Delaware 153rd General Assembly (2025-2026) Status: Enacted Bipartisan · 4 D · 2 R cosponsors

SB 19 — AN ACT TO AMEND TITLE 5 OF THE DELAWARE CODE RELATING TO STABLECOINS.

Last action — Signed by Governor

Track this bill free

No card. One bill, free forever — alerts when it moves.

  1. ✓
    Introduced
  2. ✓
    In Committee
  3. ✓
    Passed Senate
  4. ✓
    Passed House
  5. ✓
    To Executive
  6. 6
    Enacted

This bill has been enacted into law. Introduced April 21, 2026. Enacted.

Signed by Governor Matt Meyer (Democratic) on July 06, 2026.

Prognosis

Likely to advance 98% · high confidence

Where this bill stands today.

Odds of enactment

High

How often bills like it became law.

  • Enacted

    Current position in the legislative process.

  • 6 sponsors

    6 primary, 0 co-sponsors signed on.

  • Bipartisan support

    Sponsored across 2 parties (4 D · 2 R) — cross-party backing.

  • Cleared a recorded vote

    Passed 3 recorded votes so far.

Prognosis reads this bill's own signals — stage, sponsorship breadth, committee status, recorded votes and cross-state momentum. Odds come from a model trained on which bills have become law.

In plain language

The bill creates a regulatory framework for payment stablecoins and digital asset service providers in Delaware.

This Act establishes the Delaware Payment Stablecoin Act, setting regulations for payment stablecoin issuers and service providers. It includes reserve requirements, licensing frameworks, and standards for anti-money laundering and data privacy.

What this means for you
  • Workers: Workers in the digital asset sector may benefit from clearer regulations that promote stability in the industry.
  • Consumers: Consumers using payment stablecoins will have additional protections and clearer standards regarding the operation of these digital assets.
  • Small Business: Small businesses may find it easier to navigate the regulations surrounding stablecoin transactions and digital asset services.

Summary

This Act is a second substitute for Senate Bill No. 19. This substitute bill differs from Senate Bill No. 19 by doing the following: (1) Reorganizing the proposed "Delaware Payment Stablecoins Act" as Chapter 35 of Title 5, rather than Chapter 40 as originally proposed in Senate Bill No. 19. (2) Creating § 3508, which restricts non-financial public companies from issuing payment stablecoins. (3) Creating § 3518, which establishes a voluntary registration pathway for digital asset service providers rather than through the licensing process as originally proposed in Senate Bill No. 19. (4) Creating § 3556, which establishes procedures for the insolvency of a payment stablecoin issuer. (5) Creating a new definition of “control” to better align with the bill. (6) Expanding the definition of “registered public accounting firm” to include certified public accounting firms that meet the standards established by the Delaware Board of Accountancy. (7) Making appropriate technical corrections to conform to the standards of the Delaware Legislative Drafting Manual. Senate Substitute No. 2 for Senate Bill No. 19 establishes the Delaware Payment Stablecoin Act under Title 5 of the Delaware Code. It creates a licensing framework for payment stablecoin issuers and digital asset service providers operating with or on behalf of Delaware residents. The Act adopts definitions drawn from the federal Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act), Pub. L. 119-27, and from the Office of the Comptroller of the Currency's proposed rulemaking implementing that statute (Docket ID OCC-2025-0372), where those definitions do not duplicate existing Delaware law. The Act establishes reserve requirements including reserve shortfall remediation cascades, mandatory redemption timing standards, capital standards, anti-money laundering obligations, data privacy statutory floors, change-in-control notice procedures, custody safeguards, a federal-to-state charter conversion pathway, and strong preemption provisions. The State Bank Commissioner is directed to promulgate implementing regulations within specified timeframes to align Delaware's framework with evolving federal standards. This Act requires a greater than majority vote for passage because § 1 of Article IX of the Delaware Constitution requires the affirmative vote of two-thirds of the members elected to each house of the General Assembly to enact or amend the general incorporation law.

Bill Text

What changed in the latest version

1276 added · 42 removed

Plain-language change summary

The changes to SB 19 revise certain provisions regarding the registration and licensing of payment stablecoin issuers. Specifically, the amendments clarify that applicants licensed in another state can obtain a license in Delaware without undergoing a full duplicative review, provided they meet specified conditions, including holding a valid license from their home state. Additionally, the text removes requirements for certain regulatory registrations, making the process simpler for stablecoin issuers. These adjustments could streamline the licensing process and make it easier for qualified issuers to operate within Delaware.

