Maryland bill would let state regulator charter stablecoin issuers to keep state oversight

Senator Ben Kramer told the Senate Finance Committee SB 662 would authorize Maryland to supervise payment stablecoin issuers under the federal certification pathway and to write capital, liquidity, redemption and AML rules that together protect consumers while preserving state oversight. "This bill defines and recognizes stablecoin as a growing financial instrument, protects Maryland consumers and businesses, preserves state authority during a limited federal window," Kramer said.

Tony Salazar and assistant commissioner Sharifa Balogun of the Office of Financial Regulation backed the approach and said it will let Maryland submit a state certification to the Treasury’s review committee by mid‑2027. The Conference of State Bank Supervisors (witness Eugenie Shrego) said state regimes have been important to foster innovation while preserving safety and that SB 662’s provisions would meet federal certification criteria if the OFR adopts regulations consistent with the federal standard.

Committee members asked whether states can coherently regulate assets that cross state lines and whether federal uniformity would be undermined; OFR explained the federal 'Genius Act' creates the certification pathway and baseline standards states must meet. Supporters stressed the bill is authorizing, not prescriptive rate‑setting, and that industry assessments could fund oversight costs.

Ending: Testimony closed without substantive amendment language; OFR said the bill should have only limited fiscal impact because industry assessments can offset implementation costs.