A regulator has 120 days to decide a substantially complete application
To provide for the regulation of payment stablecoins, and for other purposes, section 5, Sec. 5.
Written by .
A regulator has 120 days to decide a substantially complete application
The document says “shall”Who acts: primary Federal payment stablecoin regulatorsHow: statuteSec. 5 in the PDF
What the document says
“Not later than 120 days after receiving a substantially complete application under subsection (a), a primary Federal payment stablecoin regulator shall render a decision on the application.”
Subsection (d)(1). An application is substantially complete if it contains enough information for the regulator to decide whether the applicant satisfies the factors in subsection (c). Within 30 days of receiving an application the regulator must tell the applicant whether it considers the application substantially complete and, if not, what more is needed. An application that is substantially complete stays so unless a material change in circumstances requires it to be treated as a new application.
What the document actually says
“Not later than 120 days after receiving a substantially complete application under subsection (a), a primary Federal payment stablecoin regulator shall render a decision on the application.”
That sentence, in plain words
The watchdog has 120 days to answer. The clock starts when the request is full enough to judge.
What this is about
Within 30 days the watchdog must say if the request is full enough. If it is not, it must say what is missing. A big change can restart the clock.
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. 5, 139 Stat. 439 (2025). https://www.govinfo.gov/content/pkg/PLAW-119publ27/html/PLAW-119publ27.htm
This page
“A regulator has 120 days to decide a substantially complete application,” Guiding and Establishing National Innovation for U.S. Stablecoins Act, section 5, Sec. 5. Read the Mandate, https://readthemandate.org/guiding-establishing-national-innovation-u-s/proposal/sec05-decision-deadline/ (retrieved October 10, 2026).
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