HB 2647
An Act amending Title 7 (Banks and Banking) of the Pennsylvania Consolidated Statutes, providing for stablecoin licensing; imposing duties on the Department of Banking and Securities and the Banking and Securities Commission; and imposing penalties.
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Sign in to take action- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill establishes a licensing framework for stablecoins in Pennsylvania, aiming to regulate this emerging digital asset and protect consumers. It directs the Department of Banking and Securities to create regulations similar to federal standards and imposes penalties for non-compliance. The bill also addresses definitions related to stablecoins and digital assets, aligning Pennsylvania with the broader GENIUS Act.
Key provisions
- Establishes a licensing system for Pennsylvania-issued stablecoins.
- Requires the Department of Banking and Securities to create regulations mirroring federal standards.
- Defines key terms related to stablecoins and digital assets.
- Imposes penalties for violations of the bill and related regulations.
- Requires licensees to maintain reserves backing stablecoins on a one-to-one basis.
- Prohibits licensees from paying interest on stablecoins.
- Establishes a process for reviewing and approving stablecoin issuers.
- Requires licensees to comply with Bank Secrecy Act and sanctions compliance regulations.
Who is affected
- Financial service providers
- Consumers
- Banks and Banking Institutions
- The Department of Banking and Securities
- Digital asset issuers
Notable changes
- Creates a regulatory framework for stablecoins in Pennsylvania, mirroring federal efforts.
Sponsors
Official sponsors from legislative records.
Primary sponsor
Cosponsor
Benjamin Sanchez
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