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Code · BILL · 118th Congress · S. 4155 (Introduced in Senate) — To provide for effective regulation of payment stablecoins, and for other purposes. · Sec. 3

Sec. 3. General requirements for payment stablecoin issuers

407 words·~2 min read·/bill/118/s/4155/is/section-3·

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A payment stablecoin may only be issued directly or indirectly in the United States by— a non-depository trust company that has registered with the Board consistent with section 6 and for which the nominal value of all outstanding payment stablecoins does not exceed $10,000,000,000, as adjusted under subsection (b); or by a depository institution that has been authorized as a national payment stablecoin issuer consistent with section 7. Except as otherwise provided under paragraph (1), it shall be unlawful for any person to engage in the business of issuing a payment stablecoin, directly or indirectly, in the United States, through any means or instruments of transportation or communication in the United States, or to a person in the United States.
Except as otherwise provided in this section, it shall be unlawful for any person to offer or sell a payment stablecoin through the use of any medium or by any means of access in interstate commerce in the United States or to offer or sell a payment stablecoin to a United States person living in the United States. Subparagraph
(A)does not apply to the sale of a payment stablecoin by a United States person living in the United States. Not less frequently than once every 4 years, the Board shall issue rules adjusting the threshold under subsection (a)(1)(A) solely to account for inflation. It shall be unlawful for any person to engage in the business of issuing, creating, or originating an algorithmic payment stablecoin. The Board shall issue regulations providing limited safe harbors from this section that are consistent with the purposes of this Act. Regulations issued pursuant to paragraph
(1)shall provide that any safe harbors applicable to a payment stablecoin issuer shall be made available on an equal basis to any issuer chartered by either the Comptroller or a State bank supervisor. Safe harbors under this section may include— a pilot program allowing for limited issuance of payment stablecoins by entities not otherwise authorized under this section, subject to appropriate safeguards and oversight, in order to foster responsible innovation and competition in the payment stablecoin market; and a safe harbor for payment a payment stablecoin issuer that is subject to comprehensive regulation and supervision by a foreign financial regulatory authority in a jurisdiction with an equivalent regulatory framework to the United States, as determined by the Board, in consultation with the Comptroller and State bank supervisors. This section is intended to have extraterritorial effect.
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