Sec. 15. Effective date; implementation and rules
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This Act shall take effect on the earlier of— the date that is 540 days after the date of enactment of this Act; or the date that is 90 days after the date on which the Board— issues final rules implementing this Act; and notifies Congress and the public that final rules have been issued. An application for authorization under this Act of a State non-depository trust company, or the holder of a State license that only persons engaged in crypto asset activities may obtain, which was chartered or issued under the laws of a State and granted permission by its regulator to issue payment stablecoins before May 1, 2024, shall be approved by the Board before an application from another entity that is filed on or after May 1, 2024.
An application described in paragraph (1), shall be approved unless the Board finds, by unanimous vote of all members, that the non-depository institution is unlikely to come into compliance with the requirements of section 6(b) not later than 1 year after the effective date of this Act under subsection (a). A State non-depository trust company or holder of a State license to which this subsection applies may continue with issuance, redemption and other similar activities relating to a payment stablecoin under this subsection under this subsection until its application is approved or denied by the Board.
The application of a depository institution for authorization to become a national payment stablecoin issuer under section 7 of this Act, which was chartered and granted permission by its regulator to issue payment stablecoins before May 1, 2024, shall be decided upon by the Board before any other application for authorization to become a national payment stablecoin issuer which is filed on or after May 1, 2024. The application described in paragraph
(1)shall be deemed approved unless the Board finds, by unanimous vote of all members, that the depository institution is unlikely to come into compliance with the requirements of section 7(b) not later than 1 year after the date of enactment of this Act. A depository institution to which this subsection applies may continue with issuance, redemption and other similar activities relating to a payment stablecoin under this subsection until its application is approved or denied by the Board. Congress finds the following: In determining whether an activity is financial in nature under the Bank Holding Company Act ( 12 U.S.C. 1841 et seq. ), Congress has required the Board under such Act to— consider changes or reasonably expected changes in the marketplace in which financial companies compete; consider changes or reasonably expected changes in the technology for delivering financial services; and consider the ability of financial companies to compete effectively and efficiently to deliver information and services that are financial in nature through the use of technological means, including any application necessary to protect the security or efficacy of systems for the transmission of data or financial transactions. Lending, exchanging, transferring, investing for others, and safeguarding money and crypto assets, and activities incidental to these functions, are analogous to similar activities permissible for banks under the Bank Holding Company Act ( 12 U.S.C. 1841 et seq. ). The activities described in paragraph
(2)shall be deemed financial in nature, or incidental to a financial activity, under the Bank Holding Company Act ( 12 U.S.C. 1841 et seq. ) for purposes of section 5 of this Act. Not later than 180 days after the effective date of this Act under subsection (a), the Board shall submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives a status update on the development of the rulemaking under this Act.
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Sec. 15
Effective date; implementation and rules
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