Federal regulators are to issue rules for the framework, and States may
What the document says“Consistent with section 13, the primary Federal payment stablecoin regulators shall, and State payment stablecoin regulators may, issue such regulations relating to permitted payment stablecoin issuers as may be necessary to establish a payment stablecoin regulatory framework necessary to administer and carry out the requirements of this section, including to establish conditions, and to prevent evasion thereof.”
Subsection (h). The Federal regulators must issue the regulations and the State regulators may. Under paragraph (2), all regulations issued to carry out the section are to be issued in coordination by the primary Federal payment stablecoin regulators, if they are not issued by a State payment stablecoin regulator. Section 13 sets the one year deadline.
What the document actually says“Consistent with section 13, the primary Federal payment stablecoin regulators shall, and State payment stablecoin regulators may, issue such regulations relating to permitted payment stablecoin issuers as may be necessary to establish a payment stablecoin regulatory framework necessary to administer and carry out the requirements of this section, including to establish conditions, and to prevent evasion thereof.”
The federal watchdogs must write rules for this part. State watchdogs are allowed to write their own. The rules may set terms and close gaps.
Part 13 gives them one year from the day the law passed. The federal bodies must work as a group. A state rule stands on its own.
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