→
Previous
Latest
Rep.
Sen.
Bush HOUSE OF REPRESENTATIVES 153rd GENERAL ASSEMBLY HOUSE AMENDMENT NO.
Mantzavinos & Sen.
2 TO SENATE SUBSTITUTE NO.
Pettyjohn & Rep.
Bush & Rep.
Spiegelman Reps.
Carson, D.
Short DELAWARE STATE SENATE 153rd GENERAL ASSEMBLY SENATE SUBSTITUTE NO.
19 AMEND Senate Substitute No.
19 AN ACT TO AMEND TITLE 5 OF THE DELAWARE CODE RELATING TO STABLECOINS.
2 for Senate Bill No.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE (Two-thirds of all members elected to each house thereof concurring therein):
19 on line 198 by deleting “person or registered agent,” and inserting in lieu thereof “person,”.
Section 1.
FURTHER AMEND Senate Substitute No.
Amend Title 5 of the Delaware Code by making deletions as shown by strike through and insertions as shown by underline as follows:
2 for Senate Bill No.
Chapter 35.
19 on line 232 by deleting “activities, provided that such issuer registers with the Commissioner pursuant to § 3514 of this title.” and inserting in lieu thereof “activities.”.
Delaware Payment Stablecoins Act Subchapter I.
FURTHER AMEND Senate Substitute No.
General Provisions § 3501.
2 for Senate Bill No.
Short title.
19 on lines 234 and 235 by deleting “§ 5904, provided that such subsidiary registers with the Commissioner pursuant to § 3514 of this title.” and inserting in lieu thereof “§ 5904.”.
This chapter may be cited as the “Delaware Payment Stablecoins Act.” § 3502.
FURTHER AMEND Senate Substitute No.
Legislative findings and purpose.
2 for Senate Bill No.
(a) The General Assembly finds all of the following:
19 by deleting lines 351 through 363 in their entirety and inserting in lieu thereof the following:
(1) Payment stablecoins are digital assets designed to maintain a stable value relative to a fixed monetary amount and are increasingly used for payment and settlement purposes in domestic and international commerce.
“(a) An applicant licensed in another state is eligible for a license in this State without full duplicative review, if all of the following conditions are satisfied:
(2) The federal Guiding and Establishing National Innovation for U.S.
(1) The applicant holds a valid license in good standing from the other state.
Stablecoins Act, Pub.
(2) The applicant submits a registration in the form required by the Commissioner, along with evidence of the applicant’s out-of-state licensure.
L.
(b) A license issued under this section does not require the applicant to establish a separate legal entity in this State.”.
119-27, 12 U.S.C.
FURTHER AMEND Senate Substitute No.
§ 5901 et seq.
2 for Senate Bill No.
(the “GENIUS Act”), enacted July 18, 2025, establishes a national framework permitting state-qualified payment stablecoin issuers to operate under state regulatory regimes that are substantially similar to the federal framework, subject to certification by the Stablecoin Certification Review Committee.
19 by deleting lines 364 through 386 in their entirety and inserting in lieu thereof the following:
(3) Delaware, as a leader in financial regulation and corporate law, has a compelling interest in establishing a payment stablecoin regulatory framework that is competitive, protective of consumers, and consistent with the federal framework so that Delaware-chartered entities may qualify as state-qualified payment stablecoin issuers under the GENIUS Act.
Ҥ 3514.
SD :
[Reserved.]”.
JH :
FURTHER AMEND Senate Substitute No.
ALW Page 1 of 41 Released:
2 for Senate Bill No.
04/20/2026 01:45 PM (4) A unified, clear state licensing regime prevents regulatory arbitrage, protects Delaware residents from fraud and insolvency, and ensures that payment stablecoin issuers operating in this State maintain adequate reserves and sound risk management practices.
19 by deleting lines 481 and 482 in their entirety and redesignating accordingly.
(b) The purpose of this chapter is to achieve all of the following:
FURTHER AMEND Senate Substitute No.
(1) Establish a licensing and regulatory framework for payment stablecoin issuers and establish a voluntary registration safe harbor for digital asset service providers that elect to obtain a Delaware regulatory relationship.
2 for Senate Bill No.
(2) Adopt definitions and standards substantially similar to those in the GENIUS Act and the Office of the Comptroller of the Currency's implementing regulations, as amended from time to time .
19 on lines 561 and 562 by deleting “issuer registered under § 3514 of this title,” and inserting in lieu thereof “issuer,” HD :
(3) Provide for strong preemption of inconsistent local laws and ordinances .
KL :
(4) Protect Delaware residents through robust reserve, capital, anti-money laundering, data privacy, and consumer disclosure requirements .
SCD Page 1 of 2 Released:
(5) Authorize and direct the State Bank Commissioner to promulgate regulations implementing this chapter with maximum flexibility to align with evolving federal standards.
06/18/2026 11:47 AM FURTHER AMEND Senate Substitute No.
§ 3503.
2 for Senate Bill No.
Definitions.
19 by deleting line 1070 in its entirety and redesignating accordingly.
As used in this chapter:
FURTHER AMEND Senate Substitute No.
(1) “Affiliate” means as defined under § 101 of this title.
Show all 500 changed rows (460 more)
Previous
Latest
2 for Senate Bill No.
(2) “Bank Secrecy Act” means as defined in all of the following, with any amendments to the following provisions:
19 by deleting line 1149 in its entirety and redesignating accordingly.
a.
SYNOPSIS House Amendment No.
Section 21 of the Federal Deposit Insurance Act, 12 U.S.C.
2 to Senate Substitute No.
§ 1829b.
2 for Senate Bill 19 makes the following changes:
b.
Chapter 2 of Title I of Public Law 91-508, 12 U.S.C.
§ 1951 et seq.
c.
Subchapter II of Chapter 53 of Title 31, United States Code, and notes thereto, 31 U.S.C.
§ 5311 et seq.
(3) “Board of Directors” means a permitted payment stablecoin issuer's or applicant's board of directors, or the group of individuals that serve the nearest equivalent function of acting as the governing body of the issuer or applicant, without regard to the specific title of such body.
(4) “Commissioner” means the State Bank Commissioner.
(5) “Control” means the following:
a.
With respect to an entity, any of the following:
SD :
JH :
ALW Page 2 of 41 Released:
04/20/2026 01:45 PM 1.
The power, directly or indirectly, to direct the management or policies of the entity, whether through ownership of voting securities, by contract, or otherwise.
2.
The power to vote 10% or more of any class of voting securities of the entity.
b.
With respect to a digital asset, the unilateral power to execute or prevent the transfer of the asset, including through any of the following:
Removes “registered agent” from the definition of “resident.” 2.
Sole possession of the private keys or cryptographic credentials necessary to authorize a transaction.
For reciprocal recognition, removes the requirement that the Commissioner determine the regulatory framework of the other state is substantially similar to those under the Act and removes the requirement that the other state’s framework have materially equivalent consumer protections.
2.
Possession of a threshold of credentials in a multi-signature arrangement sufficient to authorize or block a transaction.
Removes § 3514, which required registration of federally supervised entities and makes conforming changes throughout.
The ability to modify or override the smart contract or protocol governing the asset to affect its transfer.
HD :
c.
KL :
“Control” does not include a person’s participation in any of the following:
SCD Page 2 of 2 Released:
1.
06/18/2026 11:47 AM 0131530152
Processing, validating, or relaying digital asset transactions on behalf of another.
2.
Providing software, hardware, or infrastructure used to manage cryptographic keys without independent discretion to move assets.
3.
Serving as a co-signer in a multi-signature arrangement where the person’s keys alone are insufficient to reach the signing threshold.
4.
Holding credentials in a custodial or administrative capacity solely at the direction of the owner.
d.
“Control” does not mean a person’s relationship to a digital asset where that relationship is governed by a federal securities custody regime, including requirements under the Investment Company Act of 1940, 15 U.S.C.
§ 80a-1 et seq.
and the Investment Advisers Act of 1940 § 80b-1 et seq.
(6) “Customer” means a person that purchases, through any consideration, the products or services of another person.
(7) “Digital asset” means any digital representation of value that is recorded on a cryptographically secured distributed ledger.
(8) a.
“Digital asset service provider” means a person that engages in the business in this State, or on behalf of customers or users in this State, of any of the following:
1.
Exchanging digital assets for monetary value.
2.
Exchanging digital assets for other digital assets.
SD :
JH :
ALW Page 3 of 41 Released:
04/20/2026 01:45 PM 78 3.
Transferring digital assets to a third party.
4.
Acting as a digital asset custodian.
5.
Participating in financial services relating to digital asset issuance.
b.
“Digital asset service provider” does not include any of the following:
1.
A distributed ledger protocol.
2.
An immutable and self-custodial software interface.
3.
