Read the full stored bill text
HB259 ENROLLED
Page 0
HB259
MS7XL1H-3
By Representative Shaw
RFD: Financial Services
First Read: 15-Jan-26
1
2
3
4
5
HB259 Enrolled
Page 1
First Read: 15-Jan-26
Enrolled, An Act,
Relating to cryptocurrency; to add a new Chapter 7B to
Title 8, Code of Alabama 1975; to prohibit a person from
issuing digital assets as a payment stablecoin unless that
person is a permitted payment stablecoin issuer; to prohibit
the offer or sale of any payment stablecoin, beginning in
2028, unless the payment stablecoin is issued by a permitted
payment stablecoin issuer; to authorize the Alabama Securities
Commission to process and license applicants to become Alabama
qualified payment stablecoin issuers; to authorize the Alabama
Securities Commission to enforce and implement this act, the
GENIUS Act, and any federal regulation adopted under that act;
and to create civil and criminal penalties for violations.
BE IT ENACTED BY THE LEGISLATURE OF ALABAMA:
Section 1. Chapter 7B, commencing with Section 8-7B-1,
is added to Title 8, Code of Alabama 1975, to read as follows:
Chapter 7B
§8-7B-1
(a) This chapter shall be known and may be cited as the
Financial Innovation and Market Expansion Act.
(b) The intent of this chapter is to implement Section
4(c) of the federal Guiding and Establishing National
Innovation for U.S. Stablecoins Act, 12 U.S.C. § 5903(c),
governing regulation of payment stablecoins at the state
level.
§8-7B-2
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
HB259 Enrolled
Page 2
§8-7B-2
For the purposes of this act, the following terms have
the following meanings:
(1) ALABAMA QUALIFIED PAYMENT STABLECOIN ISSUER. A
stablecoin issuer licensed and approved by the commission
through the licensing process in Section 8-7B-5.
(2) AUTHORIZED PAYMENT STABLECOIN. A payment stablecoin
issued by an Alabama qualified payment stablecoin issuer.
(3) COMMISSION. The Alabama Securities Commission.
(4) COMPTROLLER. The Office of the Comptroller of the
Currency.
(5) DIGITAL ASSET SERVICE PROVIDER. A person that, in
the United States and for compensation or profit, engages in
the business of exchanging digital assets for monetary value,
exchanging digital assets for other digital assets,
transferring digital assets to a third party, acting as a
digital asset custodian, or participating in financial
services relating to digital asset insurance. The term does
not include a person that engages in the business of
developing or operating distributed ledger protocols,
self-custodial software interfaces, or validating transactions
through a distributed ledger. The term does not include a
person that participates in a liquidity poll or other similar
mechanism for the provisioning of liquidity for peer-to-peer
transactions.
(6) GENIUS ACT. The Guiding and Establishing National
Innovation for U.S. Stablecoins Act, 12 U.S.C. §§ 5901-5916.
(7) GOVERNMENTAL ENTITY. Any state or local agency or
instrumentality thereof located in the state.
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
HB259 Enrolled
Page 3
instrumentality thereof located in the state.
(8) INTENTIONALLY. A person acts intentionally with
respect to a result or to conduct described by a statute
defining an offense, when his or her purpose is to cause that
result or to engage in that conduct.
(9) KNOWINGLY. A person acts knowingly with respect to
conduct or to a circumstance described by a statute defining
an offense when he or she is aware that his or her conduct is
of that nature or that the circumstance exists.
(10) OPEN, PUBLIC, OR DECENTRALIZED NETWORK. A
blockchain network that is open to use by the public without
permission of use by governing authorities or a network that
is operated using distributed ledger technology, where the
data is stored in separate physical locations.
(11) PAYMENT STABLECOIN. A digital asset or assets
designed to maintain a stable value that is, or is designed to
be, used as a means of payment or settlement. The issuer of
the token:
a. Is obligated to convert, redeem, or repurchase the
token for a fixed amount of monetary value; and
b. Represents, or creates the reasonable expectation,
that the token will maintain a stable value relative to the
value of a fixed amount of monetary value.
