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Maryland bill would create state licensing pathway for payment stablecoins under federal framework
Summary
HB1355 would designate the Office of Financial Regulation as the state supervisor for payment stablecoin issuers and service providers and create a licensing path aligned with recently enacted federal legislation; OFR said the regime would attract responsible innovation while protecting consumers.
Delegate Marlon Amprey presented HB1355 and the Office of Financial Regulation (OFR) detailed how the bill would establish a Maryland charter and supervisory framework for payment stablecoin issuers and stablecoin service providers. Commissioner Tony Salazar said the federal 'Genius Act' created a state pathway and that Maryland must adopt implementing legislation to participate in that pathway once a federal approval process opens.
Assistant Commissioner Sharifa Balagon described statutory credential and financial conditions designed to ensure that any Maryland‑chartered stablecoin issuer maintains transparent reserves and robust consumer protections. Supporters argued the framework will attract financial‑services employment and investment while aligning state rules with federal expectations.
OFR told the committee the law would be phased and funded by assessments on regulated entities; proponents emphasized coordination with federal agencies and that enrollment in the state charter pathway requires federal approvals under the federal act. The committee heard the OFR testimony and asked technical questions about implementation timing and supervisory tools; no immediate vote occurred.