A person solely by virtue of that person's developing, operating, or engaging in the business of developing distributed ledger protocols or self-custodial software interfaces.
4.
A person solely by virtue of that person's developing, operating, or engaging in the business of validating transactions or operating a distributed ledger.
5.
A person solely by virtue of that person's participating in a liquidity pool or other similar mechanism for the provisioning of liquidity for peer-to-peer transactions.
(9) “Digital wallet” means a software program or hardware device that stores and manages the private keys associated with a particular unit of a digital asset.
(10) “Director” means an individual who serves on the Board of Directors of a permitted payment stablecoin issuer or applicant, except an advisory director who does not have the authority to vote on matters before the board of directors or any committee of the board of directors and who provides solely general policy advice to the board of directors or any committee.
(11) “Distributed ledger" means technology in which data is shared across a network that creates a public digital ledger of verified transactions or information among network participants and cryptography is used to link the data to maintain the integrity of the public digital ledger and execute other functions.
(12) “Distributed ledger protocol” means publicly available and accessible executable software deployed to a distributed ledger, including smart contracts or networks of smart contracts.
(13) “Eligible financial institution” means any of the following:
a.
A person who is any of the following:
1.
Eligible to hold reserve assets in custody pursuant to the standards set forth in § 3527 of this title and applicable regulations promulgated by the Commissioner.
2.
Complies with the reserve asset custody requirements of § 3527 of this title.
3.
Has entered into a custody agreement with a permitted payment stablecoin issuer documenting compliance with the requirements of § 3527 of this title, as applicable.
SD :
JH :
ALW Page 4 of 41 Released:
04/20/2026 01:45 PM b.
A Federal Reserve Bank.
(14) “Executive officer” means the president, chair of the board of directors, chief executive officer, chief operating officer, chief financial officer, chief investment officer, chief risk officer, chief technology officer, and Bank Secrecy Act compliance officer of a permitted payment stablecoin issuer.
“Executive officer” includes any individual serving in the functional capacity of any listed title or its equivalent, without regard to title, salary, or compensation.
(15) “Fair value” means fair value as determined under generally accepted accounting principles as used in the United States.
(16) “Family” means as defined in § 901 of Title 10.
(17) “Federal qualified payment stablecoin issuer” means an entity that has been approved by the Office of the Comptroller of the Currency to issue payment stablecoins pursuant to the GENIUS Act, 12 U.S.C.
§ 5904.
(18) “Foreign payment stablecoin issuer” means an issuer of a payment stablecoin that is all of the following:
a.
Organized under the laws of or domiciled in a foreign country or a territory of the United States.
b.
Not a permitted payment stablecoin issuer as defined in 12 U.S.C.
§ 5901(23).
(19) “GAAP” means generally accepted accounting principles as used in the United States.
(20) “Insider” means a principal shareholder, an executive officer, a director, or a related interest of, or a family member of any of these persons.
(21) “Institution-affiliated party” with respect to a permitted payment stablecoin issuer, means any director, officer, employee, or controlling stockholder of the permitted payment stablecoin issuer.
(22) “Insured credit union” has the meaning given to that term in § 101 of the Federal Credit Union Act, 12 U.S.C.
§ 1752.
(23) “Insured depository institution” has the meaning given under § 796 of this title, provided that the term includes an insured credit union.
(24) “Lawful order” means any final and valid writ, process, order, rule, decree, command, or other requirement issued or promulgated under federal or state law, issued by a court of competent jurisdiction or by an authorized government agency pursuant to its statutory authority, that does all of the following:
a.
Requires a person to seize, freeze, burn, or prevent the transfer of payment stablecoins issued by the person.
SD :
JH :
ALW Page 5 of 41 Released:
04/20/2026 01:45 PM b.
Specifies the payment stablecoins or accounts subject to blocking with reasonable particularity.
c.
Is subject to judicial or administrative review or appeal as provided by law.
(25) “Monetary value” means a national currency or deposit as that term is defined in § 3 of the Federal Deposit Insurance Act, 12 U.S.C.
§ 1813(l) denominated in a national currency.
(26) “National currency” means any of the following:
a.
A Federal Reserve note as that term is used in the first undesignated paragraph of § 16 of the Federal Reserve Act, 12 U.S.C.
§ 411.
b.
Money standing to the credit of an account with a Federal Reserve Bank.
c.
Money issued by a foreign central bank.
d.
Money issued by an intergovernmental organization pursuant to an agreement by two or more governments.
(27) “Nonbank entity” means a person that is not a depository institution or subsidiary of a depository institution.
(28) a.
“Nonpublic personal information” means any of the following:
1.
Information provided by a customer to a permitted payment stablecoin issuer to obtain a financial product or service.
2.
Information about a customer resulting from any transaction involving a financial product or service between the permitted payment stablecoin issuer and a customer.
3.
Information otherwise obtained by the permitted payment stablecoin issuer in connection with providing a financial product or service to a customer.
b.
“Nonpublic personal information” does not include publicly available information, unless, when combined with other information, it would reveal the identity of a customer or enable access to the customer's account.
(29) “Offer” means to make available for purchase, sale, or exchange.
(30) “Outstanding issuance value” means the total consolidated par value of all of a payment stablecoin issuer's payment stablecoins for which the issuer is obligated to convert, redeem, or repurchase for a fixed amount of monetary value, as of any given date.
(31) a.
“Payment stablecoin” means a digital asset that is used as a means of payment or settlement and the issuer of the digital asset does any of the following:
SD :
JH :
ALW Page 6 of 41 Released:
04/20/2026 01:45 PM 1.
Is obligated to convert, redeem, or repurchase for a fixed amount of monetary value, not including a digital asset denominated in a fixed amount of monetary value.
2.
Represents that the issuer will maintain, or creates the reasonable expectation that it will maintain, a stable value relative to the value of a fixed amount of monetary value.
b.
“Payment stablecoin” does not include a digital asset that is any of the following:
1.
A national currency.
2.
A deposit as defined in § 3 of the Federal Deposit Insurance Act, 12 U.S.C.
§ 1813, including a deposit recorded using distributed ledger technology.
3.
A security, as defined in § 2 of the Securities Act of 1933, 15 U.S.C.
§ 77b, § 3 of the Securities Exchange Act of 1934, 15 U.S.C.
§ 78c, § 2 of the Investment Company Act of 1940, 15 U.S.C.
§ 80a-2, or the Delaware Securities Act under Chapter 73 of Title 6, provided that no bond, note, evidence of indebtedness, or investment contract issued by a permitted payment stablecoin issuer shall qualify as a security solely by virtue of satisfying the conditions under subsection (a) of this section, consistent with § 17 of the GENIUS Act, 12 U.S.C.
§ 5916.
(32) “Payment stablecoin issuer” means a person that creates, issues, or redeems payment stablecoins and is obligated to provide redemption on demand at par in United States dollars or an equivalent value to the holder.
(33) “Permitted payment stablecoin issuer” means a person licensed or otherwise approved under this chapter or applicable federal law to issue payment stablecoins, including any of the following:
a.
A state-qualified payment stablecoin issuer licensed under § 3511 of this title.
b.
A subsidiary of an insured depository institution approved to issue payment stablecoins pursuant to 12 U.S.C.
§ 5904.
c.
A federal qualified payment stablecoin issuer approved pursuant to 12 U.S.C.
§ 5904.
(34) “Person” means as that term is defined under § 101 of this title.
(35) “Registered public accounting firm” means any of the following:
a.
A firm as that term is defined under the Sarbanes-Oxley Act of 2002, 15 U.S.C.
§ 7201.
b.
A certified public accounting firm licensed to practice in this State under Chapter 1 of Title 24 that meets the peer review and quality control standards established by the Delaware Board of Accountancy.
(36) “Reserve assets” means the assets a permitted payment stablecoin issuer is required to maintain pursuant to § 3521 of this title.
SD :
JH :
ALW Page 7 of 41 Released:
04/20/2026 01:45 PM (37) “Resident” means a person or registered agent, as defined in § 132 of Title 8, who is any of the following:
a.
Is domiciled in this State.
b.
Is physically located in this State for more than 183 days of the previous 365 days.
