SEC. 5 › (a)

(a) .— Application

licensing

Bill Text

§5(a)

(a) .— Application

§5(a)(1)

(1) .— In general

Each primary Federal payment stablecoin regulator shall—

§5(a)(2)

(2) . — Authority to issue regulations and process applications

The primary Federal payment stablecoin regulators shall, before the date described in section 13—

§5(a)(3)

(3) .— Mandatory approval process

A primary Federal payment stablecoin regulator shall, upon receipt of a substantially complete application received under paragraph (1), evaluate and make a determination on each application based on the criteria established under this Act.

Parent Section

SEC. 5

APPROVAL OF SUBSIDIARIES OF INSURED DEPOSITORY ...

Related Sections

Other sections under SEC. 5

SEC. 5 › (b)(b) .— Evaluation of Applications SEC. 5 › (c)(c) .— Factors to Be Considered SEC. 5 › (d)(d) .— Timing for Decision; Grounds for Denial SEC. 5 › (e)(e) .— Reports on Pending Applications SEC. 5 › (f)(f) .— Safe Harbor for Pending Applications SEC. 5 › (g)(g) .— Rulemaking