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The stablecoin bill introduced in Delaware aims to create a licensing framework for stablecoin issuers as part of the state's first major banking code update since 1981.Two Delaware lawmakers are working to establish stablecoin regulations as part of a broader package of regulatory proposals aimed at “modernizing” the state’s financial sector.
on Monday, the Delaware Senate Democrats announced that Senator Spiros Mantzavinos and Representative Bill Bush had filed the Delaware Banking Modernization Act and the Delaware Payment Stablecoin Act . “This legislative package sends a signal loud and clear: here in Delaware, we’re democratizing our financial services and lowering the barriers to entry, making it easier for all residents to send, receive and save money with just an internet connection,” said Delaware Governor Matt Meyer. Delaware has generally had a friendly and proactive approach toward crypto and blockchain. As far back as 2016, former Governor Jack Markell launched theThese two bills could help the state re-attract some of these businesses. “Our administration is focused on attracting the jobs of the future to the First State, and that includes continuing to foster an innovative banking ecosystem that will open doors not just for workers and companies, but for every single person who participates in our economy,” added Meyer. The bill outlines potential guardrails, including reserve shortfall remediation cascades, mandatory redemption timing standards, capital standards and anti-money laundering obligations.The bill also seeks to update Delaware banking code by providing definitions of digital assets in a bid to offer regulatory certainty around the sector and how it relates to traditional finance. “It’s been more than four decades since we’ve made any meaningful updates to our state’s banking laws, and in that time, the way people bank and conduct transactions has changed significantly,” said Rep. Bush, adding: “We need to make sure our laws are keeping up with those changes.” Both bills are still a way off from becoming law. The next stage of progression will see the bills reviewed by the Senate Banking Committee and then debated on by the full Delaware Senate. The announcement also stated that the lawmakers will file another regulatory proposal in the coming days called the Delaware Money Transmission & Virtual Currency Modernization Act. It primarily aims to implement consumer protections and standardize the types of activities required for licensing.The bill, introduced in partnership with Senator Cynthia Lummis in September, seeks to address crypto taxation challenges and support the adoption of digital assets in the US. The bill proposes a $300 de minimis rule for crypto purchases, ending double taxation for miners and stakers and providing taxation parity with other financial assets, among other things. “It is important for America to be in the driver’s seat on digital assets for both our economy and our national security,” Cassidy said on X.’s Office of Management and Budget for review, which include a proposal to have most of the crypto assets on the market not treated as securities under federal law. The proposal would see the SEC potentially change its approach to the industry, and would also give primary oversight ofAre DeFi devs liable for the illegal activity of others on their platforms? Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently. Read our Editorial Policy
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