c.
Has a principal place of business in this State.
(38) “Self-custodial wallet” means a software or hardware mechanism that enables a person to store, transfer, and interact with digital assets using a private cryptographic key or combination of keys exclusively controlled by that person and not by any third-party intermediary.
(39) “State-qualified payment stablecoin issuer” means an entity licensed under § 3511 of this title.
(40) “Sub-custodian” means a person that provides custody and safekeeping services to a permitted payment stablecoin issuer or covered custodian, including through a digital wallet for which such person controls the associated private keys, with respect to covered assets of a customer for which the permitted payment stablecoin issuer or covered custodian otherwise serves as custodian under § 3527 of this title.
(41) “Subsidiary” means as that term is defined under § 101 of this title.
(42) “Tokenized deposit” means a digital asset representing a deposit liability of an insured depository institution that is recorded on a distributed ledger and constitutes a demand deposit or similar obligation of the issuing institution.
A tokenized deposit is not a payment stablecoin for purposes of this chapter.
Subchapter II.
Scope and Exemptions § 3506.
Scope.
(a) This chapter applies to any person engaged in the business of any of the following:
(1) Issuing a payment stablecoin to or on behalf of a resident of this State .
(2) Acting as a digital asset service provider with or on behalf of a resident of this State, to the extent that the person elects to register under § 3518 of this title or is subject to the consumer protection provisions of § 3535 of this title.
(3) Providing custody services for payment stablecoin reserve assets on behalf of a permitted payment stablecoin issuer licensed under this chapter, unless exempt under § 3507 of this title.
(b) A person engages in the issuance of a payment stablecoin in this State if the payment stablecoin is offered, sold, or made available to residents of this State, regardless of the physical location of the issuer.
§ 3507.
Exemptions.
(a) The following persons are exempt from the licensing requirements of Subchapter III of this chapter:
SD :
JH :
ALW Page 8 of 41 Released:
04/20/2026 01:45 PM (1) The United States, any state, any political subdivision of a state, or any agency or instrumentality of the foregoing .
(2) A federal qualified payment stablecoin issuer regulated and supervised exclusively by the Office of the Comptroller of the Currency pursuant to 12 U.S.C.
§ 5903(b)(1), with respect to its payment stablecoin issuance activities, provided that such issuer registers with the Commissioner pursuant to § 3514 of this title.
(3) A subsidiary of an insured depository institution that has been approved by the appropriate federal banking agency to issue payment stablecoins pursuant to 12 U.S.C.
§ 5904, provided that such subsidiary registers with the Commissioner pursuant to § 3514 of this title.
(4) A person engaged in money transmission that holds a license under Chapter 23 of this title, provided that such person may elect to register as a digital asset service provider under § 3518 of this title.
(5) An attorney, to the extent of providing escrow services to a resident.
(6) A title insurance company, to the extent of providing escrow services.
(7) A person whose total value of payment stablecoin issuance activity with or on behalf of residents, measured in United States dollars, does not exceed $5,000 in the aggregate on an annual basis, provided that the Commissioner may adjust this threshold by regulation not less frequently than every 3 years to reflect changes in the dollar value of regulated digital assets or other relevant economic factors.
(8) A person that develops, publishes, distributes, or maintains software, including self-custodial wallet software, solely to enable users to interact with distributed ledger systems, provided the person has no unilateral control over any user's digital assets.
(9) A person exempt from licensure under applicable federal law or by order of the Commissioner.
(b) The following transactions are exempt from the licensing requirements of Subchapter II of this chapter:
(1) The direct transfer of digital assets between 2 individuals acting on their own behalf and for their own lawful purposes, without the involvement of an intermediary.
(2) To any transaction involving the receipt of digital assets by an individual between an account owned by the individual in the United States and an account owned by the individual abroad that are offered by the same parent company.
(3) To any transaction by means of a software or hardware wallet that facilitates an individual’s own custody of digital assets.
§ 3508.
Restriction on payment stablecoin issuance by non-financial public companies.
SD :
JH :
ALW Page 9 of 41 Released:
04/20/2026 01:45 PM (a) A public company, or a wholly or majority-owned subsidiary or affiliate of a public company, that is not predominantly engaged in 1 or more financial activities, as described in § 4(k) of the Bank Holding Company Act of 1956, 12 U.S.C.
§ 1843(k), including activities permissible for permitted payment stablecoin issuers and digital asset service providers under the GENIUS Act, may not issue a payment stablecoin in this State or to or on behalf of a resident of this State unless the Stablecoin Certification Review Committee established under the GENIUS Act, 12 U.S.C.
§ 5901(27), has approved such issuance by unanimous vote in accordance with § 4(a)(12) of the GENIUS Act, 12 U.S.C.
§ 5903(a)(12).
(b) The prohibition in subsection (a) of this section applies equally to a company that is not domiciled in the United States or its territories and that is not predominantly engaged in 1 or more financial activities as described in subsection (a) of this section.
(c) For purposes of this section, whether a company is “predominantly engaged in 1 or more financial activities” shall be determined in accordance with the standards established by the Stablecoin Certification Review Committee pursuant to § 4(a)(12)(D) of the GENIUS Act, 12 U.S.C.
§ 5903(a)(12)(D), or, in the absence of such standards, by the Commissioner by regulation, applying the standards applicable to financial holding companies under § 4(k) of the Bank Holding Company Act of 1956, 12 U.S.C.
§ 1843(k).
(d) The Commissioner may not issue a license under § 3511 of this title to an applicant subject to the prohibition in subsection (a) of this section unless the applicant has obtained the unanimous vote of the Stablecoin Certification Review Committee finding all of the following:
(1) The applicant will not pose a material risk to the safety and soundness of the United States banking system, the financial stability of the United States, or the Deposit Insurance Fund.
(2) The applicant will comply with the data use limitations applicable to permitted payment stablecoin issuers under § 4(a)(12)(B) of the GENIUS Act, 12 U.S.C.
§ 5903(a)(12)(B).
(3) Any other findings required by the Stablecoin Certification Review Committee pursuant to § 4(a)(12) of the GENIUS Act, 12 U.S.C.
§ 5903(a)(12).
(e) A permitted payment stablecoin issuer that is a public company, or a wholly or majority-owned subsidiary or affiliate of a public company, that is not predominantly engaged in 1 or more financial activities as described in subsection (a) of this section shall comply with the data use limitations established under § 4(a)(12)(B) of the GENIUS Act, 12 U.S.C.
§ 5903(a)(12)(B), and any implementing regulations promulgated by the Stablecoin Certification Review Committee.
(f) The Commissioner shall promulgate regulations implementing this section, which shall be consistent with the standards and interpretive rules issued by the Stablecoin Certification Review Committee pursuant to § 4(a)(12)(D) of the GENIUS Act, 12 U.S.C.
§ 5903(a)(12)(D).
SD :
JH :
ALW Page 10 of 41 Released:
04/20/2026 01:45 PM Subchapter III.
Licensing;
Digital Asset Service Provider Registration § 3511.
License required.
(a) Unless exempt under § 3507 of this title, a person may no t issue a payment stablecoin to or on behalf of a resident.
(b) The Commissioner shall issue a Payment Stablecoin Issuer License, for persons who issue payment stablecoins.
(c) Each category of license shall be subject only to requirements proportionate to the risks presented by the activities conducted thereunder.
(d) The Commissioner, by regulation, may create subcategories of licenses within each category established by this section to reflect material differences in the nature, volume, or risk of regulated activities.
§ 3512.
Application for license.
(a) An application for a license under this chapter must do all of the following:
(1) Be made in a form and medium prescribed by the Commissioner.
(2) Include the following information:
a.
The legal name of the applicant, each current or proposed business address, and any fictitious or trade name used or planned for use in this State.
b.
The legal name, any former or fictitious name, and the residential and business address of each executive officer, director, and any person that has control of the applicant.
c.
