The Association joined Delaware leaders on Monday as they announced of a new set of bills aimed at updating the state’s banking laws. Officials say the changes will help Delaware stay a leader in financial innovation and the digital economy.

Sen. Spiros Mantzavinos, Chair of the Senate Banking, Business, Insurance & Technology Committee, and Rep. Bill Bush, Chair of the House Economic Development/Banking/Insurance & Commerce Committee introduced the legislation at the University of Delaware’s FinTech Innovation Hub. Governor Matt Meyer also spoke at the event, saying the bills are designed to keep Delaware competitive by providing a framework to adapt to digital assets and financial technology.

The package includes two main bills:

• Senate Bill 16 (Delaware Banking Modernization Act):
  This bill updates state banking laws. It defines digital assets, expands the powers of the State Bank Commissioner, and updates rules for state-chartered banks and trust companies. It also makes it easier for out-of-state financial institutions to act as fiduciaries in Delaware.
• Senate Bill 19 (Delaware Payment Stablecoin Act):
  This bill creates a licensing framework for payment stablecoin issuers and digital asset service providers operating with or on behalf of Delaware residents that is aligned with the federal GENIUS Act. It sets standards for reserves, consumer protection, privacy, and anti-money laundering.
• A third bill, the Delaware Money Transmission & Virtual Currency Modernization Act, is expected to be introduced soon. It is designed to replace existing state money transmission laws by:
  • Improving coordination between states.
  • Implementing consumer protection mechanisms to prevent financial crime.
  • Clarifying which activities require licenses.
  • Modernizing requirements to ensure customer funds are protected in an environment that supports innovation and competition.

As these bills move through the legislative process, the Association will continue to engage with policymakers to ensure the framework supports innovation while maintaining safety and soundness for Delaware credit unions and their members.