Sec. 8. Customer protection
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A person may only engage in the business of providing custodial or safekeeping services for permitted payment stablecoins or private keys of permitted payment stablecoins, if the person— is subject to— supervision or regulation by a primary Federal payment stablecoin regulator or a primary financial regulatory agency described under subparagraph
(B)or
(C)of section 2(12) of the Dodd-Frank Wall Street Reform and Consumer Protection Act ( 12 U.S.C. 5301(12) ); or supervision by a State bank supervisor, as defined under section 3 of the Federal Deposit Insurance Act ( 12 U.S.C. 1813 ) or a State credit union supervisor, as defined under section 6003 of the Anti-Money Laundering Act of 2020, and such state bank supervisor or state credit union supervisor makes available to the Board such information as the Board determines necessary and relevant to the categories of information under subsection (d); and complies with the segregation requirements under subsection (b), unless such person complies with similar requirements as required by a primary Federal payment stablecoin regulator, the Securities and Exchange Commission, or the Commodity Futures Trading Commission. A person described in subsection
(a)shall— treat and deal with the payment stablecoins, private keys, cash, and other property of a person for whom or on whose behalf the person receives, acquires, or holds payment stablecoins, private keys, cash, and other property (hereinafter in this section referred to as the customer ) as belonging to such customer; and take such steps as are appropriate to protect the payment stablecoins, private keys, cash, and other property of a customer from the claims of creditors of the person. Payment stablecoins, cash, and other property of a customer shall be separately accounted for by a person described in subsection
(a)and shall not be commingled with the funds of the person. Notwithstanding paragraph (1)— the payment stablecoins, cash, and other property of a customer may, for convenience, be commingled and deposited in an omnibus account holding the payment stablecoins, cash, and other property of more than one customer at an insured depository institution or trust company; such share of the payment stablecoins, cash, and other property of the customer that shall be necessary to transfer, adjust, or settle a transaction or transfer of assets may be withdrawn and applied to such purposes, including the payment of commissions, taxes, storage, and other charges lawfully accruing in connection with the provision of services by a person described in subsection (a); and in accordance with such terms and conditions as the Board may prescribe by rule, regulation, or order, any customer payment stablecoin, cash, and other property described in this subsection may be commingled and deposited in customer accounts with payment stablecoins, cash, and other property received by the person and required by the Board to be separately accounted for, treated, and dealt with as belonging to customers. A person described under subsection
(a)shall submit to the Board information concerning the person’s business operations and processes to protect customer assets, in such form and manner as the Board shall determine. The requirements of this section shall not apply to any person solely on the basis that such person engages in the business of providing hardware or software to facilitate a customer’s own custody or safekeeping of the customer’s payment stablecoins or private keys. The Board, the Comptroller, the Corporation, the National Credit Union Administration, and the Financial Crimes Enforcement Network shall make no rules, regulations, orders, or guidance, or take any other administrative action, which would restrict the ability of an individual to use digital assets for such individual’s own purposes or prohibit or otherwise restrict an individual to use hardware or software to facilitate such individual’s own custody or safekeeping of such individual’s digital assets.
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