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Code · BILL · 117th Congress · S. 4356 (Introduced in Senate) — To provide for responsible financial innovation and to bring digital assets within the regulatory perimeter. · Sec. 803

Sec. 803. State money transmission coordination relating to digital assets

276 words·~1 min read·/bill/117/s/4356/is/section-803·

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

In order to increase uniformity, reduce regulatory burden, and enhance consumer protection, the States, through the Conference of State Bank Supervisors and the Money Transmission Regulators Association, shall, not later than 2 years after the date of enactment of this Act, ensure uniform treatment of digital assets for the purposes of State money transmission laws on the following matters: Whether digital assets are subject to money transmission licensing requirements, as appropriate, which shall include the exchange of digital assets for legal tender.
Treatment of payment stablecoins. Non-applicability to persons or software that engage in validation of transactions, non-custodial wallet providers, or software or hardware development. Tangible net worth and permissible investment requirements. Disclosures, reporting, and recordkeeping. Common examination and examiner training standards, including common customer identification, anti-money laundering, and sanctions best practices developed in consultation with the Financial Crimes Enforcement Network and the Office of Foreign Assets Control.
If the Director of the Bureau of Consumer Financial Protection determines that a State does not have the requirements of subsection
(a)in effect by law (including regulations) that are substantively consistent with the requirements of the several States on the date that is 2 years after the date of enactment of this section, the Director shall adopt rules applicable to that State that achieve the purposes of subsection
(a)and that are consistent with the standards adopted in the States that have the requirements of subsection
(a)in effect. The Director may extend the deadline under this section for not more than 1 year if a State has shown a good faith effort towards implementation. The Director may promulgate regulations to monitor State compliance with this subsection.
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