A Federal qualified issuer is approved by the Comptroller
What the document says“means-- (A) a nonbank entity, other than a State qualified payment stablecoin issuer, approved by the Comptroller, pursuant to section 5, 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 5, to issue payment stablecoins”
Paragraph (11). Three kinds of entity fall in the term, and all three are approved by the Comptroller of the Currency under section 5: a nonbank entity that is not a State qualified payment stablecoin issuer, an uninsured national bank chartered by the Comptroller under title LXII of the Revised Statutes, and a Federal branch.
What the document actually says“means-- (A) a nonbank entity, other than a State qualified payment stablecoin issuer, approved by the Comptroller, pursuant to section 5, 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 5, to issue payment stablecoins”
One federal office clears these firms. A firm that is not a bank can be cleared. So can a bank with a federal charter and no deposit cover.
The office is the Comptroller of the Currency. It is part of the Treasury. Paragraph (4) gives that short name to it. Section 5 sets out how a firm asks.
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