Transparency rules are equally tight. Companies must publish monthly disclosures detailing reserves and outstanding issuance, with independent attestations from registered accounting firms. These disclosures aim to give users a clear line of sight into whether a token is actually backed as advertised.
Capital requirements are also spelled out, starting with a minimum of $5 million and scaling based on operational risk. Issuers must also maintain enough capital to cover at least a year of projected expenses, giving regulators a cushion if conditions tighten.
Redemption rights are another focal point. The bill requires issuers to honor redemptions within two business days under normal conditions, with limited extensions for large withdrawal requests. Fee changes would require advance notice, preventing sudden shifts that could trap users.
As of now, SB19 has been referred to committee, and no vote has taken place. Full statutory language is expected to be published shortly, which may clarify additional technical details and enforcement mechanisms.
FAQ What is Delaware Senate Bill 19?It is proposed legislation creating a state licensing and regulatory framework for stablecoin issuers and digital asset firms. How does SB19 relate to federal law?It aligns with the 2025 GENIUS Act, allowing smaller issuers to operate under certified state systems. What are the key requirements for issuers?They must maintain 1:1 reserves, publish monthly disclosures, follow AML rules, and meet capital standards. When could SB19 take effect?The bill is still in committee, and implementation would follow legislative approval and regulatory rollout.
