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12 U.S.C. § 5913 — Rulemaking
Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** Not later than 1 year after July 18, 2025, each primary Federal payment stablecoin regulator, the Secretary of the Treasury, and each State payment stablecoin regulator shall promulgate regulations to carry out this chapter through appropriate notice and comment rulemaking.
**(b) Coordination** Federal payment stablecoin regulators, the Secretary of the Treasury, and State payment stablecoin regulators should coordinate, as appropriate, on the issuance of any regulations to implement this chapter.
**(c) Report required** Not later than 180 days after the effective date of this chapter, each Federal banking agency shall submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives a report that confirms and describes the regulations promulgated to carry out this chapter.
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Stable record: federal_law:legal_authorities:record_usc_d1667ad2d4083d0b7e790140
Source file: Laws/federal/codes/united-states-code/title-12/section-5913-rulemaking--fafd7b20a9.md
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Source location: Title 12, Chapter 56, § 5913; chapter-056-regulation-of-payment-stablecoins.md
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**(a) In general** Not later than 1 year after July 18, 2025, each primary Federal payment stablecoin regulator, the Secretary of the Treasury, and each State payment stablecoin regulator shall promulgate regulations to carry out this chapter through appropriate notice and comment rulemaking.
**(b) Coordination** Federal payment stablecoin regulators, the Secretary of the Treasury, and State payment stablecoin regulators should coordinate, as appropriate, on the issuance of any regulations to implement this chapter.
**(c) Report required** Not later than 180 days after the effective date of this chapter, each Federal banking agency shall submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives a report that confirms and describes the regulations promulgated to carry out this chapter.
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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)
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 5901
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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)].
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Limitation on issuers** It shall be unlawful for any person other than a permitted payment stablecoin issuer to issue a payment stablecoin in the United States.
**(b) Prohibition on offers or sales**
(1) **In general** — Except as provided in subsection (c) and [section 5916 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5916&num=0&edition=prelim), beginning on the date that is 3 years after July 18, 2025, it shall be unlawful for a digital asset service provider to offer or sell a payment stablecoin to a person in the United States, unless the payment stablecoin is issued by a permitted payment stablecoin issuer.
(2) **Foreign payment stablecoin issuers** — It shall be unlawful for any digital asset service provider to offer, sell, or otherwise make available in the United States a payment stablecoin issued by a foreign payment stablecoin issuer unless the foreign payment stablecoin issuer has the technological capability to comply, and will comply, with the terms of any lawful order and any reciprocal arrangement pursuant to [section 5916 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5916&num=0&edition=prelim).
**(c) Limited safe harbors**
(1) **In general** — The Secretary of the Treasury may issue regulations providing safe harbors from subsection (a) that are—
(A) consistent with the purposes of the 11 So in original. Probably should be “this”. chapter;
(B) limited in scope; and
(C) apply 22 So in original. to a de minimis volume of transactions, as determined by the Secretary of the Treasury.
(2) **Unusual and exigent circumstances**
(A) *In general* — If the Secretary of the Treasury determines that unusual and exigent circumstances exist, the Secretar
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 5902
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Standards for the issuance of payment stablecoins**
(1) **In general** — A permitted payment stablecoin issuer shall—
(A) maintain identifiable reserves backing the outstanding payment stablecoins of the permitted payment stablecoin issuer on an at least 1 to 1 basis, with reserves comprising—
(i) United States coins and currency (including Federal Reserve notes) or money standing to the credit of an account with a Federal Reserve Bank;
(ii) funds held as demand deposits (or other deposits that may be withdrawn upon request at any time) or insured shares at an insured depository institution (including any foreign branches or agents, including correspondent banks, of an insured depository institution), subject to limitations established by the Corporation and the National Credit Union Administration, as applicable, to address safety and soundness risks of such insured depository institution;
(iii) Treasury bills, notes, or bonds—
(I) with a remaining maturity of 93 days or less; or
(II) issued with a maturity of 93 days or less;
(iv) money received under repurchase agreements, with the permitted payment stablecoin issuer acting as a seller of securities and with an overnight maturity, that are backed by Treasury bills with a maturity of 93 days or less;
(v) reverse repurchase agreements, with the permitted payment stablecoin issuer acting as a purchaser of securities and with an overnight maturity, that are collateralized by Treasury notes, bills, or bonds on an overnight basis, subject to overcollateralization in line with standard market terms, that are—
(I) tri-party;
(II) centrally cleared through a clearing agency registered with the Securities and Exchange Commission; or
(III) bilateral with a co
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 5903
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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
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** A State payment stablecoin regulator shall have supervisory, examination, and enforcement authority over all State qualified payment stablecoin issuers of such State.