(12) PERMITTED PAYMENT STABLECOIN ISSUER. A person
formed in the United States that is one of the following:
a. A subsidiary of an insured depository institution
that has been approved to issue payment stablecoins under
Section 5 of the GENIUS Act, 12 U.S.C. § 5904.
b. A nonbank entity approved by the comptroller,
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
HB259 Enrolled
Page 4
b. A nonbank entity approved by the comptroller,
pursuant to Section 5 of the GENIUS Act, 12 U.S.C. § 5904, to
issue payment stablecoins.
c. An uninsured national bank that is chartered by the
comptroller and is approved by the comptroller, pursuant to
Section 5 of the GENIUS Act, 12 U.S.C. § 5904, to issue
payment stablecoins.
d. A federal branch that is approved by the
comptroller, pursuant to Section 5 of the GENIUS Act, 12
U.S.C. § 5904, to issue payment stablecoins.
e. An entity legally established under the laws of a
state and approved to issue payment stablecoins by a state
payment stablecoin regulator, including Alabama qualified
payment stablecoin issuers.
§8-7B-3
(a) No person may issue a payment stablecoin in the
state, unless that person is a permitted payment stablecoin
issuer.
(b) Beginning on July 18, 2028, no digital asset
service provider may offer or sell a payment stablecoin to a
person in the state, unless the payment stablecoin is issued
by a permitted payment stablecoin issuer.
(c) This section shall not apply to the following
transactions:
(1) Any direct transfer of payment stablecoin between
two individuals, each acting on his or her own behalf and for
his or her own lawful purposes, without the involvement of an
intermediary.
(2) Any transaction involving the receipt of payment
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
110
111
112
HB259 Enrolled
Page 5
(2) Any transaction involving the receipt of payment
stablecoin by an individual between an account owned by the
individual in the United States and an account owned by the
individual abroad which are offered by the same parent
company.
(3) Any transaction by means of a software or hardware
wallet that facilitates an individual's own custody of payment
stablecoin.
(d) Notwithstanding any provision of this chapter to
the contrary, any determination regarding banking activities
shall be the sole authority of the Alabama State Banking
Department pursuant to Title 5.
§8-7B-4
(a)(1) The commission shall receive, review, and
consider for approval applications from any person that seeks
to issue or sell payment stablecoins as an Alabama qualified
payment stablecoin issuer, and the commission shall establish
a process and framework for the licensing, regulation,
examination, and supervision of such entities, through the
adoption of rules pursuant to Section 8-7B-8.
(2) The commission, upon receipt of a substantially
complete application received under subdivision (1), shall
evaluate and make a determination on each application based
only on the criteria established under this chapter, and rules
adopted pursuant to this chapter.
(b) The commission shall consider the following factors
when determining whether an applicant, who submitted a
substantially complete application, shall be licensed as an
Alabama qualified payment stablecoin issuer:
113
114
115
116
117
118
119
120
121
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137
138
139
140
HB259 Enrolled
Page 6
Alabama qualified payment stablecoin issuer:
(1) The ability of the applicant, based on the
applicant's financial condition and resources, to meet the
requirements set forth under 12 U.S.C. § 5903.
(2) Whether an individual who has been convicted of a
felony offense involving insider trading, embezzlement,
cybercrime, money laundering, financing of terrorism, or
financial fraud is serving as an officer or director of the
applicant.
(3) The competence, experience, and integrity of the
officers, directors, and principal shareholders of the
applicant, its subsidiaries, and parent company, including:
a. The record of those officers, directors, and
principal shareholders of compliance with laws and
regulations; and
b. The ability of those officers, directors, and
principal shareholders to fulfill any commitments to, and any
conditions imposed by, the commission in connection with the
application at issue and any prior applications.