A description of the applicant's current and former business for the five years preceding the application, including its products and services, website addresses, projected user base, and specific marketing targets.
d.
A list of each money-service or money-transmitter licenses the applicant holds in another state, the date each expires, and any disciplinary history in any other jurisdiction.
e.
A list of any criminal conviction, deferred prosecution agreement, or pending criminal proceeding in any jurisdiction against the applicant, any executive officer, any director, any responsible individual, and any person with control over or under the applicant.
f.
The source and sufficiency of funds to conduct regulated activity in compliance with § 3522 of this title.
g.
Whether the applicant is registered with the Financial Crimes Enforcement Network as a money services business.
SD :
JH :
ALW Page 11 of 41 Released:
04/20/2026 01:45 PM h.
A description of the applicant's following information:
1.
Custody structure, including segregation or omnibus custody.
2.
Private key management and security architecture.
3.
Reserve asset composition, verification methodology, and custodians.
4.
Redemption procedures and policies.
5.
Anti-money laundering and sanctions compliance program.
6.
Business continuity and disaster recovery plans specific to digital asset operations.
i.
A set of fingerprints for each executive officer and director.
j.
Cybersecurity and smart contract audit by a qualified independent auditor.
k.
Any other information as the Commissioner requires by regulation.
(3) Be accompanied by a nonrefundable application fee in an amount established by the Commissioner by regulation.
(4) Be accompanied by evidence that the applicant has or will have, upon issuance of the license, the minimum net worth and reserve assets required under § 3522 of this title.
(b) For good cause, the Commissioner may waive a requirement of subsection (a) of this section or permit an applicant to submit other information in lieu of a required item.
(c) An application is not complete until the Commissioner has received all required information and completed its investigation under subsection (d) of this section.
(d) Upon receipt of a complete application, the Commissioner shall investigate any of the following:
(1) The financial condition and responsibility of the applicant.
(2) The relevant financial and business experience, character, and general fitness of the applicant.
(3) The competence, experience, character, and general fitness of each executive officer, director, and any person with control of the applicant.
(e) Not later than 120 days after an application is complete, the Commissioner shall notify the applicant of the Commissioner's decision to approve, conditionally approve, or deny the application.
If the Commissioner does not act within 120 days of the completed application, the application is deemed denied, except the Commissioner may extend this period by an additional 60 days upon written notice to the applicant for good cause shown.
An applicant whose application is deemed denied under this subsection may immediately resubmit the application, which must be treated as a new complete application for purposes of this subsection.
(f) An applicant shall pay the reasonable costs of the Commissioner's investigation under this section.
SD :
JH :
ALW Page 12 of 41 Released:
04/20/2026 01:45 PM (g) A license takes effect on the later of the following:
(1) The date the Commissioner issues the license.
(2) The date the licensed person provides the security required by § 3522 of this title.
§ 3513.
Reciprocal recognition.
(a) An applicant licensed in another state under a regulatory framework that the Commissioner determines is substantially similar to this chapter shall be eligible for a license in this State without full duplicative review, if all of the following conditions are satisfied:
(1) The applicant holds a valid license in good standing from the other state.
(2) The other state's framework provides consumer protections materially equivalent to those of this chapter.
(3) The applicant submits an application in the form required by the Commissioner under § 3512 of this title, along with evidence of its out-of-state licensure.
(b) The Commissioner may impose additional conditions on a reciprocally recognized licensee only to address material differences in consumer protection, solvency protection, or custody safeguards between the other state's framework and this chapter.
(c) A license issued under this section does not require the applicant to establish a separate legal entity in this State.
§ 3514.
Registration of federally supervised entities.
(a) A federal qualified payment stablecoin issuer, or a subsidiary of an insured depository institution approved pursuant to 12 U.S.C.
§ 5904, that issues payment stablecoins to or on behalf of residents of this State shall register with the Commissioner not later than 30 days before commencing such activity in this State.
(b) Any person that registers under this section must do all of the following:
(1) Notify the Commissioner of the entity's name, principal place of business, nature of payment stablecoin activities conducted in this State, primary federal regulator, and contact information.
(2) Renew their registration annually.
(3) Pay a registration fee in an amount established by the Commissioner by regulation.
(c) Registration under this section does not constitute licensure and does not confer any supervisory authority on the Commissioner with respect to the registered entity's payment stablecoin activities.
The Commissioner's sole authority with respect to a federally supervised registrant under this section is to do the following:
(1) Maintain records of the registrant's presence in this State.
SD :
JH :
ALW Page 13 of 41 Released:
04/20/2026 01:45 PM (2) Receive and forward to the appropriate federal regulator any consumer complaints relating to the registrant.
(3) Request, and receive upon request, examination reports and supervisory information from the registrant's primary federal regulator to the extent permitted by federal law and any information-sharing agreement between the Commissioner and such federal regulator.
(d) A federal qualified payment stablecoin issuer that has filed an application for state qualification under § 3516 of this title is not required to renew its registration under this section for any renewal period during which the Commissioner has issued a conditional license pursuant to paragraph (d)(1) of § 3516 of this title.
Upon the effective date of the conditional license under paragraph (d)(1)a.
of § 3516 of this title, the registrant's registration under this section is automatically terminated pursuant to paragraph (d)(3)b.
of § 3516 of this title.
§ 3515.
Transition of state-qualified issuers exceeding the $10 billion threshold.
(a) If the outstanding issuance value of a state-qualified payment stablecoin issuer exceeds $10,000,000,000 during any consecutive 12-month period, the issuer shall notify the Commissioner within 10 business days of such exceedance.
(b) Within 360 days after the date that the outstanding issuance value of a state-qualified payment stablecoin issuer exceeds $10,000,000,000, the issuer shall do one of the following:
(1) Apply for and obtain approval from the appropriate federal regulator to issue payment stablecoins as a permitted payment stablecoin issuer under the GENIUS Act.
(2) Reduce its outstanding issuance value below $10,000,000,000.
(c) During the transition period described in subsection (b), the issuer's license under this chapter remains in effect, subject to continued compliance with all requirements of this chapter.
(d) The Commissioner shall promulgate regulations implementing the transition requirements of this section, which may include provisions permitting the Commissioner to coordinate with the applicable federal regulator during the transition period.
§ 3516.
Voluntary election by federal qualified payment stablecoin issuer to convert to Delaware state qualification.
(a) A federal qualified payment stablecoin issuer that is a nonbank entity under the exclusive jurisdiction of the Office of the Comptroller of the Currency pursuant to 12 U.S.C.
§ 5903(b)(1) may apply to the Commissioner for a payment stablecoin issuer license under § 3511 of this title and, upon obtaining the license and completing the federal exit process described in subsection (d) of this section, operate as a Delaware state-qualified payment stablecoin issuer subject to all requirements of this chapter.
SD :
JH :
ALW Page 14 of 41 Released:
04/20/2026 01:45 PM (b) An applicant under this section is eligible to apply only if, at the time of application, all of the following conditions are met:
(1) The applicant's outstanding issuance value does not exceed $10,000,000,000, calculated pursuant to § 3503(30) of this title.
(2) The applicant is not subject to any pending or outstanding cease-and-desist order, consent order, formal enforcement action, or supervisory agreement with the Office of the Comptroller of the Currency or any other federal or state financial regulatory authority, unless the Commissioner determines in a written finding that the nature of the outstanding supervisory matter does not present a material risk to Delaware payment stablecoin holders.
