A Federal qualified issuer is supervised exclusively by the Comptroller
What the document says“a Federal qualified payment stablecoin issuer approved by the Comptroller pursuant to section 5 of this Act shall be licensed, regulated, examined, and supervised exclusively by the Comptroller”
Subsection (b)(1). The sentence opens notwithstanding section 5136C of the Revised Statutes (12 U.S.C. 25b), section 6 of the Home Owners' Loan Act (12 U.S.C. 1465), or any applicable State law relating to licensing and supervision, and gives the Comptroller authority, in coordination with other relevant Federal and State regulators, to issue such regulations and orders as necessary to ensure financial stability and implement subsection (a). Subsection (b)(2) writes a matching duty into section 324(b) of the Revised Statutes (12 U.S.C. 1(b)).
What the document actually says“a Federal qualified payment stablecoin issuer approved by the Comptroller pursuant to section 5 of this Act shall be licensed, regulated, examined, and supervised exclusively by the Comptroller”
One office alone watches a federal maker. It grants the license. It writes the rules. It runs the checks.
That office is the Comptroller of the Currency. States do not license these makers. The law also adds this duty to an older law.
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