A non-financial public company needs a unanimous committee vote to issue
What the document says“A public company that is not predominantly engaged in 1 or more financial activities, and its wholly or majority owned subsidiaries or affiliates, may not issue a payment stablecoin unless the public company obtains a unanimous vote of the Stablecoin Certification Review Committee”
Subsection (a)(12)(B)(i). The committee must find three things: that issuance will not pose a material risk to the safety and soundness of the United States banking system, to the financial stability of the United States or to the Deposit Insurance Fund; that the company will comply with data use limitations under which nonpublic personal information from stablecoin transaction data may not be used to target, personalize or rank advertising or other content, sold to a third party, or shared with non-affiliates without the consumer's consent; and that the company and its affiliates will comply with the tying prohibitions. Sharing to comply with law, with an authorized investigation, or in response to judicial process is excepted. Subparagraph (C) extends the bar to a company not domiciled in the United States or its territories that is not predominantly engaged in financial activities. Under subparagraph (D) the committee is to issue an interpretive rule within one year of enactment.
What the document actually says“A public company that is not predominantly engaged in 1 or more financial activities, and its wholly or majority owned subsidiaries or affiliates, may not issue a payment stablecoin unless the public company obtains a unanimous vote of the Stablecoin Certification Review Committee”
A listed firm whose main work is not finance faces a bar. It may not put out one of these coins. It needs a yes from all three members of the panel.
The panel weighs risk to banks and to the wider system. It also looks at how the firm would use customer data. The firm may not sell that data or use it for ads.
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