AFC congratulated Chairman Spiros Mantzavinos and applauded Senate passage  of multiple bills that will modernize financial services framework and clarify digital asset rules

Dover, DE (April 28, 2026) – The American Fintech Council (AFC), the largest industry association representing both responsible fintech companies and innovative banks, applauded Delaware State Senate Banking Chairman Spiros Mantzavinos on the Senate’s passage of Senate Bill 16, the Delaware Banking Modernization Act of 2026, and Senate Bill 19, the Delaware Payment Stablecoin Act, and urged the Delaware State House of Representatives to do the same.

Collectively, this legislation modernizes the Delaware financial services framework by updating digital asset definitions, expanding State Bank Commissioner authority, strengthening governance standards for state-chartered institutions, and establishing a clear licensing and regulatory framework for stablecoin activity and related digital financial services. AFC wrote a letter supporting the passage of the Senate bills, and called upon the Delaware House of Representatives to take up these bills and pass them expeditiously.  

“Delaware has long been a leader in financial services, and has a history of embracing thoughtful regulation and responsible innovation. It has been such a pleasure collaborating with Senator Mantzavinos and the Delaware State Senate, and we urge the House to take up these bills next,” said Phil Goldfeder, CEO of the American Fintech Council. “The Senate’s passage of this new legal framework reflects the need to ensure policies evolve alongside dynamic and innovative industries. These bills can establish a clear, modern regulatory framework for Delaware that supports responsible innovation and strengthens consumer protection.”

In its letter, AFC emphasized that financial services are evolving faster than the regulatory frameworks designed to govern them, making it necessary to modernize key definitions to reflect current market realities. The Delaware Banking Modernization Act responds to this shift by defining digital assets and incorporating them into existing property classifications, helping align the legal framework with how Delawareans are investing and managing wealth. AFC also supports the bill’s changes to the rules governing state bank charter relocation, which help provide greater clarity and consistency for financial institutions and reinforce Delaware’s openness to responsible financial services firms and their bank partners.

Additionally, AFC expressed support for the Delaware Payment Stablecoin Act’s bespoke regulatory framework. The bill establishes clear “rules of the road” for stablecoin activity in the state, aligns Delaware’s approach with existing federal efforts such as the GENIUS Act, and ensures that issuers not subject to federal oversight are covered under a state-administered licensing regime.

“Delaware is taking an important step toward aligning its financial framework with how the industry operates today,” said Ashley Urisman, Director of State Government Affairs at the American Fintech Council. “As financial services continue to evolve, policymakers need to ensure the rules governing both traditional banking and emerging digital assets are clear, consistent, and built for how the market actually functions. These reforms help modernize oversight across the financial services system and give banks and market participants the clarity they need to operate and innovate with confidence.”

A standards-based organization, the American Fintech Council (AFC) is the largest and most diverse trade association representing financial technology (fintech) companies and innovative banks. On behalf of over 150 member companies and partners, AFC promotes a transparent, inclusive, and customer-centric financial system by supporting responsible innovation in financial services and encouraging sound public policy. AFC members foster competition in consumer finance and pioneer products to better serve underserved consumer segments and geographies

‍