The enforcement subsection does not apply to State qualified issuers
To provide for the regulation of payment stablecoins, and for other purposes, section 6, Sec. 6.
Written by .
The enforcement subsection does not apply to State qualified issuers
The document says “shall not”Who acts: CongressHow: statuteSec. 6 in the PDF
What the document says
“Notwithstanding anything in this subsection to the contrary, this subsection shall not apply to a State qualified payment stablecoin issuer.”
Subsection (b)(6). The whole of the enforcement subsection is switched off for State qualified payment stablecoin issuers. Section 7 sets out who supervises and enforces against them, and when the Federal Reserve Board or the Comptroller may act in unusual and exigent circumstances. Subsection (c) adds that nothing in the Act may be construed to modify any right or remedy under Federal consumer financial law.
What the document actually says
“Notwithstanding anything in this subsection to the contrary, this subsection shall not apply to a State qualified payment stablecoin issuer.”
That sentence, in plain words
None of this part reaches a state maker. The whole set of powers is switched off for them.
What this is about
Part 7 covers those makers instead. A state watchdog acts there. Two federal bodies may step in only in a crisis.
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. 6, 139 Stat. 443 (2025). https://www.govinfo.gov/content/pkg/PLAW-119publ27/html/PLAW-119publ27.htm
This page
“The enforcement subsection does not apply to State qualified issuers,” Guiding and Establishing National Innovation for U.S. Stablecoins Act, section 6, Sec. 6. Read the Mandate, https://readthemandate.org/guiding-establishing-national-innovation-u-s/proposal/sec06-state-issuer-exclusion/ (retrieved October 10, 2026).
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