An issuer must submit reports on its condition, risks and compliance on request
What the document says“Each permitted payment stablecoin issuer described in paragraph (1) shall, upon request, submit to the appropriate primary Federal payment stablecoin regulator a report on-- (A) the financial condition of the permitted payment stablecoin issuer; (B) the systems of the permitted payment stablecoin issuer for monitoring and controlling financial and operating risks”
Subsection (a)(2). Four subjects are listed: the issuer's financial condition, its systems for monitoring and controlling financial and operating risks, its compliance and that of any subsidiary with the Act, and the compliance of the Federal qualified nonbank payment stablecoin issuer with the Bank Secrecy Act and with the sanctions laws the Secretary of the Treasury implements. The report is owed upon request rather than on a fixed schedule.
What the document actually says“Each permitted payment stablecoin issuer described in paragraph (1) shall, upon request, submit to the appropriate primary Federal payment stablecoin regulator a report on-- (A) the financial condition of the permitted payment stablecoin issuer; (B) the systems of the permitted payment stablecoin issuer for monitoring and controlling financial and operating risks”
A maker must send in a report when asked. It covers how the firm stands with money. It also covers how the firm tracks its own risks.
Two more subjects go in the report. One is whether the maker follows this law. One is whether it follows the rules 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.