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

Official summary

Abstract published by the legislature (via Open States). Text as published by the legislature; reproduced verbatim.

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.

Sponsors

Sponsors by party (alphabetical): Democratic 3 · Republican 3

“Support” is shown only as formal sponsorship recorded by the legislature. Roll-call votes are available on the official bill page.

Recent official actions

1. July 6, 2026Signed by Governor
2. June 24, 2026Passed By Senate. Votes: 21 YES
3. June 18, 2026Passed By House. Votes: 36 YES 5 ABSENT
4. June 18, 2026Amendment HA 2 to SS 2 - Passed In House by Voice Vote
5. June 18, 2026Amendment HA 1 to SS 2 - Stricken in House
6. June 18, 2026Amendment HA 2 to SS 2 - Introduced and Placed With Bill
7. June 16, 2026Reported Out of Committee (Appropriations) in House with 6 On Its Merits
8. June 16, 2026Reported Out of Committee (Appropriations) in House with 6 On Its Merits
9. June 4, 2026Amendment HA 1 to SS 2 - Introduced and Placed With Bill
10. May 5, 2026Assigned to Appropriations Committee in House
11. May 5, 2026Reported Out of Committee (Economic Development/Banking/Insurance & Commerce) in House with 9 On Its Merits
12. April 30, 2026Assigned to Economic Development/Banking/Insurance & Commerce Committee in House

Showing 12 most recent of 15 actions. Full history