Code · BILL · 119th Congress · H.R. 2392 (Reported in House) — To provide for the regulation of payment stablecoins, and for other purposes. · Sec. 9

Sec. 9. Rule of construction

71 words·~1 min read·/bill/119/hr/2392/rh/section-9

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

A digital asset shall not be construed to be a payment stablecoin if it is— redeemable exclusively for other digital assets, provided that such digital assets for which it is redeemable are not primarily— payment stablecoins; or representations of permissible reserves described under section 4(a)(1)(A) or similar such assets; or primarily used within a system controlled by such digital asset’s issuer as a means of accessing products, services, or loyalty rewards.