Federal issuers are subject to supervision by their Federal regulator
What the document says“Each permitted payment stablecoin issuer that is not a State qualified payment stablecoin issuer with a payment stablecoin with a consolidated total outstanding issuance of less than $10,000,000,000 shall be subject to supervision by the appropriate primary Federal payment stablecoin regulator.”
Subsection (a)(1). The rest of the subsection is built on this class of issuer: the reports in paragraph (2), the examinations in paragraph (3) and the efficiency requirements in paragraph (4) all apply to an issuer described in paragraph (1). Section 7 gives State payment stablecoin regulators supervisory, examination and enforcement authority over the State qualified issuers of their State.
What the document actually says“Each permitted payment stablecoin issuer that is not a State qualified payment stablecoin issuer with a payment stablecoin with a consolidated total outstanding issuance of less than $10,000,000,000 shall be subject to supervision by the appropriate primary Federal payment stablecoin regulator.”
A federal watchdog keeps an eye on these makers. This covers makers that a state does not oversee.
A state maker under ten billion dollars is watched by its state. Part 7 covers those. This part covers the rest.
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