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12 U.S.C. § 5901 — Definitions
Federal law — U.S. Code and appendices · legal_authorities
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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Source file: Laws/federal/codes/united-states-code/title-12/section-5901-definitions--78eb30ff8c.md
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Source location: Title 12, Chapter 56, § 5901; chapter-056-regulation-of-payment-stablecoins.md
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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) developing, operating, or engaging in the business of developing distributed ledger protocols or self-custodial software interfaces;
(iii) an immutable and self-custodial software interface;
(iv) developing, operating, or engaging in the business of validating transactions or operating a distributed ledger; or
(v) participating in a liquidity pool or other similar mechanism for the provisioning of liquidity for peer-to-peer transactions.
(8) **Distributed ledger** — The term “distributed ledger” means technology in which data is shared across a network that creates a public digital ledger of verified transactions or information among network participants and cryptography is used to link the data to maintain the integrity of the public ledger and execute other functions.
(9) **Distributed ledger protocol** — The term “distributed ledger protocol” means publicly available and accessible executable software deployed to a distributed ledger, including smart contracts or networks of smart contracts.
(10) **Federal branch** — The term “Federal branch” 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).
(11) **Federal qualified payment stablecoin issuer** — The term “Federal qualified payment stablecoin issuer” means—
(A) a nonbank entity, other than a State qualified payment stablecoin issuer, approved by the Comptroller, pursuant to [section 5904 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5904&num=0&edition=prelim), to issue payment stablecoins;
(B) an uninsured national bank—
(i) that is chartered by the Comptroller, pursuant to title LXII of the Revised Statutes; and
(ii) that is approved by the Comptroller, pursuant to [section 5904 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5904&num=0&edition=prelim), to issue payment stablecoins; and
(C) a Federal branch that is approved by the Comptroller, pursuant to [section 5904 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5904&num=0&edition=prelim), to issue payment stablecoins.
(12) **Foreign payment stablecoin issuer** — The term “foreign payment stablecoin issuer” means an issuer of a payment stablecoin that is—
(A) organized under the laws of or domiciled in a foreign country, a territory of the United States, Puerto Rico, Guam, American Samoa, or the Virgin Islands; and
(B) not a permitted payment stablecoin issuer.
(13) **Institution-affiliated party** — With respect to a permitted payment stablecoin issuer, the term “institution-affiliated party” means any director, officer, employee, or controlling stockholder of the permitted payment stablecoin issuer.
(14) **Insured credit union** — The term “insured credit union” has the meaning given that term in [section 1752 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1752&num=0&edition=prelim).
(15) **Insured depository institution** — The term “insured depository institution” means—
(A) an insured depository institution, as defined in [section 1813 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1813&num=0&edition=prelim); and
(B) an insured credit union.
(16) **Lawful order** — The term “lawful order” means any final and valid writ, process, order, rule, decree, command, or other requirement issued or promulgated under Federal law, issued by a court of competent jurisdiction or by an authorized Federal agency pursuant to its statutory authority, that—
(A) requires a person to seize, freeze, burn, or prevent the transfer of payment stablecoins issued by the person;
(B) specifies the payment stablecoins or accounts subject to blocking with reasonable particularity; and
(C) is subject to judicial or administrative review or appeal as provided by law.
(17) **Monetary value** — The term “monetary value” means a national currency or deposit (as defined in [section 1813 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1813&num=0&edition=prelim)) denominated in a national currency.
(18) **Money** — The term “money”—
(A) means a medium of exchange currently authorized or adopted by a domestic or foreign government; and
(B) includes a monetary unit of account established by an intergovernmental organization or by agreement between 2 or more countries.
(19) **National currency** — The term “national currency” means each of the following:
(A) A Federal Reserve note (as the term is used in [section 411 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section411&num=0&edition=prelim)).
(B) Money standing to the credit of an account with a Federal Reserve Bank.
(C) Money issued by a foreign central bank.
(D) Money issued by an intergovernmental organization pursuant to an agreement by 2 or more governments.
(20) **Nonbank entity** — The term “nonbank entity” means a person that is not a depository institution or subsidiary of a depository institution.
(21) **Offer** — The term “offer” means to make available for purchase, sale, or exchange.
