Delaware Proposes Legislation to Regulate Stablecoin Issuers and Digital Asset Services

Delaware lawmakers have introduced the Delaware Payment Stablecoin Act, aiming to establish a licensing framework for stablecoin issuers and digital asset service providers. According to PANews, the proposed legislation adopts definitions from the U.S. federal Stablecoin Act, addressing issues such as reserve shortages, mandatory redemption time standards, capital requirements, and anti-money laundering obligations. If approved, the state bank commissioner will develop implementation details within a specified timeframe. Additionally, the Delaware Banking Modernization Act has been submitted to update the state banking laws, which have not seen significant revisions since 1981. This act seeks to define digital assets to clarify the regulatory framework. The Governor of Delaware stated that the legislative package is designed to lower barriers to financial services access, enabling residents to send, receive, and store funds through internet connectivity. Both bills 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 consumer protection and regulating licensing activities.