Delaware lawmakers introduce bills to license stablecoin issuers, digital asset firms

Delaware moved to bring digital assets under state oversight on Monday, as lawmakers introduced two bills to license stablecoin issuers and allow state-chartered banks to hold and manage digital assets in a fiduciary capacity.

The legislation was introduced by Sen. Spiros Mantzavinos, chair of the Senate Banking, Business, Insurance & Technology Committee, and Rep. Bill Bush. Both bills are currently assigned to the Senate Banking Committee and await consideration, according to a statement. 

One of the bills, SB 19 — the Delaware Payment Stablecoin Act — would establish a licensing regime for payment stablecoin issuers and digital asset service providers operating with or on behalf of Delaware residents.

The bill would adopt definitions from the federal Guiding and Establishing National Innovation for U.S. Stablecoins Act, or GENIUS Act, and sets reserve requirements, mandatory redemption timing standards, capital requirements, anti-money laundering obligations, and data privacy provisions. It also includes a federal-to-state charter conversion pathway.

Parallel to this, SB 16, or the Delaware Banking Modernization Act of 2026, would amend Title 5 of the Delaware Code to add definitions for "digital asset" and "virtual currency."

The SB 16 bill also seeks to expand the State Bank Commissioner's authority and clarifies that "personal property" under the state's fiduciary statutes includes digital assets, allowing state-chartered banks and trust companies to hold and administer them in a fiduciary capacity. 

"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 Bush, who also chairs the House Economic Development/Banking/Insurance & Commerce Committee.

"We need to make sure our laws are keeping up with those changes. These bills help us do just that by modernizing our system while reinforcing strong protections for consumers," Bush added.

Per the statement, lawmakers are also considering additional legislation known as the Delaware Money Transmission & Virtual Currency Modernization Act, which is scheduled to be filed in the coming days. 

The upcoming bill is based on model legislation from the Conference of State Bank Supervisors and is designed to replace existing state money transmission laws with a framework intended to standardize licensing, coordinate supervision across states, and implement consumer protection mechanisms, the statement said.