(4) Whether the redemption policy of the applicant
meets the standards under 12 U.S.C. § 5903.
(5) Any other factors established under federal
regulations pursuant to the GENIUS Act or rules adopted
pursuant to this chapter which are necessary to ensure the
safety and soundness of the Alabama qualified payment
stablecoin issuer.
(c) The commission shall render a decision on a
substantially complete application submitted under subsection
(a) no later than 120 days after receipt of the application.
141
142
143
144
145
146
147
148
149
150
151
152
153
154
155
156
157
158
159
160
161
162
163
164
165
166
167
168
HB259 Enrolled
Page 7
(a) no later than 120 days after receipt of the application.
(d)(1) For purposes of this section an application
shall be considered substantially complete if the application
contains sufficient information for the commission to render a
decision on whether the applicant satisfies the factors
described in subsection (a).
(2) No later than 30 days after receiving any
application, the commission shall notify the applicant as to
whether the commission considers the application to be
substantially complete and, if the application is not
substantially complete, the additional information the
applicant must provide in order for the application to be
considered substantially complete.
(3) An application considered substantially complete
under this subsection shall remain substantially complete
unless there is a material change in circumstances that
requires the commission to treat the application as a new
application.
(e)(1) The commission may only deny a substantially
complete application received if the commission determines
that the activities of the applicant would include any conduct
that would authorize the commission to suspend or revoke a
license under Section 8-7B-9(a).
(2) The issuance of a payment stablecoin on an open,
public, or decentralized network shall not be a valid ground
for denial of an application.
(f) If the commission denies a substantially complete
application received under subsection (a), the commission no
later than 30 days after the date of denial, shall provide the
169
170
171
172
173
174
175
176
177
178
179
180
181
182
183
184
185
186
187
188
189
190
191
192
193
194
195
196
HB259 Enrolled
Page 8
later than 30 days after the date of denial, shall provide the
applicant with written notice explaining the denial with
specificity, including all findings made by the commission
with respect to all identified material shortcomings in the
application, including actionable recommendations on how the
applicant could address the identified material shortcomings.
(g) The denial of an application under subsection (e)
shall not prohibit the applicant from filing any subsequent
application.
§8-7B-5
A provider is not required to obtain any other license
or charter, except for the requirement under this chapter, to
perform the activities permitted in Section 8-7B-3.
§8-7B-6
No later than 180 days after the approval of an
application, and afterwards on an annual basis, each Alabama
qualified payment stablecoin issuer shall submit to the
commission a certification that the issuer has implemented
anti-money laundering and economic sanctions compliance
programs that are reasonably designed to prevent the Alabama
qualified payment stablecoin issuer from facilitating money
laundering, in particular, facilitating money laundering for
cartels and organizations designated as foreign terrorist
organizations under 8 U.S.C. § 1189 and the financing of
terrorist activities, consistent with the requirements of the
GENIUS Act.
§8-7B-7
(a) An Alabama qualified payment stablecoin issuer
shall comply with 12 U.S.C. § 5902(a) and any regulations
197
198
199
200
201
202
203
204
205
206
207
208
209
210
211
212
213
214
215
216
217
218
219
220
221
222
223
224
HB259 Enrolled
Page 9
shall comply with 12 U.S.C. § 5902(a) and any regulations
adopted by federal governmental entities implementing the
GENIUS Act.
(b) The commission, through the adoption of rules
pursuant to Section 8-7B-8 or other means of notice, shall
identify the federal laws and regulations applicable to
Alabama qualified payment stablecoin issuers. The commission
shall ensure that the minimum federal requirements apply to
all Alabama qualified payment stablecoin issuers in the state.
§8-7B-8
(a)(1) The commission shall adopt rules to administer
and implement this chapter. These rules may include provisions
that govern the recovery of the cost of administering and
enforcing this chapter by imposing and collecting fees, fines,
penalties, and costs associated with applications,
examinations, investigations, and other actions required to
implement this chapter.
