SEC. 4

SEC. 4. REQUIREMENTS FOR ISSUING PAYMENT STABLECOINS

📜 Rulemaking Required🏛️ OCC 🏛️ Treasury 🏛️ Federal Reserve 🏛️ FDIC 🏛️ SEC 🏛️ NCUA

Bill Text

§4📜 Rulemaking

SEC. 4. REQUIREMENTS FOR ISSUING PAYMENT STABLECOINS

§4(a)

(a) .— Standards for the Issuance of Payment Stablecoins

§4(b)

(b) .— Regulation by the Comptroller

§4(c)

(c) .— State-level Regulatory Regimes

§4(d)

(d) .— Transition to Federal Oversight

§4(e)

(e) .— Misrepresentation of Insured Status

§4(f)

(f) .— Officers or Directors Convicted of Certain Felonies

§4(g)

(g) .— Clarification Relating to Federal Savings Association Reserves

A Federal savings association established under the Home Owners’ Loan Act () that holds a reserve that satisfies the requirements of section 4(a)(1) shall not be required to satisfy the qualified thrift lender test under section 10(m) of the Home Owners’ Loan Act () with respect to such reserve assets.

§4(h)📜 Rulemaking

(h) .— Rulemaking

§4(i)

(i) .— Rules of Construction

Nothing in this Act shall be construed—

Regulatory Agencies

OCC

Office of the Comptroller of the Currency

Treasury

Department of the Treasury

Fed

Federal Reserve Board

FDIC

Federal Deposit Insurance Corporation

SEC

Securities and Exchange Commission

NCUA

National Credit Union Administration