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Bill

HB 2647

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.

2025-2026 Regular Session Introduced by Scott Conklin and 1 co-sponsor

PA bills creates a state license regime for stablecoins, designates DBS and Banking and Securities Commission duties, and penalties for noncompliance.

Referred to Commerce
0
WeVote Research Nonpartisan
Bill Summary · HB 2647

Overview

House Bill 2647 (2025-2026 Regular Session) from Pennsylvania proposes amendments to Title 7 (Banks and Banking) of the Pennsylvania Consolidated Statutes to establish a framework for stablecoin licensing. The bill would create licensing and regulatory requirements for stablecoin activities, assign duties to the Department of Banking and Securities (DBS) and the Banking and Securities Commission, and authorize penalties for noncompliance. The bill was referred to the House Committee on Commerce on June 17, 2026.

Purpose and Intent

  • Establish a formal regulatory regime for stablecoins operating in Pennsylvania.
  • Create a state-licensed framework to oversee stablecoin issuers and related activities, aiming to improve consumer protection, financial stability, and regulatory oversight.
  • Clarify roles and responsibilities of state banking regulators in supervising stablecoin issuers and related entities.

Key Provisions (as indicated by title and summary)

  • Stablecoin Licensing Regime: The bill would provide for the licensure of entities engaged in stablecoin activities within Pennsylvania. This likely includes requirements to obtain/maintain a license, submit necessary information, and comply with ongoing regulatory standards.
  • Duties of the Department of Banking and Securities (DBS): The DBS would have specific responsibilities in administering the stablecoin licensing framework, including processing applications, overseeing licensees, collecting data, and enforcing compliance.
  • Duties of the Banking and Securities Commission: The state regulatory body would be assigned authority related to the governance, rulemaking, and supervision of stablecoin issuers and possibly related financial activities.
  • Penalties for Noncompliance: The bill would authorize penalties for violations of the licensing regime or regulatory requirements, which could include fines, license suspension or revocation, and other enforcement actions.

Who/What Would Be Affected

  • Stablecoin Issuers and Related Entities: Businesses that issue or facilitate stablecoins would be primarily regulated under the new licensing regime.
  • Financial Regulators: The DBS and the Banking and Securities Commission would gain new or expanded duties to administer and enforce the framework.
  • Pennsylvania Consumers and Markets: By expanding oversight of stablecoins, the bill seeks to affect consumer protection, market integrity, and financial stability within Pennsylvania’s jurisdiction.
  • Potential Startups and Financial Firms: Entities considering stablecoin activities in Pennsylvania would need to assess licensing requirements and regulatory obligations.

Procedural and Timeline Aspects

  • Current Status: Referred to the Commerce Committee on June 17, 2026.
  • Next Steps (typical for such bills): Committee review, potential amendments, and floor consideration. If advanced, it would proceed through readings, possible amendments, and votes in the House, and potentially move to the Senate for consideration.
  • Effective Date and Implementation: Not specified in the provided text. Detailed timelines (effective date, licensing window, transition periods) would be defined in the bill’s text and any final enacted version.

Notes

  • The summary is based on the bill’s title, sponsor, and stated subject as available. The full legislative text would provide detailed definitions (e.g., what qualifies as a stablecoin, licensure requirements, capital/liquidity standards, ongoing reporting, consumer protections, supervisory powers, and enforcement procedures), as well as any exemptions, phased implementation, and interaction with federal law.

If you’d like, I can tailor this summary to a specific audience (general public, policy researchers, financial industry stakeholders) or extract and organize exact provisions once the bill’s full text is available.

Compiled from official sources — confirm details with the bill’s official record.

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