(3) The applicant is legally established under the laws of this State or another state and, if established under the laws of another state, is qualified to do business in Delaware under applicable Delaware law as of the anticipated date of license issuance.
(4) The applicant's reserve assets are in compliance with § 3521 of this title as of the application date, as demonstrated by the most recent monthly reserve report and registered public accounting firm examination submitted to the Office of the Comptroller of the Currency.
(5) The applicant has provided written notice to the Office of the Comptroller of the Currency of its intent to seek Delaware state qualification and has obtained one of the following:
a.
Written no-objection or approval from the Office of the Comptroller of the Currency acknowledging the applicant's intent to voluntarily surrender its federal qualified status upon Delaware licensure.
b.
Evidence satisfactory to the Commissioner that the applicable OCC federal license surrender procedures have been formally initiated and that no regulatory or legal impediment to surrender is known to exist.
(c) An application under this section must satisfy all requirements of § 3512 of this title and must also include all of the following:
(1) The applicant's complete federal application history with the Office of the Comptroller of the Currency, including the most recent examination report or examination summary transmitted to the applicant by the OCC, to the extent disclosure is authorized by the OCC.
(2) A written certification by the applicant's chief executive officer and chief financial officer attesting that, as of the certification date, all of the following conditions are met:
SD :
JH :
ALW Page 15 of 41 Released:
04/20/2026 01:45 PM a.
Reserve assets satisfy the requirements of § 3521 of this title.
b.
No pending or threatened federal or state enforcement action exists that has not been disclosed pursuant to § 3512 of this title.
c.
Outstanding issuance value does not exceed $10,000,000,000.
(3) A transition plan describing in reasonable detail all of the following:
a.
The applicant's plan to formally surrender its federal qualified status concurrently with or immediately upon the effective date of the Delaware conditional license issued under subsection (d) of this section, including the anticipated timing and sequencing of each federal exit step.
b.
Any operational changes required to conform to this chapter that are not already required by OCC implementing regulations, and the timeline for achieving compliance.
c.
The applicant's plan for ensuring continuity of payment stablecoin issuance and redemption operations throughout the conversion period without interruption to existing holders.
d.
The applicant's plan for notifying existing payment stablecoin holders of the regulatory transition, including the anticipated timeline, any operational impacts, and holder rights under this chapter.
(4) The OCC written no-objection or approval described in paragraph (b)(5)a.
of this section, or, if paragraph (b)(5)b.
of this section applies, evidence satisfactory to the Commissioner that applicable federal surrender procedures have been initiated.
(5) Any additional information as the Commissioner requires by regulation.
(d) The following sequencing provisions apply to ensure compliance with the exclusive jurisdiction requirement of 12 U.S.C.
§ 5903(b)(1):
(1) Upon approving an application under this section, the Commissioner shall issue a conditional license that does the following:
a.
Takes effect and confers full Delaware state-qualified payment stablecoin issuer status on the date the applicant provides the Commissioner with written evidence satisfactory to the Commissioner that the applicant's federal qualified payment stablecoin issuer status under 12 U.S.C.
§ 5901(11) has been voluntarily surrendered, rescinded, or otherwise terminated by the Office of the Comptroller of the Currency.
SD :
JH :
ALW Page 16 of 41 Released:
04/20/2026 01:45 PM b.
Is subject to automatic revocation, without further hearing, if the applicant fails to complete the federal exit process and satisfy the condition of paragraph (d)(1)a.
of this section within 365 days after the date the Commissioner issues the conditional license.
(2) During the period between issuance of a conditional license and its effectiveness under paragraph (d)(1)a.
of this section, the applicant must do all of the following:
a.
Remain a federal qualified payment stablecoin issuer subject to exclusive OCC jurisdiction and is not subject to examination or enforcement by the Commissioner with respect to payment stablecoin issuance activities.
b.
Promptly notify the Commissioner in writing of any material change in financial condition, any new enforcement action commenced by any regulator, or any other development that would affect the applicant's eligibility under this section.
(3) On the date the conditional license becomes effective under paragraph (d)(1)a.
of this section, and not before, all of the following applies:
a.
The applicant becomes a Delaware state-qualified payment stablecoin issuer subject to all requirements of this chapter, including examination and enforcement by the Commissioner under Subchapter IX of this chapter.
b.
Any registration of the applicant under § 3514 of this title is automatically superseded and terminated without further action by the Commissioner or the applicant.
c.
The applicant shall file with the Commissioner, within 30 days, the first monthly reserve report required by § 3526(a) of this title for the period following the effective date.
d.
The applicant's payment stablecoin issuer license issued under this chapter becomes unconditional and subject to annual renewal pursuant to applicable regulations.
(e) Notwithstanding the standard 120-day review period under § 3512(e) of this title, the Commissioner shall act on a completed application under this section within 90 days of the date the application is deemed complete.
The Commissioner may extend the review period by an additional 45 days upon written notice to the applicant for good cause shown.
(f) The Commissioner shall, by regulation under § 3566(a)(12) of this title, establish a reduced application fee for applicants under this section that reflects the reduced investigative burden applicable to applicants that have already been approved and examined as federal qualified payment stablecoin issuers.
SD :
JH :
ALW Page 17 of 41 Released:
04/20/2026 01:45 PM (g) During the period between submission of an application under this section and the effective date of the conditional license under paragraph (d)(1)a.
of this section, all of the following applies:
(1) The applicant shall maintain reserve assets in compliance with § 3521 of this title and with applicable OCC implementing regulations.
(2) The applicant may not materially alter its payment stablecoin issuance, reserve management, or redemption practices without prior written notice to the Commissioner.
(3) Payment stablecoin holders shall retain all rights and remedies available under the GENIUS Act, applicable federal law, and Delaware consumer protection law.
(h) Nothing in this section may be construed to limit, reduce, or otherwise affect the authority of the Office of the Comptroller of the Currency over an applicant during the period between submission of an application under this section and the effective date of the conditional license pursuant to paragraph (d)(1)a.
of this section.
The Office of the Comptroller of the Currency remains the exclusive primary federal payment stablecoin regulator of the applicant during that period for all purposes under 12 U.S.C.
§ 5903(b)(1), including examination, enforcement, and supervisory authority over payment stablecoin issuance.
(i) The Commissioner shall promulgate regulations under § 3566(a)(12) of this title implementing this section, which shall address, at a minimum:
(1) Application procedures and forms.
(2) Form and content requirements for the transition plan required by paragraph (c)(3) of this section.
(3) Holder notification content and timing requirements under paragraph (c)(3)d.
of this section.
(4) Criteria for the Commissioner's written findings regarding outstanding enforcement actions under paragraph (b)(2) of this section.
(5) Form and content of evidence of OCC exit satisfactory to the Commissioner under paragraph (d)(1)a.
of this section.
(6) Reduced application fee schedule under subsection (f) of this section.
(7) Coordination procedures with the Office of the Comptroller of the Currency during the conversion process, consistent with the information-sharing arrangement under § 3567 of this title.
(j) Beginning 1 year after the first license is issued under this section, and annually thereafter, the Commissioner shall include in the Commissioner's annual report to the Governor and the General Assembly a summary of:
applications received, approved, and denied under this section in the preceding year;
aggregate outstanding issuance value of issuers that SD :
JH :
ALW Page 18 of 41 Released:
04/20/2026 01:45 PM have converted to Delaware state qualification;
OCC coordination activities related to federal-to-state conversions;
and any recommendations for legislative or regulatory changes to improve the conversion process.
⬇ Download PDF
View plain text versions (2)

