Pennsylvania HB 2647: An Act amending the act of June 22, 1937 (P.L.1987, No.394), known as The Clean Streams Law, in other pollutions and potential pollution, further providing for potential pollution.

Bill Text

PRINTER'S NO. 3643
THE GENERAL ASSEMBLY OF PENNSYLVANIA
HOUSE BILL
No. 2647
Session of
2026
INTRODUCED BY CONKLIN, JUNE 17, 2026
REFERRED TO COMMITTEE ON COMMERCE, JUNE 17, 2026
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.
The General Assembly of the Commonwealth of Pennsylvania
hereby enacts as follows:
Section 1. Title 7 of the Pennsylvania Consolidated Statutes
is amended by adding a chapter to read:
CHAPTER 71
STABLECOIN LICENSING
Subchapter
A. Preliminary Provisions
B. Procedures
C. Miscellaneous Provisions
SUBCHAPTER A
PRELIMINARY PROVISIONS
Sec.
7101. Scope of chapter.
7102. Purpose.
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7103. Definitions.
§ 7101. Scope of chapter.
This chapter relates to stablecoin licensing.
§ 7102. Purpose.
The purpose of this chapter is to implement the GENIUS Act
and to:
(1) Enable financial service providers of this
Commonwealth to have the opportunity to issue stablecoins.
(2) Provide for the regulation of payment stablecoins
issued by licensees under this chapter.
(3) Empower the department to issue regulations
substantially similar to Federal regulations promulgated to
implement the GENIUS Act.
§ 7103. Definitions.
The following words and phrases when used in this chapter
shall have the meanings given to them in this section unless the
context clearly indicates otherwise:
"Applicant." A domestic entity that applies for a license
under this chapter.
"Appropriate Federal banking agency." As defined in 12
U.S.C. § 1813(q) (relating to definitions).
"Bank Secrecy Act." All of the following:
(1) 12 U.S.C. § 1829b (relating to retention of records
by insured depository institutions).
(2) Chapter 2 of the Bank Secrecy Act of 1970 (Public
Law 91-508, 12 U.S.C. § 1951 et seq.), as amended.
(3) 31 U.S.C. Subt. IV Ch. 53 Subch. II (relating to
records and reports on monetary instruments transactions).
"Board." The Board of Governors of the Federal Reserve
System.
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"Commission." The Banking and Securities Commission of the
Commonwealth.
"Comptroller." The Office of the Comptroller of the
Currency.
"Department." The Department of Banking and Securities of
the Commonwealth.
"Deposit." As defined in 12 U.S.C. § 1813(l) (relating to
definitions).
"Digital asset." A digital representation of value that is
recorded on a cryptographically secured distributed ledger.
"Digital asset service provider." As follows:
(1) A person that, for compensation or profit, engages
in the business in the United States, including on behalf of
customers or users in the United States, of any of the
following:
(i) Exchanging digital assets for monetary value.
(ii) Exchanging digital assets for other digital
assets.
(iii) Transferring digital assets to a third party.
(iv) Acting as a digital asset custodian.
(v) Participating in financial services relating to
digital asset issuance.
(2) The term does not include:
(i) A distributed ledger protocol.
(ii) A person that develops, operates or engages in
the business of developing distributed ledger protocols
or self-custodial software interfaces.
(iii) An immutable and self-custodial software
interface.
(iv) A person that develops, operates or engages in
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the business of validating transactions or operating a
distributed ledger.
(v) A person that participates in a liquidity pool
or other similar mechanism for the provisioning of
liquidity for peer-to-peer transactions.
"Distributed ledger." Technology in which:
(1) data is shared across a network that creates a
public digital ledger of verified transactions or information
among network participants; and
(2) cryptography is used to link the data to maintain
the integrity of the public digital ledger and execute other
functions.
"Distributed ledger protocol." Publicly available and
accessible executable software deployed to a distributed ledger,
including a smart contract or a network of smart contracts.
"Domestic entity." As defined in 15 Pa.C.S. § 102 (relating
to definitions).
"Federal branch." As defined in 12 U.S.C. § 1813(s)(2).
"Federal qualified payment stablecoin issuer." Any of the
following:
(1) A nonbank entity, other than a state qualified
payment stablecoin issuer, approved by the comptroller to
issue payment stablecoins.
(2) An uninsured national bank that is:
(i) chartered by the comptroller; and
(ii) approved by the comptroller to issue payment
stablecoins.
(3) A Federal branch that is approved by the comptroller
to issue payment stablecoins.
"Financial activity." Either of the following:
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