A regulator may remove or bar an institution-affiliated party
What the document says“may remove an institution-affiliated party of the permitted payment stablecoin issuer from the position or office of that institution-affiliated party or prohibit further participation in the affairs of the permitted payment stablecoin issuer or of all such permitted payment stablecoin issuers by that institution-affiliated party”
Subsection (b)(3). Two grounds are named: that the party knowingly committed a violation or attempted violation of the Act or of a regulation or order issued under it, or that the party knowingly committed a violation of any provision of subchapter II of chapter 53 of title 31, United States Code, which section 2(2) names as part of the Bank Secrecy Act.
What the document actually says“may remove an institution-affiliated party of the permitted payment stablecoin issuer from the position or office of that institution-affiliated party or prohibit further participation in the affairs of the permitted payment stablecoin issuer or of all such permitted payment stablecoin issuers by that institution-affiliated party”
The watchdog can take a person out of their job at the firm. It can also bar them from the firm's work. The bar can reach every maker of this kind.
The person must have broken a rule on purpose. The rule can be in this law. It can also be in the law on dirty money.
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.