Delaware lawmakers introduced a banking modernization package that would license payment stablecoin issuers and let state-chartered banks and trust companies operate under updated rules for digital assets, according to a release from Senate Democrats.
The package includes Senate Bill 16, a broad rewrite of Delaware banking law, and Senate Bill 19, the Delaware Payment Stablecoin Act. SB 16 defines digital assets, expands the State Bank Commissioner’s authority, updates governance rules for state-chartered banks and trust companies, and supports interstate trust company operations and fiduciary activity in Delaware. SB 19 would create a licensing framework for payment stablecoin issuers and digital asset service providers working with or on behalf of Delaware residents. It also sets reserve, redemption, capital, anti-money laundering, data privacy, custody, and change-in-control requirements.
The bills have been assigned to the Senate Banking, Business, Insurance & Technology Committee, with additional money transmission and virtual currency legislation expected in the coming days. The next thing to watch is whether Delaware can turn this package into a broader competitive push for digital finance while preserving the consumer safeguards lawmakers say are central to the effort.
Source: Delaware Senate Democrats.
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