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Code · BILL · 118th Congress · H.R. 4766 (Introduced in House) — To provide for the regulation of payment stablecoins, and for other purposes. · Sec. 7

Sec. 7. State qualified payment stablecoin issuers

284 words·~1 min read·/bill/118/hr/4766/ih/section-7

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

A State payment stablecoin regulator shall have supervisory, examination, and enforcement authority over a State qualified payment stablecoin issuer of such State. A State payment stablecoin regulator may enter into a memorandum of understanding with the Board, by mutual agreement, under which the Board may carry out the supervision, examination, and enforcement authority with respect to the State qualified payment stablecoin issuers of such State. A State payment stablecoin regulator and the Board shall share information on an ongoing basis with respect to a State qualified payment stablecoin issuer of such State, including a copy of the initial application and any accompanying documents.
The Board shall issue orders and rules under section 4 applicable to State qualified payment stablecoin issuers to the same extent as the primary Federal payment stablecoin regulators issue orders and rules under section 4 applicable to permitted payment stablecoin issuers that are not a State qualified payment stablecoin issuers. In exigent circumstances, the Board may, after no less than 48 hours prior written notice to the applicable State payment stablecoin regulator, take an enforcement action against a State qualified payment stablecoin issuer or an institution-affiliated party of such issuer for violations of this Act.
Not later than the end of the 180-day period beginning on the date of enactment of this Act, the Board shall issue rules to set forth those exigent circumstances in which the Board may act under this subsection. For purposes of title V of the Gramm-Leach-Bliley Act ( 15 U.S.C. 6801 et seq. ) a State qualified payment stablecoin issuer is deemed a financial institution. The provisions of this section do not preempt any law of a State and do not supersede any State licensing requirement.
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Sec. 7
State qualified payment stablecoin issuers
U.S.C.§ 6801
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