Sec. 17. Effective date
151 words·~1 min read·
/bill/119/s/919/rs/section-17A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
This Act, and the amendments made by this Act, shall take effect on the earlier of— 18 months after the date of enactment of this Act; or the date that is 120 days after the date on which the primary Federal payment stablecoin regulators issue any final regulations implementing this Act. The primary Federal payment stablecoin regulators shall notify Congress upon beginning to process applications under this Act. The primary Federal payment stablecoin regulators may waive the application of the requirements of this Act for a period not to exceed 12 months beginning on the effective date described under subsection (a), with respect to— a subsidiary of an insured depository institution, if the insured depository institution has an application pending for the subsidiary to become a permitted payment stablecoin issuer on that effective date; or a nonbank entity with an application pending to become a Comptroller-regulated entity on that effective date.