(a) A payment stablecoin issued by a permitted payment stablecoin issuer is not a security under Chapter 73 of Title 6 solely by being a payment stablecoin. Nothing in this section limits the Investor Protection Director’s authority to determine that a specific digital asset qualifies as a security under applicable Delaware law based on other characteristics.

(b) A payment stablecoin issued by a permitted payment stablecoin issuer is not a deposit for purposes of § 761 of this title solely by being a payment stablecoin. Payment stablecoins issued by permitted payment stablecoin issuers are not deposits insured by the Federal Deposit Insurance Corporation or the National Credit Union Administration, and permitted payment stablecoin issuers shall prominently disclose this fact to holders.

(c) A permitted payment stablecoin issuer may not represent to any person that a payment stablecoin is insured by any federal or state government agency or instrumentality.

This chapter does not apply to any of the following:

(1) The direct transfer of digital assets between 2 individuals acting on their own behalf and for their own lawful purposes, without the involvement of a licensed intermediary.

(2) Any transaction by means of a self-custodial wallet that facilitates an individual’s own custody of digital assets.

(3) Any transaction by a Delaware resident involving the receipt of digital assets between an account owned by the individual in this State and an account owned by the individual abroad with the same parent company.