(2) The rules adopted under subsection (a) shall
include the following:
a. The establishment of a secure system for processing
payments made using payment stablecoins.
b. The technical integration of payment stablecoin
payment systems with state accounting and payment systems.
c. Security and fraud prevention measures.
d. The creation of educational material regarding the
use of payment stablecoins.
(b) The commission may conduct an examination or
investigation of an Alabama qualified payment stablecoin
issuer or otherwise take action authorized by this chapter or
225
226
227
228
229
230
231
232
233
234
235
236
237
238
239
240
241
242
243
244
245
246
247
248
249
250
251
252
HB259 Enrolled
Page 10
issuer or otherwise take action authorized by this chapter or
by a rule adopted or order issued under this chapter as
reasonably necessary or appropriate to administer and
implement this chapter, federal regulations implementing the
GENIUS Act, and other applicable state and federal law. In
performing the examination or investigation, the commission
may:
(1) Conduct an on-site or off-site examination of the
Alabama qualified payment stablecoin issuer as the commission
may reasonably require;
(2) Conduct an examination in conjunction with other
state agencies or federal government agencies;
(3) Accept the examination report of another state
agency or federal government agency, or a report prepared by
an independent accounting firm, which, upon being accepted by
the commission, shall be considered an official report of the
commission; and
(4) Summon and examine, under oath, individuals or
employees of an Alabama qualified payment stablecoin issuer
and require the individuals to produce records regarding any
matter related to the condition and business of the licensee
or an agent of the licensee.
(c) An Alabama qualified payment stablecoin issuer
shall provide, and the commission shall have full and complete
access to, all records the commission may reasonably require
to conduct an examination. The records must be provided at the
location and in the format specified by the commission,
provided the commission may utilize multistate record
production standards and examination procedures when such
253
254
255
256
257
258
259
260
261
262
263
264
265
266
267
268
269
270
271
272
273
274
275
276
277
278
279
280
HB259 Enrolled
Page 11
production standards and examination procedures when such
standards will reasonably achieve the requirements of this
section.
(d) Unless otherwise directed by the commission, a
licensee shall pay all costs reasonably incurred in connection
with an examination of the licensee or the licensee's
authorized delegates.
(e) Information obtained during any examination under
this chapter may be disclosed only as prescribed in Section
8-7B-15.
(f) In the course of an examination or investigation
under subsection (b), the commission may do any of the
following:
(1) Make such public or private investigations within
or outside of this state as it deems necessary to determine
whether: (i) any license under this chapter should be granted,
denied, suspended, or revoked; (ii) any person has violated or
is about to violate any provision of this chapter or any rule
or order issued under this chapter; or (iii) any enforcement
measures are necessary to be imposed on an Alabama qualified
payment stablecoin issuer under this chapter.
(2) Require or permit any person to file a statement in
writing, under oath, or otherwise as the commission may
determine, as to all the facts and circumstances concerning
the matter to be investigated.
(3) Publish information concerning any violation of
this chapter or any rule or order adopted or issued under this
chapter.
(4) Administer oaths and affirmations, subpoena
281
282
283
284
285
286
287
288
289
290
291
292
293
294
295
296
297
298
299
300
301
302
303
304
305
306
307
308
HB259 Enrolled
Page 12
(4) Administer oaths and affirmations, subpoena
witnesses, compel their attendance, take evidence, and require
the production of any books, papers, correspondence,
memoranda, agreements, or other documents or records which the
commission deems relevant to the inquiry.
(g) In case of refusal to obey a subpoena, upon
application by the commission, the Circuit Court of Montgomery
County may issue an order to the person failing to obey the
subpoena requiring the individual to appear before the
commission or the officer designated by it, to produce
documentary evidence if so ordered, or to give evidence
touching the matter under investigation or in question. The
court may hold any person who fails to obey an order of the
court in contempt of court.
