An application is deemed approved if no decision is made in time
What the document says“If a primary Federal payment stablecoin regulator fails to render a decision on a complete application within the time period specified in paragraph (1), the application shall be deemed approved.”
Subsection (d)(3). The time period in paragraph (1) is 120 days from receipt of a substantially complete application. Under paragraph (4), a denial does not stop an applicant from filing a later application.
What the document actually says“If a primary Federal payment stablecoin regulator fails to render a decision on a complete application within the time period specified in paragraph (1), the application shall be deemed approved.”
The watchdog may run out of time. If it does, the request counts as approved.
The limit is 120 days. Silence works in the firm's favor here. A firm turned down may also just apply again.
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.