Currency, deposits and securities are not payment stablecoins
What the document says“does not include a digital asset that-- (i) is a national currency; (ii) is a deposit (as defined in section 3 of the Federal Deposit Insurance Act (12 U.S.C. 1813)), including a deposit recorded using distributed ledger technology; or (iii) is a security, as defined in section 2 of the Securities Act of 1933 (15 U.S.C. 77b)”
Paragraph (22)(B). Three things are outside the term: a national currency, a deposit as defined in section 3 of the Federal Deposit Insurance Act including one recorded using distributed ledger technology, and a security as defined in the Securities Act of 1933, the Securities Exchange Act of 1934 or the Investment Company Act of 1940. The paragraph adds that no bond, note, evidence of indebtedness or investment contract issued by a permitted payment stablecoin issuer qualifies as a security solely by satisfying the conditions in subparagraph (A).
What the document actually says“does not include a digital asset that-- (i) is a national currency; (ii) is a deposit (as defined in section 3 of the Federal Deposit Insurance Act (12 U.S.C. 1813)), including a deposit recorded using distributed ledger technology; or (iii) is a security, as defined in section 2 of the Securities Act of 1933 (15 U.S.C. 77b)”
Three things are not this kind of coin. Real money is not. Money in a bank account is not. A stock or bond is not.
A bank deposit stays a deposit even if a shared ledger tracks it. Section 17 makes the same point about stocks and bonds. It changes six older laws to say so.
No action is recorded against this proposal. That is not evidence that none has been taken, and nobody has yet read it against the record. See what the tracker does not yet cover.