A foreign issuer's stablecoin may not be offered unless it can obey lawful orders
What the document says“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 18.”
Subsection (b)(2). Unlike the ban in paragraph (1), this one carries no delayed start date. Lawful order is defined in section 2(16), and section 18(d) provides for the reciprocal arrangements the sentence refers to.
What the document actually says“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 18.”
A digital coin firm may not put such a coin up for sale here. The coin comes from a maker set up abroad. That maker must be able to obey a court order. It must also agree to obey one.
Part 18 lets the Treasury make deals with other countries. Those deals are named here too. A maker that cannot obey an order is shut out.
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