(22) **Payment stablecoin** — The term “payment stablecoin”—
(A) means a digital asset—
(i) that is, or is designed to be, used as a means of payment or settlement; and
(ii) the issuer of which—
(I) is obligated to convert, redeem, or repurchase for a fixed amount of monetary value, not including a digital asset denominated in a fixed amount of monetary value; and
(II) represents that such issuer will maintain, or create the reasonable expectation that it will maintain, a stable value relative to the value of a fixed amount of monetary value; and
(B) does not include a digital asset that—
(i) is a national currency;
(ii) is a deposit (as defined in [section 1813 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1813&num=0&edition=prelim)), including a deposit recorded using distributed ledger technology; or
(iii) is a security, as defined in [section 77b of title 15](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section77b&num=0&edition=prelim), [section 78c of title 15](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78c&num=0&edition=prelim), or [section 80a–2 of title 15](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section80a–2&num=0&edition=prelim), except that, for the avoidance of doubt, no bond, note, evidence of indebtedness, or investment contract that was issued by a permitted payment stablecoin issuer shall qualify as a security solely by virtue of its satisfying the conditions described in subparagraph (A), consistent with section 17 of this Act.
(23) **Permitted payment stablecoin issuer** — The term “permitted payment stablecoin issuer” means a person formed in the United States that is—
(A) a subsidiary of an insured depository institution that has been approved to issue payment stablecoins under [section 5904 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5904&num=0&edition=prelim);
(B) a Federal qualified payment stablecoin issuer; or
(C) a State qualified payment stablecoin issuer.
(24) **Person** — The term “person” means an individual, partnership, company, corporation, association, trust, estate, cooperative organization, or other business entity, incorporated or unincorporated.
(25) **Primary Federal payment stablecoin regulator** — The term “primary Federal payment stablecoin regulator” means—
(A) with respect to a subsidiary of an insured depository institution (other than an insured credit union), the appropriate Federal banking agency of such insured depository institution;
(B) with respect to an insured credit union or a subsidiary of an insured credit union, the National Credit Union Administration;
(C) with respect to a State chartered depository institution not specified under subparagraph (A), the Corporation, the Comptroller, or the Board; and
(D) with respect to a Federal qualified payment stablecoin issuer, the Comptroller.
(26) **Registered public accounting firm** — The term “registered public accounting firm” has the meaning given that term under [section 7201 of title 15](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section7201&num=0&edition=prelim).
(27) **Stablecoin Certification Review Committee** — The term “Stablecoin Certification Review Committee” means the committee of that name and having the functions as provided in this chapter—
(A) of which—
(i) the Secretary of the Treasury shall serve as Chair; and
(ii) the Chair of the Board (or the Vice Chair for Supervision, as delegated by the Chair of the Board), and the Chair of the Corporation shall serve as members; and
(B) which, unless otherwise specified in this chapter, shall act by ⅔ vote of its members at any meeting called by the Chair or by unanimous written consent.
(28) **State** — The term “State” means each of the several States of the United States, the District of Columbia, and each territory of the United States.
(29) **State chartered depository institution** — The term “State chartered depository institution” has the meaning given the term “State depository institution” in [section 1813(c) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1813/c&num=0&edition=prelim).
(30) **State payment stablecoin regulator** — The term “State payment stablecoin regulator” means a State agency that has primary regulatory and supervisory authority in such State over entities that issue payment stablecoins.
(31) **State qualified payment stablecoin issuer** — The term “State qualified payment stablecoin issuer” means an entity that—
(A) is legally established under the laws of a State and approved to issue payment stablecoins by a State payment stablecoin regulator; and
(B) is not an uninsured national bank chartered by the Comptroller pursuant to title LXII of the Revised Statutes, a Federal branch, an insured depository institution, or a subsidiary of such national bank, Federal branch, or insured depository institution.
(32) **Subsidiary** — The term “subsidiary” 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).
(33) **Subsidiary of an insured credit union** — With respect to an insured credit union, the term “subsidiary of an insured credit union” means—
(A) an organization providing services to the insured credit union that are associated with the routine operations of credit unions, as described in [section 1757(7)(I) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1757/7/I&num=0&edition=prelim);
(B) a credit union service organization, as such term is used under part 712 of title 12, Code of Federal Regulations, with respect to which the insured credit union has an ownership interest or to which the insured credit union has extended a loan; and
(C) a subsidiary of a State chartered insured credit union authorized under State law.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Annual and Termination Reports.—** Each report filed pursuant to section 13103(d) and (e) of this title shall include a full and complete statement with respect to the following:
(1) **Income.—**
(A) *In general.—* — The source, type, and amount or value of income (other than income referred to in subparagraph (B)) from any source (other than from current employment by the United States Government), and the source, date, and amount of honoraria from any source, received during the preceding calendar year, aggregating $200 or more in value and, effective January 1, 1991, the source, date, and amount of payments made to charitable organizations in lieu of honoraria, and the reporting individual shall simultaneously file with the applicable supervising ethics office, on a confidential basis, a corresponding list of recipients of all such payments, together with the dates and amounts of such payments.
