Delaware plans to include stablecoins in banking regulatory framework

According to market news, two Delaware lawmakers proposed the Delaware Bank Modernization Act (SenateBill16) and the Delaware Payments Stabiloin Act (SenateBill19) to establish a licensing framework for stablecoin issuers. The "stablecoin Act" intends to implement license management for stablecoin issuers and digital asset service providers operating in Delaware, adopt relevant definitions and expressions of the U.S. Federal "stablecoin Act"(GENIUSACT), and establish regulatory requirements such as reserve shortage remediation mechanisms, mandatory redemption time limits, capital requirements and anti-money laundering obligations. If approved, the State Banking Commissioner will be responsible for implementing the relevant rules within a specified period of time. The Bank Modernization Act mainly updates the corporate governance of traditional financial institutions and introduces the definition of digital assets to enhance regulatory certainty. Both bills still need to be reviewed by the Senate Banking Committee and debated by the full Senate. Delaware Governor Matt Meyer said the legislation aims to attract future industries and provide residents with more convenient financial services.