Delaware Proposes Bills to Regulate Stablecoins Under Banking Framework

The state of Delaware has taken steps to modernize its financial sector by proposing two bills related to cryptocurrency regulation.

Senator Spiros Mantzavinos and Representative Bill Bush have filed the Delaware Banking Modernization Act (Senate Bill 16) and the Delaware Payment Stablecoin Act (Senate Bill 19).

The Delaware Banking Modernization Act primarily focuses on traditional finance, updating corporate governance and organizational requirements for local banking institutions. However, it also references digital assets.

The bill aims to update Delaware's banking code by providing definitions of digital assets in an effort to offer regulatory certainty around the sector and how it relates to traditional finance.