(h) No person is excused from attending and testifying
or from producing any document or record before the commission
or any officer designated by it, in any proceeding instituted
by the commission, on the ground that the testimony or
evidence, documentary or otherwise, required of the person may
tend to incriminate him or her or subject him or her to a
penalty or forfeiture. No individual may be prosecuted or
subjected to any penalty or forfeiture using or based on
information he or she offered after asserting such privilege,
except that the individual so testifying shall not be exempt
from prosecution and punishment for perjury committed in so
testifying. Nothing in this section shall prohibit the
commission from prosecuting any person compelled to testify or
provide evidence, if the commission has sufficient evidence,
derived from other sources not discovered, derived, or
309
310
311
312
313
314
315
316
317
318
319
320
321
322
323
324
325
326
327
328
329
330
331
332
333
334
335
336
HB259 Enrolled
Page 13
derived from other sources not discovered, derived, or
revealed from such compelled testimony or evidence, to sustain
a prosecution for a violation under this chapter.
(i) The commission may prescribe additional enforcement
procedures under subsection (a) to ensure compliance with the
GENIUS Act.
(j) The commission shall submit an annual report to the
Legislature which shall include the current list of authorized
payment stablecoins, the volume of transactions and cost
savings, assessment of risks and safeguards, and any
recommendations for legislative changes. The report shall be
made publicly available on the commission's website.
(k) This chapter shall not apply to an Alabama
qualified payment stablecoin issuer to the extent that federal
law precludes or preempts or has been determined to preclude
or preempt the application of the provisions of this chapter
to any Alabama qualified payment stablecoin issuer.
(l) In addition to any other exempt positions as
otherwise allowed by law, the exempt positions in the
commission shall include up to three highly trained, highly
specialized securities professionals.
§8-7B-9
(a) The commission may suspend or revoke a license if
the Alabama qualified payment stablecoin issuer:
(1) Violates this chapter or a rule adopted or an order
issued under this chapter;
(2) Does not cooperate with an examination or
investigation by the commission;
(3) Engages in fraud, intentional misrepresentation, or
337
338
339
340
341
342
343
344
345
346
347
348
349
350
351
352
353
354
355
356
357
358
359
360
361
362
363
364
HB259 Enrolled
Page 14
(3) Engages in fraud, intentional misrepresentation, or
gross negligence;
(4) The competence, experience, character, or general
fitness of the issuer, person in control of an issuer, key
individual, or responsible individual of the authorized
delegate indicates that it is not in the public interest to
permit the issuer to issue a payment stablecoin;
(5) Engages in an unsafe or unsound practice; or
(6) Is insolvent, suspends payment of its obligations,
or makes a general assignment for the benefit of its
creditors.
(b) In determining the severity of the violation, the
commission may consider the size and condition of the issuer's
payment stablecoin issuance, the magnitude of the loss, the
gravity of the violation of this chapter, and the previous
conduct of the person involved.
§8-7B-10
(a) If the commission determines that any person has
engaged in or is about to engage in any act or practice
constituting a violation of this chapter or a rule adopted or
an order issued under this chapter, the commission, in its
discretion, may do any of the following:
(1) Issue an order, with or without a prior hearing or
notice, against the person or persons engaged in the act or
practice, directing them to cease and desist from engaging in
the act or practice.
(2) Issue an order appointing a receiver or conservator
over a respondent or the respondent's assets.
(3) Order restitution or disgorgement against any
365
366
367
368
369
370
371
372
373
374
375
376
377
378
379
380
381
382
383
384
385
386
387
388
389
390
391
392
HB259 Enrolled
Page 15
(3) Order restitution or disgorgement against any
person who has violated this chapter or any rule adopted or
order issued pursuant to this chapter.