(B) *Dividends, rents, interest, and capital gains.—* — The source and type of income which consists of dividends, rents, interest, and capital gains, received during the preceding calendar year which exceeds $200 in amount or value, and an indication of which of the following categories the amount or value of such item of income is within—
(i) not more than $1,000;
(ii) greater than $1,000 but not more than $2,500;
(iii) greater than $2,500 but not more than $5,000;
(iv) greater than $5,000 but not more than $15,000;
(v) greater than $15,000 but not more than $50,000;
(vi) greater than $50,000 but not more than $100,000;
(vii) greater than $100,000 but not more than $1,000,000;
(viii) greater than $1,000,000 but not more than $5,000,000; or
(ix) greater than $5,000,000.
(2) **Gifts and reimbursements.—**
(A) *Gifts
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Office of the Comptroller of the Currency established** There is established in the Department of the Treasury a bureau to be known as the “Office of the Comptroller of the Currency” which is charged with assuring the safety and soundness of, and compliance with laws and regulations, fair access to financial services, and fair treatment of customers by, the institutions and other persons subject to its jurisdiction.
**(b) Comptroller of the Currency**
(1) **In general** — The chief officer of the Office of the Comptroller of the Currency shall be known as the Comptroller of the Currency. The Comptroller of the Currency shall perform the duties of the Comptroller of the Currency under the general direction of the Secretary of the Treasury. The Secretary of the Treasury may not delay or prevent the issuance of any rule or the promulgation of any regulation by the Comptroller of the Currency, and may not intervene in any matter or proceeding before the Comptroller of the Currency (including agency enforcement actions), unless otherwise specifically provided by law.
(2) **Additional authority** — The Comptroller of the Currency shall have the same authority with respect to functions transferred to the Comptroller of the Currency under the Enhancing Financial Institution Safety and Soundness Act of 2010 as was vested in the Director of the Office of Thrift Supervision on the transfer date, as defined in section 311 of that Act [[12 U.S.C. 5411](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5411&num=0&edition=prelim)].
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Congressional findings and declaration of purpose**
(1) **Findings** — Congress finds that—
(A) adequate records maintained by insured depository institutions have a high degree of usefulness in criminal, tax, and regulatory investigations or proceedings, and that, given the threat posed to the security of the Nation on and after the terrorist attacks against the United States on September 11, 2001, such records may also have a high degree of usefulness in the conduct of intelligence or counterintelligence activities, including analysis, to protect against domestic and international terrorism; and
(B) microfilm or other reproductions and other records made by insured depository institutions of checks, as well as records kept by such institutions, of the identity of persons maintaining or authorized to act with respect to accounts therein, have been of particular value in proceedings described in subparagraph (A).
(2) **Purpose** — It is the purpose of this section to require the maintenance of appropriate types of records by insured depository institutions in the United States where such records have a high degree of usefulness in criminal, tax, or regulatory investigations or proceedings, recognizing that, given the threat posed to the security of the Nation on and after the terrorist attacks against the United States on September 11, 2001, such records may also have a high degree of usefulness in the conduct of intelligence or counterintelligence activities, including analysis, to protect against international terrorism.
**(b) Recordkeeping regulations**
(1) **In general** — Where the Secretary of the Treasury (referred to in this section as the “Secretary”) determines that the maintenance of appropriate types of records and other evidence by insured d
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Federal law — U.S. Code and appendices · legal_authorities
As used in this chapter:
(1) **Alternative trading system** — The term “alternative trading system” means an organization, association, or group of persons that—
(A) is registered as a broker or dealer pursuant to section 15(b) of the Securities Exchange Act of 1934 [[15 U.S.C. 78](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78&num=0&edition=prelim)o(b)] (except paragraph (11) thereof);
(B) performs the functions commonly performed by an exchange (as defined in section 3(a)(1) of the Securities Exchange Act of 1934 [[15 U.S.C. 78c(a)(1)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78c/a/1&num=0&edition=prelim)]);
(C) does not—
(i) set rules governing the conduct of subscribers other than the conduct of such subscribers’ trading on the alternative trading system; or
(ii) discipline subscribers other than by exclusion from trading; and
(D) is exempt from the definition of the term “exchange” under such section 3(a)(1) [[15 U.S.C. 78c(a)(1)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78c/a/1&num=0&edition=prelim)] by rule or regulation of the Securities and Exchange Commission on terms that require compliance with regulations of its trading functions.
(2) **Appropriate Federal banking agency** — The term “appropriate Federal banking agency”—
(A) has the meaning given the term in [section 1813 of title 12](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1813&num=0&edition=prelim);
(B) means the Board in the case of a noninsured State bank; and
(C) is the Farm Credit Administration for farm credit system institutions.
