Marketing a product as a payment stablecoin outside the Act carries a fine
What the document says“It shall be unlawful to market a product in the United States as a payment stablecoin unless the product is issued pursuant to this Act.”
Subsection (e)(3). A person who knowingly and willfully participates in a violation may be fined by the Department of the Treasury not more than $500,000 for each violation. Separate acts of noncompliance count as a single violation where they result from a common or substantially overlapping originating cause, or from the same statement or publication. A Federal payment stablecoin regulator that has reason to believe a person knowingly and willfully violated the ban must refer the matter to the Secretary of the Treasury.
What the document actually says“It shall be unlawful to market a product in the United States as a payment stablecoin unless the product is issued pursuant to this Act.”
A product may not be sold here under this name. It may use the name only if it was made under this law.
The fine can reach five hundred thousand dollars each time. Acts from one cause count as one. So do acts from a single ad.
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