(4) Bring an action in the Circuit Court of Montgomery
County to enjoin an action or practice and to enforce
compliance with this chapter or any rule adopted or order
issued pursuant to this chapter. Upon a proper showing, the
court may issue a temporary restraining order or permanently
enjoin any unlawful act or practice.
(b) The commission shall not be required to post a bond
for any actions taken pursuant to subsection (a).
§8-7B-11
(a) Any person aggrieved by an order or denial issued
under this chapter shall be entitled to a hearing, as
authorized for contested cases, pursuant to the Alabama
Administrative Procedure Act, Chapter 22 of Title 41, if the
aggrieved person, within 28 days after delivery of the order
or denial, submits a written request for a hearing before the
commission. The order shall disclose the right to a hearing
upon written request within 28 days after delivery of the
order. If no timely request for a hearing is made, the order
shall constitute a final order of the commission.
(b) Any appeal from any final order of the commission
shall be made to the Circuit Court of Montgomery County and
shall be governed by the provisions of the Alabama
Administrative Procedure Act, Chapter 22 of Title 41,
pertaining to judicial review.
§8-7B-12
The commission may enter into a consent order at any
393
394
395
396
397
398
399
400
401
402
403
404
405
406
407
408
409
410
411
412
413
414
415
416
417
418
419
420
HB259 Enrolled
Page 16
The commission may enter into a consent order at any
time with a person to resolve a matter arising under this
chapter or a rule adopted or order issued under this chapter.
A consent order must be signed by the person to whom it is
issued or by the person's authorized representative, and must
indicate agreement with the terms contained in the order.
§8-7B-13
(a) It is unlawful for any person, in connection with
the offer, sale, or purchase of any stablecoin, directly or
indirectly, to knowingly:
(1) Employ any device, scheme, or artifice to defraud a
person;
(2) Make any untrue statement of a material fact or to
omit to state a material fact necessary in order to make the
statements made not misleading in the light of the
circumstances under which they are made; or
(3) Engage in any act, practice, or course of business
that operates or would operate as a fraud or deceit upon any
person.
(b)(1) A person that knowingly violates subsection (a)
shall be guilty of a Class B felony.
(2) The limitations period for any prosecution under
this section does not commence or begin to accrue until the
discovery of the facts constituting the deception, after which
the prosecution shall be commenced within five years.
(c) A person that intentionally makes a false
statement, misrepresentation, or false certification in a
record filed or required to be maintained under this chapter
or intentionally makes a false entry or omits a material entry
421
422
423
424
425
426
427
428
429
430
431
432
433
434
435
436
437
438
439
440
441
442
443
444
445
446
447
448
HB259 Enrolled
Page 17
or intentionally makes a false entry or omits a material entry
in such a record is guilty of a Class C felony.
(d) A person that intentionally engages in an activity
for which a license is required under this chapter without
being licensed under this chapter and who receives more than
five thousand dollars ($5,000) in compensation within a 30-day
period from this activity is guilty of a Class C felony.
(e) A person that intentionally engages in an activity
for which a license is required under this chapter without
being licensed under this chapter and who receives five
thousand dollars ($5,000) or less in compensation within a
30-day period from this activity is guilty of a Class D
felony.
(f) The enforcement of this chapter shall be vested in
the commission. It is the duty of the commission to enforce
this chapter and to investigate, prevent, and detect
violations of this chapter. The commission is vested with the
rights, privileges, and powers conferred by law upon district
attorneys, including the power to appear before grand juries
and to interrogate witnesses before such grand jury. A
district attorney may empower the commission to proceed on his
or her behalf in any proceeding under this chapter.
(g) In any proceeding under this chapter, intent or
knowledge need not be alleged and proved in prosecutions of
violations involving unlicensed issuers.
(h) A proceeding under this chapter shall not preempt
or foreclose any criminal action or liability which may arise
under any other criminal provision.
