Delaware, Illinois, and Vermont have enacted comprehensive financial services legislation addressing digital assets, stablecoins, buy now pay later products, and sales-based financing, while the Federal Reserve proposes significant updates to anti-money laundering program requirements for supervised banks. These regulatory developments establish new licensing frameworks, consumer protections, and compliance standards that will reshape oversight of emerging financial technologies and traditional banking oper
United StatesFinance and Banking
1. Delaware Enacts Banking Modernization and Digital Asset Legislation
On July 6, Delaware Governor Matt Meyer signed into law Senate Bills 16, 18, and 19 with the aim of modernizing Delaware’s financial services framework by establishing clear, consumer-focused regulatory standards for banking, money transmission, virtual currency, and stablecoins.
- Senate Bill 16 (the Delaware Banking Modernization Act of 2026) updates the banking code to address digital assets, modernize corporate governance and organizational requirements, facilitate interstate trust operations, and expand the regulatory authority of the State Bank Commissioner.
- Senate Bill 18 (the Delaware Money Transmission and Virtual Currency Modernization Act) repeals the state’s prior money transmission law and replaces it with a more modern licensing and oversight framework for money transmitters and virtual currency businesses, including licensing qualifications, financial strength standards, and customer protections.
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