Banking and Finance Law Daily Wrap Up, STATE BANKING LAWS—Delaware Governor signs legislation that aims to modernize state’s banking laws, (Jul 7, 2026)

By Suzanne Cosgrove

Among the measures, Senate Bill 19, the Delaware Payment Stablecoins Act, establishes one of the nation’s first state regulatory frameworks that aligns with the federal GENIUS Act.

Delaware Gov. Matt Meyer has signed a package of legislation that modernizes Delaware’s banking laws and marks the state’s most significant update to its financial regulatory framework in more than 40 years.

Sponsored by State Sen. Spiros Mantzavinos, chairman of the state Senate Banking, Business, Insurance & Technology Committee, and Rep. Bill Bush, the three pieces of legislation, Senate Bills 16, 18 and 19, update Delaware’s banking code to reflect the evolving financial services industry while establishing strong consumer protections for digital assets, virtual currency, and stablecoins.

Seeking to maintain state’s standing. “Delaware didn’t become the financial capital of America by standing still,” said Meyer, in a statement. “More than 40 years ago, our state set the national standard for banking innovation. Today, we’re doing it again by creating a modern framework that welcomes new financial technologies, protects consumers, and ensures Delaware remains the premier place to innovate, invest, and succeed in financial services.”

The legislation builds on Delaware’s legacy as the nation’s principal financial services jurisdiction by preparing the state to compete in emerging sectors, including financial technology, digital assets, and digital payments, the lawmakers said.

The financial sector accounts for a little more than 9 percent of Delaware’s jobs, according to the Delaware Business Times, a total that is nearly double the national average.

“Delaware has always recognized that thoughtful, responsible updates to our laws help ensure we remain competitive while maintaining strong consumer protections,” said Mantzavinos.

Phil Goldfeder, CEO of the American Fintech Council, celebrated the signing of the three bills, stating, “By creating clear regulatory frameworks for emerging financial technologies while maintaining strong consumer protections, Delaware is providing the certainty responsible innovators need to invest, grow, and serve consumers.”

Adding digital assets to the mix. As reported previously when the legislation was introduced (see Banking and Finance Law Daily, Mar. 25, 2026), Senate Bill 16, the Delaware Banking Modernization Act of 2026, updates Delaware’s banking code to recognize digital assets and virtual currency, modernizes bank governance and interstate banking laws, and strengthens the regulatory authority of the Office of the State Bank Commissioner.

Also signed into law was Senate Bill 18, the Delaware Money Transmission and Virtual Currency Modernization Act, which creates a comprehensive licensing and supervisory framework for money transmitters and virtual currency businesses. The legislation establishes financial safeguards, licensing standards and consumer protection requirements designed to encourage innovation while maintaining strong regulatory oversight.

Aligning with Genius Act. Finally, Senate Bill 19, the Delaware Payment Stablecoins Act, establishes one of the nation’s first state regulatory frameworks to be aligned with the federal Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act. The legislation authorizes Delaware to charter and supervise payment stablecoin issuers while requiring one-to-one reserve backing, monthly public attestations, anti-money laundering compliance, and strong consumer protections.

Companies: American Fintech Council

LegislativeActivity: BankingOperations DelawareNews FinTech StateBankingLaws