A State regulator and the Board must share information on an ongoing basis
To provide for the regulation of payment stablecoins, and for other purposes, section 7, Sec. 7.
Written by .
A State regulator and the Board must share information on an ongoing basis
The document says “shall”Who acts: State payment stablecoin regulators, Board of Governors of the Federal Reserve SystemHow: statuteSec. 7 in the PDF
What the document says
“A State payment stablecoin regulator and the Board shall share information on an ongoing basis with respect to a State qualified payment stablecoin issuer of such State, including a copy of the initial application and any accompanying documents.”
Subsection (c). The duty runs both ways and is continuing rather than one time. The initial application and any accompanying documents are named as part of what is shared.
What the document actually says
“A State payment stablecoin regulator and the Board shall share information on an ongoing basis with respect to a State qualified payment stablecoin issuer of such State, including a copy of the initial application and any accompanying documents.”
That sentence, in plain words
The state watchdog and the Fed must keep each other informed. This goes on over time. The first request a maker filed is part of it.
What this is about
This duty holds whether or not the two sign a deal. Papers filed with the state go to the Fed as well.
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. 7, 139 Stat. 447 (2025). https://www.govinfo.gov/content/pkg/PLAW-119publ27/html/PLAW-119publ27.htm
This page
“A State regulator and the Board must share information on an ongoing basis,” Guiding and Establishing National Innovation for U.S. Stablecoins Act, section 7, Sec. 7. Read the Mandate, https://readthemandate.org/guiding-establishing-national-innovation-u-s/proposal/sec07-information-sharing/ (retrieved October 10, 2026).
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