A person convicted of certain felonies may not be an officer or director
What the document says“No individual who has been convicted of a felony offense involving insider trading, embezzlement, cybercrime, money laundering, financing of terrorism, or financial fraud may serve as-- (A) an officer of a payment stablecoin issuer; or (B) a director of a payment stablecoin issuer.”
Subsection (f). Six kinds of felony are named. A person who knowingly participates in a violation may be fined not more than $1,000,000 for each violation, imprisoned for not more than five years, or both, and a Federal payment stablecoin regulator with reason to believe a person knowingly violated the bar must refer the matter to the Attorney General. Section 5(c)(2) makes the same question a factor in deciding an application.
What the document actually says“No individual who has been convicted of a felony offense involving insider trading, embezzlement, cybercrime, money laundering, financing of terrorism, or financial fraud may serve as-- (A) an officer of a payment stablecoin issuer; or (B) a director of a payment stablecoin issuer.”
Some crimes shut a person out of the top jobs at a coin maker. They may not be an officer. They may not sit on the board.
Six kinds of crime are named. They include fraud and dirty money. Helping break this rule on purpose can mean prison.
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.