5 Del. C. § 3508: Restriction on payment stablecoin issuance by nonfinancial public companies [For application of this section, see 85 Del. Laws, c. 339, § 2].

(a) A public company, or a wholly or majority-owned subsidiary or affiliate of a public company, that is not predominantly engaged in 1 or more financial activities, as described in § 4(k) of the Bank Holding Company Act of 1956, 12 U.S.C. § 1843(k), including activities permissible for permitted payment stablecoin issuers and digital asset service providers under the GENIUS Act [12 U.S.C. § 5901 et seq.], may not issue a payment stablecoin in this State or to or on behalf of a resident of this State unless the Stablecoin Certification Review Committee established under the GENIUS Act, 12 U.S.C. § 5901(27), has approved such issuance by unanimous vote in accordance with § 4(a)(12) of the GENIUS Act, 12 U.S.C. § 5903(a)(12).

(b) The prohibition in subsection (a) of this section applies equally to a company that is not domiciled in the United States or its territories and that is not predominantly engaged in 1 or more financial activities as described in subsection (a) of this section.

(c) For purposes of this section, whether a company is “predominantly engaged in 1 or more financial activities” shall be determined in accordance with the standards established by the Stablecoin Certification Review Committee pursuant to § 4(a)(12)(D) of the GENIUS Act, 12 U.S.C. § 5903(a)(12)(D), or, in the absence of such standards, by the Commissioner by regulation, applying the standards applicable to financial holding companies under § 4(k) of the Bank Holding Company Act of 1956, 12 U.S.C. § 1843(k).

(d) The Commissioner may not issue a license under § 3511 of this title to an applicant subject to the prohibition in subsection (a) of this section unless the applicant has obtained the unanimous vote of the Stablecoin Certification Review Committee finding all of the following:

(1) The applicant will not pose a material risk to the safety and soundness of the United States banking system, the financial stability of the United States, or the Deposit Insurance Fund.

(2) The applicant will comply with the data use limitations applicable to permitted payment stablecoin issuers under § 4(a)(12)(B) of the GENIUS Act, 12 U.S.C. § 5903(a)(12)(B).

(3) Any other findings required by the Stablecoin Certification Review Committee pursuant to § 4(a)(12) of the GENIUS Act, 12 U.S.C. § 5903(a)(12).

(e) A permitted payment stablecoin issuer that is a public company, or a wholly or majority-owned subsidiary or affiliate of a public company, that is not predominantly engaged in 1 or more financial activities as described in subsection (a) of this section shall comply with the data use limitations established under § 4(a)(12)(B) of the GENIUS Act, 12 U.S.C. § 5903(a)(12)(B), and any implementing regulations promulgated by the Stablecoin Certification Review Committee.

(f) The Commissioner shall promulgate regulations implementing this section, which shall be consistent with the standards and interpretive rules issued by the Stablecoin Certification Review Committee pursuant to § 4(a)(12)(D) of the GENIUS Act, 12 U.S.C. § 5903(a)(12)(D).