**(b) Authority to enter into agreements with the Board** A State payment stablecoin regulator may enter into a memorandum of understanding with the Board, by mutual agreement, under which the Board may participate in the supervision, examination, and enforcement of this chapter with respect to the State qualified payment stablecoin issuers of such State.
**(c) Sharing of information** A State payment stablecoin regulator and the Board shall share information on an ongoing basis with respect to a State qualified payment stablecoin issuer of such State, including a copy of the initial application and any accompanying documents.
**(d) Rulemaking** A State payment stablecoin regulator may issue orders and rules under [section 5903 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5903&num=0&edition=prelim) applicable to State qualified payment stablecoin issuers to the same extent as the primary Federal payment stablecoin regulators issue orders and rules under [section 5903 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5903&num=0&edition=prelim) applicable to permitted payment stablecoin issuers that are not State qualified payment stablecoin issuers.
**(e) Enforcement authority in unusual and exigent circumstances**
(1) **Board**
(A) *In general* — Subject to subparagraph (C), under unusual and exigent circumstances that the Board determines to exist, the Board may, after not less than 48 hours’ prior written notice to the applicable State payment stablecoin regulator, take an enforcement action
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 5906
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Payment stablecoins issued by a foreign payment stablecoin issuer**
(1) **In general** — A payment stablecoin that is issued by a foreign payment stablecoin issuer may not be publicly offered, sold, or otherwise made available for trading in the United States by a digital asset service provider unless the foreign payment stablecoin issuer has the technological capability to comply and complies with the terms of any lawful order.
(2) **Enforcement**
(A) *Authority* — The Secretary of the Treasury shall have the authority to designate any foreign issuer that publicly offers, sells, or otherwise makes available a payment stablecoin in violation of paragraph (1) as noncompliant.
(B) *Designation as noncompliant* — Not later than 30 days after the Department of the Treasury has identified a foreign payment stablecoin issuer of any payment stablecoin trading in the United States that is in violation of paragraph (1), the Secretary of the Treasury, in coordination with relevant Federal agencies, may, pursuant to the authority under subparagraph (A), designate the foreign payment stablecoin issuer as noncompliant and notify the foreign payment stablecoin issuer in writing of the designation.
(3) **Appeal** — A determination of noncompliance under this subsection is subject to judicial review in the United States Court of Appeals for the District of Columbia Circuit.
**(b) Publication of designation; prohibition on secondary trading**
(1) **In general** — If a foreign payment stablecoin issuer does not come into compliance with the lawful order within 30 days from the date of issuance of the written notice described in subsection (a), except as provided in subsection (c), the Secretary of the Treasury shall—
(A) publish the determination of noncompliance in t
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 5907
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** The prohibitions under [section 5902 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5902&num=0&edition=prelim) shall not apply to a foreign payment stablecoin issuer if all of the following apply:
(1) The foreign payment stablecoin issuer is subject to regulation and supervision by a foreign payment stablecoin regulator of a foreign country, a territory of the United States, Puerto Rico, Guam, American Samoa, or the Virgin Islands that has a regulatory and supervisory regime with respect to payment stablecoins that the Secretary of the Treasury determines, pursuant to subsection (b), is comparable to the regulatory and supervisory regime established under this chapter, including, in particular, the requirements under [section 5903(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5903/a&num=0&edition=prelim).
(2) The foreign payment stablecoin issuer is registered with the Comptroller pursuant to subsection (c).
(3) The foreign payment stablecoin issuer holds reserves in a United States financial institution sufficient to meet liquidity demands of United States customers, unless otherwise permitted under a reciprocal arrangement established pursuant to subsection (d).
(4) The foreign country in which the foreign payment stablecoin issuer is domiciled and regulated is not subject to comprehensive economic sanctions by the United States or in a jurisdiction that the Secretary of the Treasury has determined to be a jurisdiction of primary money laundering concern.
**(b) Treasury determination**
(1) **In general** — The Secretary of the Treasury may make a determination as to whether a foreign country has a regulatory and supervisory regime that is comparable to
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 5916
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