(3) **Associated person of a security-based swap dealer or major security-based swap participant** — T
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Federal law — U.S. Code and appendices · legal_authorities
Federal reserve notes, to be issued at the discretion of the Board of Governors of the Federal Reserve System for the purpose of making advances to Federal reserve banks through the Federal reserve agents as hereinafter set forth and for no other purpose, are authorized. The said notes shall be obligations of the United States and shall be receivable by all national and member banks and Federal reserve banks and for all taxes, customs, and other public dues. They shall be redeemed in lawful money on demand at the Treasury Department of the United States, in the city of Washington, District of Columbia, or at any Federal Reserve bank.
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Federal law — U.S. Code and appendices · legal_authorities
**(a)** The Congress finds that certain records maintained by businesses engaged in the functions described in [section 1953(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1953/b&num=0&edition=prelim) have a high degree of usefulness in criminal, tax, and regulatory investigations and proceedings. The Congress further finds that the power to require reports of changes in the ownership, control, and managements of types of financial institutions referred to in [section 1952 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1952&num=0&edition=prelim) may be necessary for the same purpose.
**(b)** It is the purpose of this chapter to require the maintenance of appropriate types of records and the making of appropriate reports by such businesses in the United States where such records or reports have a high degree of usefulness in criminal, tax, or regulatory investigations or proceedings.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Rules defining “financial expert”** The Commission shall issue rules, as necessary or appropriate in the public interest and consistent with the protection of investors, to require each issuer, together with periodic reports required pursuant to sections 78m(a) and 78o(d) of this title, to disclose whether or not, and if not, the reasons therefor, the audit committee of that issuer is comprised of at least 1 member who is a financial expert, as such term is defined by the Commission.
**(b) Considerations** In defining the term “financial expert” for purposes of subsection (a), the Commission shall consider whether a person has, through education and experience as a public accountant or auditor or a principal financial officer, comptroller, or principal accounting officer of an issuer, or from a position involving the performance of similar functions—
(1) an understanding of generally accepted accounting principles and financial statements;
(2) experience in—
(A) the preparation or auditing of financial statements of generally comparable issuers; and
(B) the application of such principles in connection with the accounting for estimates, accruals, and reserves;
(3) experience with internal accounting controls; and
(4) an understanding of audit committee functions.
**(c) Deadline for rulemaking** The Commission shall—
(1) propose rules to implement this section, not later than 90 days after July 30, 2002; and
(2) issue final rules to implement this section, not later than 180 days after July 30, 2002.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Definitions** When used in this chapter, unless the context otherwise requires—
(1) The term “exchange” means any organization, association, or group of persons, whether incorporated or unincorporated, which constitutes, maintains, or provides a market place or facilities for bringing together purchasers and sellers of securities or for otherwise performing with respect to securities the functions commonly performed by a stock exchange as that term is generally understood, and includes the market place and the market facilities maintained by such exchange.
(2) The term “facility” when used with respect to an exchange includes its premises, tangible or intangible property whether on the premises or not, any right to the use of such premises or property or any service thereof for the purpose of effecting or reporting a transaction on an exchange (including, among other things, any system of communication to or from the exchange, by ticker or otherwise, maintained by or with the consent of the exchange), and any right of the exchange to the use of any property or service.
(3)
(A) The term “member” when used with respect to a national securities exchange means (i) any natural person permitted to effect transactions on the floor of the exchange without the services of another person acting as broker, (ii) any registered broker or dealer with which such a natural person is associated, (iii) any registered broker or dealer permitted to designate as a representative such a natural person, and (iv) any other registered broker or dealer which agrees to be regulated by such exchange and with respect to which the exchange undertakes to enforce compliance with the provisions of this chapter, the rules and regulations thereunder, and its own rules. For purposes of section
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Definitions** When used in this subchapter, unless the context otherwise requires—
(1) The term “security” means any note, stock, treasury stock, security future, security-based swap, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, preorganization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege on any security, certificate of deposit, or group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or, in general, any interest or instrument commonly known as a “security”, or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase, any of the foregoing.
(2) The term “person” means an individual, a corporation, a partnership, an association, a joint-stock company, a trust, any unincorporated organization, or a government or political subdivision thereof. As used in this paragraph the term “trust” shall include only a trust where the interest or interests of the beneficiary or beneficiaries are evidenced by a security.
(3) The term “sale” or “sell” shall include every contract of sale or disposition of a security or interest in a security, for value. The term “offer to sell”, “offer for sale”, or “offer” shall include every attempt or offer to dispose of, or solicitation of an offer to buy, a security or interes
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 77b
Stored review status: release_metadata_unconfirmed. Explicit cross-reference supplied in source Markdown; currentness and applicability require review.
Federal law — U.S. Code and appendices · legal_authorities
**(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
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 5904
Stored review status: release_metadata_unconfirmed. Explicit cross-reference supplied in source Markdown; currentness and applicability require review.