SEC. 3 › (g)
(g) .— Treatment
Bill Text
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A payment stablecoin that is not issued by a permitted payment stablecoin issuer shall not be—
§3(g)(1)
(1)
treated as cash or as a cash equivalent for accounting purposes;
§3(g)(2)
(2)
eligible as cash or as a cash equivalent margin and collateral for futures commission merchants, derivative clearing organizations, broker-dealers, registered clearing agencies, and swap dealers; or
§3(g)(3)
(3)
acceptable as a settlement asset to facilitate wholesale payments between banking organizations or by a payment infrastructure to facilitate exchange and settlement among banking organizations.
Parent Section
SEC. 3ISSUANCE AND TREATMENT OF PAYMENT STABLECOINS