Delaware's new bill proposes to include stablecoins within the banking regulatory framework

On March 24, according to Cointelegraph, two Delaware lawmakers introduced the "Delaware Payment Stablecoin Act," which aims to establish a licensing framework for stablecoin issuers and digital asset service providers. The bill adopts definitions from the U.S. federal "Stablecoin Act" and covers aspects such as remedies for reserve shortfalls, mandatory redemption timelines, capital standards, and anti-money laundering obligations. If approved, the State Bank Commissioner will develop detailed implementation rules within a specified timeframe. Concurrently, the "Delaware Banking Modernization Act" was submitted, intending to update state banking laws that have not undergone significant revisions since 1981, and to provide definitions for digital assets to clarify the regulatory framework. The Governor of Delaware stated that this legislative proposal aims to lower the barrier to entry for financial services, enabling residents to send, receive, and store funds solely through internet connectivity. Both bills still require review by the Senate Banking Committee and full debate before becoming law. Lawmakers also plan to introduce the "Delaware Money Transmission and Virtual Currency Modernization Act" in the coming days, focusing on implementing consumer protections and regulating the types of licensed activities.