Each Federal regulator must receive applications and build a licensing framework
What the document says“receive, review, and consider for approval applications from any insured depository institution that seeks to issue payment stablecoins through a subsidiary and any nonbank entity, Federal branch, or uninsured national bank that is chartered by the Comptroller pursuant to title LXII of the Revised Statutes, and that seeks to issue payment stablecoins as a Federal qualified payment stablecoin issuer”
Subsection (a)(1). Alongside the duty to take applications, subparagraph (B) requires each regulator to establish a process and framework for the licensing, regulation, examination and supervision of these entities that prioritizes their safety and soundness. Under paragraph (3), a regulator that receives a substantially complete application must evaluate it and make a determination on the criteria established under the Act.
What the document actually says“receive, review, and consider for approval applications from any insured depository institution that seeks to issue payment stablecoins through a subsidiary and any nonbank entity, Federal branch, or uninsured national bank that is chartered by the Comptroller pursuant to title LXII of the Revised Statutes, and that seeks to issue payment stablecoins as a Federal qualified payment stablecoin issuer”
Each federal watchdog must take in requests. It must read them. It must weigh them for approval. Banks and other firms may all apply.
A bank applies for an arm that will make coins. Firms that are not banks apply for themselves. Each watchdog must set up a way to handle this work.
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