PANews reported on March 24th, citing Cointelegraph, that two Delaware lawmakers have introduced the "Delaware Payment Stablecoin Act," which proposes establishing a licensing framework for stablecoin issuers and digital asset service providers. The bill adopts the definition from the U.S. federal Stablecoin Act, covering provisions such as reserve shortage remedies, mandatory redemption timelines, capital requirements, and anti-money laundering obligations. If approved, the state banking commissioner will develop implementing rules within a specified timeframe.
The Delaware Banking Modernization Act, also submitted, aims to update the state's banking law, which hasn't undergone major revisions since 1981, and provides a definition for digital assets to clarify the regulatory framework. The Delaware governor stated that the legislation aims to lower barriers to entry for financial services, allowing residents to send, receive, and store funds simply through an internet connection. Both bills still need to be reviewed by the Senate Banking Committee and debated by the full committee before becoming law. Legislators also plan to submit 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.