Action History

  1. Signed by Governor

  2. Passed By Senate. Votes: 21 YES

  3. Passed By House. Votes: 36 YES 5 ABSENT

  4. Amendment HA 2 to SS 2 - Passed In House by Voice Vote

  5. Amendment HA 1 to SS 2 - Stricken in House

  6. Amendment HA 2 to SS 2 - Introduced and Placed With Bill

  7. Reported Out of Committee (Appropriations) in House with 6 On Its Merits

  8. Reported Out of Committee (Appropriations) in House with 6 On Its Merits

  9. Amendment HA 1 to SS 2 - Introduced and Placed With Bill

  10. Assigned to Appropriations Committee in House

  11. Reported Out of Committee (Economic Development/Banking/Insurance & Commerce) in House with 9 On Its Merits

  12. Assigned to Economic Development/Banking/Insurance & Commerce Committee in House

  13. Passed By Senate. Votes: 20 YES 1 NOT VOTING

  14. Reported Out of Committee (Finance) in Senate with 1 Favorable, 3 On Its Merits

  15. Adopted in lieu of the original bill SB 19, and Assigned to Finance Committee in Senate

Sponsors

Sponsorship breakdown

Export CSV (upgrade) →

6 sponsors · 0 co-sponsors · 56 not signed on

Sponsors (6)

Co-sponsors (0)

None.

Not signed on (56)

56 members have not signed on to this bill.

