§5902. Issuance and treatment of payment stablecoins — Inbound Citations

Citations to 12 U.S.C. § 5902 as a whole

• 12 U.S.C. § 5905(b)(5)(A)

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  (A) Any person that issues a United States dollar-denominated payment stablecoin in violation of section 5902 of this title, and any institution-affiliated party of such a person who knowingly participates in issuing such a payment stablecoin, shall be liable for a civil penalty of not more than $100,000 for each day during which such payment stablecoins are issued.
• 12 U.S.C. § 5916(a)

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  (a) The prohibitions under section 5902 of this title 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.

  (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.
• 12 U.S.C. § 5916(b)(4)(B)

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  (B) If the Secretary of the Treasury rescinds a determination pursuant to subparagraph (A), a digital asset service provider shall have 90 days before the offer or sale of a payment stablecoin issued by the foreign payment stablecoin issuer that is the subject of the rescinded determination shall be in violation of section 5902 of this title.