§5903. Requirements for issuing payment stablecoins — Inbound Citations
12 U.S.C. § 5903
Cited by 9 provisions in release 119-102.
Citations to 12 U.S.C. § 5903 as a whole
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(1) The ability of the applicant (or, in the case of an applicant that is an insured depository institution, the subsidiary of the applicant), based on financial condition and resources, to meet the requirements set forth under section 5903 of this title.
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(g) Consistent with section 5913 of this title, the primary Federal payment stablecoin regulators shall issue rules necessary for the regulation of the issuance of payment stablecoins, but may not impose requirements in addition to the requirements specified under section 5903 of this title.
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(d) A State payment stablecoin regulator may issue orders and rules under section 5903 of this title 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 applicable to permitted payment stablecoin issuers that are not State qualified payment stablecoin issuers.
Citations to §5903(a)
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(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.
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(1) 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 the requirements established under this chapter, including the requirements under section 5903(a) of this title. The Secretary of the Treasury may make such a determination only upon a recommendation from each other member of the Stablecoin Certification Review Committee. Prior to such determination taking effect, the Secretary of the Treasury shall publish in the Federal Register a justification for such determination, including how the foreign country’s regulatory and supervisory regime is comparable to the requirements established under this chapter, including the requirements under section 5903(a) of this title.
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(A) similar requirements to those under section 5903(a) of this title;
Citations to §5903(a)(1)(A)
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(2) to hold in custody or safekeeping regulatory capital against digital assets and reserves backing such assets described in section 5903(a)(1)(A) of this title, except as necessary to mitigate against operational risks inherent in custody or safekeeping services, as determined by—(A) the appropriate Federal banking agency;(C) a State bank supervisor; or
Citations to §5903(a)(1)(B)
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(4) Whether the redemption policy of the applicant meets the standards under section 5903(a)(1)(B) of this title.
Citations to §5903(c)
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(A) This subsection shall only apply to an out-of-State State qualified payment stablecoin issuer chartered, licensed, or otherwise authorized to do business by a State that has a certification in place pursuant to section 5903(c) of this title.