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12 U.S.C. § 5914 — Reports

Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 5914 — Reports

**(a) Annual reporting requirement** Beginning on the date that is 1 year after July 18, 2025, and annually thereafter, the primary Federal payment stablecoin regulators, in consultation with State payment stablecoin regulators, as necessary, shall submit to the Committee on Banking, Housing, and Urban Affairs of the Senate, the Committee on Financial Services of the House of Representatives, and the Director of the Office of Financial Research a report, which may include a classified annex, if applicable, on the status of the payment stablecoin industry, including— (1) a summary of trends in payment stablecoin activities; (2) a summary of the number of applications for approval as a permitted payment stablecoin issuer under [section 5904 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5904&num=0&edition=prelim), including aggregate approvals and rejections of applications; and (3) a description of the potential financial stability risks posed to the safety and soundness of the broader financial system by payment stablecoin activities. **(b) FSOC report** The Financial Stability Oversight Council shall incorporate the findings in the report under subsection (a) into the annual report of the Council required under [section 5322(a)(2)(N) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5322/a/2/N&num=0&edition=prelim).

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Stable record: federal_law:legal_authorities:record_usc_3573de69934b6927f2f04389
Source file: Laws/federal/codes/united-states-code/title-12/section-5914-reports--ad2f35feec.md
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Passage SHA-256: dfd380d72297af6014342a5d206474fc62ec34447ae87de23ea5c4159dfe818c

Source location: Title 12, Chapter 56, § 5914; chapter-056-regulation-of-payment-stablecoins.md

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 5901 — Definitions

In this chapter: (1) **Appropriate Federal banking agency** — The term “appropriate Federal banking agency” has the meaning given that term in [section 1813 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1813&num=0&edition=prelim). (2) **Bank Secrecy Act** — The term “Bank Secrecy Act” means— (A) [section 1829b of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1829b&num=0&edition=prelim); (B) chapter 2 of title I of Public Law 91–508 ([12 U.S.C. 1951](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1951&num=0&edition=prelim) et seq.); and (C) subchapter II of chapter 53 of title 31. (3) **Board** — The term “Board” means the Board of Governors of the Federal Reserve System. (4) **Comptroller** — The term “Comptroller” means the Office of the Comptroller of the Currency. (5) **Corporation** — The term “Corporation” means the Federal Deposit Insurance Corporation. (6) **Digital asset** — The term “digital asset” means any digital representation of value that is recorded on a cryptographically secured distributed ledger. (7) **Digital asset service provider** — The term “digital asset service provider”— (A) means a person that, for compensation or profit, engages in the business in the United States (including on behalf of customers or users in the United States) of— (i) exchanging digital assets for monetary value; (ii) exchanging digital assets for other digital assets; (iii) transferring digital assets to a third party; (iv) acting as a digital asset custodian; or (v) participating in financial services relating to digital asset issuance; and (B) does not include— (i) a distributed ledger protocol; (ii)

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 5904 — Approval of subsidiaries of insured depository institutions and Federal qualified payment stablecoin issuers

**(a) Application** (1) **In general** — Each primary Federal payment stablecoin regulator shall— (A) receive, review, and consider for approval applications from any insured depository institution that seeks to issue payment stablecoins through a subsidiary and any nonbank entity, Federal branch, or uninsured national bank that is chartered by the Comptroller pursuant to title LXII of the Revised Statutes, and that seeks to issue payment stablecoins as a Federal qualified payment stablecoin issuer; and (B) establish a process and framework for the licensing, regulation, examination, and supervision of such entities that prioritizes the safety and soundness of such entities. (2) **Authority to issue regulations and process applications** — The primary Federal payment stablecoin regulators shall, before the date described in [section 5913 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5913&num=0&edition=prelim)— (A) issue regulations consistent with that section to carry out this section; and (B) pursuant to the regulations described in subparagraph (A), accept and process applications described in paragraph (1). (3) **Mandatory approval process** — A primary Federal payment stablecoin regulator shall, upon receipt of a substantially complete application received under paragraph (1), evaluate and make a determination on each application based on the criteria established under this chapter. **(b) Evaluation of applications** A substantially complete application received under subsection (a) shall be evaluated by the primary Federal payment stablecoin regulator using the factors described in subsection (c). **(c) Factors to be considered** The factors described in this subsection are the following: (1) The abili

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