§8-7B-14
449
450
451
452
453
454
455
456
457
458
459
460
461
462
463
464
465
466
467
468
469
470
471
472
473
474
475
476
HB259 Enrolled
Page 18
§8-7B-14
(a) The commission may assess a civil penalty against a
person that violates this chapter or a rule adopted or an
order issued under this chapter in an amount not to exceed one
hundred thousand dollars ($100,000) per day for each day the
violation is outstanding, plus the state's costs and expenses
for the investigation and prosecution of the matter, including
reasonable attorney fees. All assessments collected under this
section shall be deposited in the State General Fund.
(b) The commission may assess an administrative charge
for the actual cost of any investigation resulting from any
violation of this chapter, a violation of any rule or order
issued under this chapter, or the cost of any examination made
by the commission pursuant to this chapter, to the person or
persons subject to the investigation or examination. All
charges assessed for costs shall be deposited in the Alabama
Securities Commission Fund in the State Treasury to be drawn
upon by the commission for its use in the administration of
this chapter.
(c) For the purposes of determining the amount or
extent of an administrative assessment, if any, to be imposed
under this section, the commission shall consider among other
factors, the frequency, persistence, and willfulness of the
conduct constituting a violation of any provision of this
chapter or any rule or order issued under this chapter, and
the number of persons adversely affected by the conduct.
(d) The administrative assessment under this section is
in addition to any other penalty, remedy, or sanction that may
be imposed under this chapter.
477
478
479
480
481
482
483
484
485
486
487
488
489
490
491
492
493
494
495
496
497
498
499
500
501
502
503
504
HB259 Enrolled
Page 19
be imposed under this chapter.
§8-7B-15
(a) Except as otherwise provided in subsection (b), all
information or reports obtained by the commission from the
applicant, licensee, or authorized delegate and all
information contained in or related to examination,
investigation, operation, or condition reports prepared by, or
on behalf of, or for the use of the commission, are
confidential and are not subject to disclosure under Article 3
of Chapter 12, Title 36.
(b) The commission may disclose information not
otherwise subject to disclosure under subsection (a) to
representatives of state and federal agencies, provided the
agencies submit an undertaking to maintain the confidentiality
of the information in a record.
(c) This section shall not prohibit the commission from
disclosing to the public a list of persons licensed under this
chapter or the aggregated financial data concerning those
licensees.
§8-7B-16
In any insolvency proceeding of an Alabama qualified
payment stablecoin issuer, including any insolvency proceeding
administered by the commission, the following shall apply:
(1) The claim of a person holding any payment
stablecoin issued by the Alabama qualified payment stablecoin
issuer shall have priority, on a ratable basis with the claims
of other persons holding the payment stablecoin, over the
claims of the Alabama qualified payment stablecoin issuer and
any other holder of claims against the Alabama qualified
505
506
507
508
509
510
511
512
513
514
515
516
517
518
519
520
521
522
523
524
525
526
527
528
529
530
531
532
HB259 Enrolled
Page 20
any other holder of claims against the Alabama qualified
payment stablecoin issuer, with respect to required payment
stablecoin reserves.
(2) Notwithstanding any other provision of law, any
person holding a payment stablecoin issued by the Alabama
qualified payment stablecoin issuer shall be deemed to hold a
claim.
(3) The priority under subdivision (1) shall not apply
to claims other than those arising directly from the holding
of payment stablecoins.
Section 2. This act shall become effective on October
1, 2026.
533
534
535
536
537
538
539
540
541
542
543
HB259 Enrolled
Page 21
1, 2026.
________________________________________________
Speaker of the House of Representatives
________________________________________________
President and Presiding Officer of the Senate
House of Representatives
I hereby certify that the within Act originated in and
was passed by the House 10-Mar-26, as amended.
John Treadwell
Clerk
Senate 31-Mar-26 Passed
544
545
546
547
548
549
550
551
552
553
554
555
556
557
558
559
560
561
562
563
564
565
566
567
568
569
570
571
572
573
574
575
576
577
578