lawmakers, who filed Senate Bills 16 and 19 on Tuesday, sent both measures to the Senate Banking, Business, Insurance & Technology Committee for review.
- SB 19 would require payment stablecoin issuers to get a state license and follow one-to-one reserve rules, set redemption timelines, and meet custody, AML, data privacy, and disclosure standards.
- The proposal tasks the State Bank Commissioner with writing and enforcing the rules if the legislature passes the bill, including timelines for implementing regulations and license types.
- SB 16 would make the first major update to Delaware’s banking code in decades by adding digital asset definitions and modernizing governance for banks and trust companies.
- The package positions Delaware to seek certification under the federal GENIUS Act’s state track, which lets issuers under a $10 billion threshold operate under a certified state regime, and a related money-transmission update is expected to be filed soon.