An issuer may not tie its services to another product
To provide for the regulation of payment stablecoins, and for other purposes, section 4, Sec. 4.
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An issuer may not tie its services to another product
The document says “may not”Who acts: permitted payment stablecoin issuersHow: statuteSec. 4 in the PDF
What the document says
“A permitted payment stablecoin issuer may not provide services to a customer on the condition that the customer obtain an additional paid product or service from the permitted payment stablecoin issuer, or any of its subsidiaries, or agree to not obtain an additional product or service from a competitor.”
Subsection (a)(8)(A). The Federal Reserve Board may issue regulations to carry out the paragraph and, in consultation with other relevant primary Federal payment stablecoin regulators, may permit exceptions by regulation or order where it considers they will not be contrary to the purpose of the Act.
What the document actually says
“A permitted payment stablecoin issuer may not provide services to a customer on the condition that the customer obtain an additional paid product or service from the permitted payment stablecoin issuer, or any of its subsidiaries, or agree to not obtain an additional product or service from a competitor.”
That sentence, in plain words
A maker may not force a customer to buy more. It may not make a deal turn on that. It may not ask a customer to stay away from a rival.
What this is about
This is called tying. It joins one sale to another. The Fed can write rules here. It can also allow some cases.
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.
Guiding and Establishing National Innovation for U.S. Stablecoins Act, Public Law 119-27, sec. 4, 139 Stat. 425 (2025). https://www.govinfo.gov/content/pkg/PLAW-119publ27/html/PLAW-119publ27.htm
This page
“An issuer may not tie its services to another product,” Guiding and Establishing National Innovation for U.S. Stablecoins Act, section 4, Sec. 4. Read the Mandate, https://readthemandate.org/guiding-establishing-national-innovation-u-s/proposal/sec04-tying-prohibition/ (retrieved August 26, 2026).
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