Delaware lawmakers introduced two crypto bills on Monday, one aimed at payment stablecoins and the other at expanding what banks can do with digital assets. Governor Matt Meyer and state legislators announced the proposals at the University of Delaware, framing them as an effort to update banking law and give the state a clearer place in the digital asset sector.
Stablecoin bill sets licensing and reserve rules
The proposed Delaware Payment Stablecoin Act, also called Senate Bill 19, would create a licensing system for issuers. Under the proposal, companies would need approval from the state banking commissioner before operating. Every stablecoin covered by the bill would also need to maintain full 1:1 reserve backing, putting reserve requirements at the center of the framework.
The bill also adds ongoing verification requirements. Lawmakers said issuers would face monthly audits to confirm reserves, along with strict Know Your Customer and anti-money laundering compliance standards. According to the proposal’s backers, those provisions are aligned with broader federal standards, including the GENIUS Act.
Banks could gain a fiduciary role in crypto asset management
Alongside the stablecoin measure, lawmakers proposed changes that would allow banks to manage crypto assets in a fiduciary capacity. That would widen the role of traditional financial institutions in digital asset services. The source material does not spell out the operational details, but the direction is clear: Delaware wants banks to have a formal path into crypto asset management under updated state law.
Meyer said the reforms are a response to shifts in how payments work. He pointed to digital transactions continuing to replace physical payment methods. Karyn Polak of the Delaware Bankers Association also backed the initiative at the announcement, a notable detail given that banks have opposed similar proposals at the federal level. In Delaware’s version, the structure appears designed to avoid a direct clash between banks and crypto firms.
State action arrives while federal debate remains unsettled
The proposals come as debate over crypto regulation continues in Washington. The report notes that Congress previously passed the GENIUS Act, which bars stablecoin issuers from offering interest-like rewards, and that President Donald Trump signed it into law last year. At the same time, Senate discussion around the CLARITY Act remains unresolved, while companies including Coinbase and Circle are facing market pressure linked to regulatory uncertainty.
Delaware lawmakers said the bills are meant to bring clarity at the state level first. Before either measure can move ahead, both must pass committee review and then continue through the state legislature. With these proposals, Delaware joins Florida in advancing state-level stablecoin regulation.