Show all 56 →

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Votes

3/4

Passed 21 Yea · 0 Nay
Party YeaNayPresentNot Voting
Democratic 15000
Republican 6000
Total 21000
% of votes cast 100%0%0%0%
How each member voted (21)
Member Party Vote
Bryan Townsend Democratic Yea
Daniel Cruce Democratic Yea
Darius J. Brown Democratic Yea
David P. Sokola Democratic Yea
John "Jack" Walsh Democratic Yea
Kyra L. Hoffner Democratic Yea
Laura V. Sturgeon Democratic Yea
Marie Pinkney Democratic Yea
Nicole Poore Democratic Yea
Ray Seigfried Democratic Yea
Russell Huxtable Democratic Yea
S. Elizabeth Lockman Democratic Yea
Spiros Mantzavinos Democratic Yea
Stephanie L. Hansen Democratic Yea
Trey Paradee Democratic Yea
Brian Pettyjohn Republican Yea
Bryant L. Richardson Republican Yea
Dave G. Lawson Republican Yea
David L. Wilson Republican Yea
Eric Buckson Republican Yea
Gerald W. Hocker Republican Yea

Official roll call →

2/3

Passed 36 Yea · 0 Nay · 5 Other
Party YeaNayPresentNot Voting
Democratic 24003
Republican 12002
Total 36005
% of votes cast 88%0%0%12%
How each member voted (41)
Member Party Vote
Alonna Berry Democratic Yea
Claire Snyder-Hall Democratic Yea
Cyndie Romer Democratic Yea
DeShanna U Neal Democratic Yea
Debra Heffernan Democratic Not Voting
Edward S. Osienski Democratic Yea
Eric Morrison Democratic Yea
Frank Burns Democratic Yea
Franklin D. Cooke Democratic Not Voting
Josue O Ortega Democratic Yea
Kamela T Smith Democratic Yea
Kendra Johnson Democratic Yea
Kerri Evelyn Harris Democratic Yea
Kimberly Williams Democratic Yea
Krista Griffith Democratic Yea
Larry Lambert Democratic Yea
Madinah Wilson-Anton Democratic Yea
Mara Gorman Democratic Yea
Melanie Ross Levin Democratic Yea
Melissa Minor-Brown Democratic Yea
Nnamdi O. Chukwuocha Democratic Yea
Sean M. Lynn Democratic Not Voting
Sherae'a Moore Democratic Yea
Sophie Phillips Democratic Yea
Stephanie T. Bolden Democratic Yea
William Bush Democratic Yea
William J. Carson Democratic Yea
Bryan W. Shupe Republican Yea
Charles S Postles Jr. Republican Yea
Daniel B. Short Republican Yea
Jeff Hilovsky Republican Yea
Jeffrey N. Spiegelman Republican Yea
Jesse R. Vanderwende Republican Yea
Kevin S Hensley Republican Not Voting
Lyndon D. Yearick Republican Yea
Michael F. Smith Republican Yea
Richard G. Collins Republican Yea
Ronald E. Gray Republican Yea
Shannon Morris Republican Not Voting
Timothy D. Dukes Republican Yea
Valerie Jones Giltner Republican Yea

Official roll call →

2/3

Passed 20 Yea · 0 Nay · 1 Other
Party YeaNayPresentNot Voting
Democratic 14001
Republican 6000
Total 20001
% of votes cast 95%0%0%5%
How each member voted (21)
Member Party Vote
Bryan Townsend Democratic Yea
Daniel Cruce Democratic Yea
Darius J. Brown Democratic Yea
David P. Sokola Democratic Yea
John "Jack" Walsh Democratic Yea
Kyra L. Hoffner Democratic Yea
Laura V. Sturgeon Democratic Yea
Marie Pinkney Democratic Yea
Nicole Poore Democratic Yea
Ray Seigfried Democratic Yea
Russell Huxtable Democratic Yea
S. Elizabeth Lockman Democratic Not Voting
Spiros Mantzavinos Democratic Yea
Stephanie L. Hansen Democratic Yea
Trey Paradee Democratic Yea
Brian Pettyjohn Republican Yea
Bryant L. Richardson Republican Yea
Dave G. Lawson Republican Yea
David L. Wilson Republican Yea
Eric Buckson Republican Yea
Gerald W. Hocker Republican Yea

Official roll call →

Subjects

finance technology
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What does SB 19 do?
This Act is a second substitute for Senate Bill No. 19. This substitute bill differs from Senate Bill No. 19 by doing the following: (1) Reorganizing the proposed "Delaware Payment Stablecoins Act" as Chapter 35 of Title 5, rather than Chapter 40 as originally proposed in Senate Bill No. 19. (2) Creating § 3508, which restricts non-financial public companies from issuing payment stablecoins. (3) Creating § 3518, which establishes a voluntary registration pathway for digital asset service providers rather than through the licensing process as originally proposed in Senate Bill No. 19. (4) Creating § 3556, which establishes procedures for the insolvency of a payment stablecoin issuer. (5) Creating a new definition of “control” to better align with the bill. (6) Expanding the definition of “registered public accounting firm” to include certified public accounting firms that meet the standards established by the Delaware Board of Accountancy. (7) Making appropriate technical corrections to conform to the standards of the Delaware Legislative Drafting Manual. Senate Substitute No. 2 for Senate Bill No. 19 establishes the Delaware Payment Stablecoin Act under Title 5 of the Delaware Code. It creates a licensing framework for payment stablecoin issuers and digital asset service providers operating with or on behalf of Delaware residents. The Act adopts definitions drawn from the federal Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act), Pub. L. 119-27, and from the Office of the Comptroller of the Currency's proposed rulemaking implementing that statute (Docket ID OCC-2025-0372), where those definitions do not duplicate existing Delaware law. The Act establishes reserve requirements including reserve shortfall remediation cascades, mandatory redemption timing standards, capital standards, anti-money laundering obligations, data privacy statutory floors, change-in-control notice procedures, custody safeguards, a federal-to-state charter conversion pathway, and strong preemption provisions. The State Bank Commissioner is directed to promulgate implementing regulations within specified timeframes to align Delaware's framework with evolving federal standards. This Act requires a greater than majority vote for passage because § 1 of Article IX of the Delaware Constitution requires the affirmative vote of two-thirds of the members elected to each house of the General Assembly to enact or amend the general incorporation law.
Who sponsors SB 19?
SB 19 is sponsored by Daniel B. Short (Republican), William J. Carson (Democratic), Bryan Townsend (Democratic), William Bush (Democratic), Brian Pettyjohn (Republican), and Spiros Mantzavinos (Democratic).
What is the current status of SB 19?
This bill has been enacted into law. Introduced April 21, 2026. Enacted.
Where can I track SB 19?
Track SB 19 free on One Click Politics — get push/email alerts when it moves.

Make your voice heard on SB 19

Find the representatives who decide this bill and tell them where you stand — for yourself, or mobilize your whole list in one click with One Click Politics advocacy software.

Find my representatives → Run a campaign

Stay ahead of SB 19

Last checked for changes about 2 months ago · updated continuously

One Click Politics tracks every bill in Congress and all 50 states.

Track this bill →