Delaware lawmakers introduced two bills to license stablecoin issuers and expand digital asset oversight. The move signals a state-level push to formalize rules for crypto firms serving U.S. residents.
The proposals, SB 19 and SB 16, were introduced by Senator Spiros Mantzavinos and Representative Bill Bush. Both are under review in the Senate Banking Committee. SB 19, the Delaware Payment Stablecoin Act, would create a licensing framework for issuers and service providers, including reserve, redemption, and compliance standards.
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Will State Frameworks Shape Stablecoin Regulation First?
SB 19 aligns with federal efforts by adopting definitions from the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act. It also outlines capital requirements, anti-money laundering rules, and data privacy provisions. In parallel, SB 16 updates Delaware banking law to define digital assets and allow state-chartered banks to hold them in a fiduciary capacity.
The initiative reflects a broader trend of U.S. states advancing crypto oversight while federal legislation remains under debate. States such as New York have already implemented licensing regimes through frameworks like BitLicense, creating early compliance benchmarks. Delaware’s approach could add pressure for more uniform national standards.
“It’s been more than four decades since we’ve made any meaningful updates to our state’s banking laws,” said Bill Bush, chair of the House Economic Development Committee.
He added that the bills aim to modernize the system while maintaining consumer protections as financial activity evolves.
Lawmakers are also preparing a third proposal based on model rules from the Conference of State Bank Supervisors. That bill would replace existing money transmission laws with a unified structure for licensing and supervision. The next catalyst will be committee movement on SB 19 and whether other states adopt similar stablecoin-specific frameworks.
