A State regulator may enter a memorandum of understanding with the Board
To provide for the regulation of payment stablecoins, and for other purposes, section 7, Sec. 7.
Written by .
A State regulator may enter a memorandum of understanding with the Board
The document says “can”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 may enter into a memorandum of understanding with the Board, by mutual agreement, under which the Board may participate in the supervision, examination, and enforcement of this Act with respect to the State qualified payment stablecoin issuers of such State.”
Subsection (b). The agreement is optional and mutual. Under it the Federal Reserve Board may take part in supervising, examining and enforcing the Act as to that State's qualified issuers.
What the document actually says
“A State payment stablecoin regulator may enter into a memorandum of understanding with the Board, by mutual agreement, under which the Board may participate in the supervision, examination, and enforcement of this Act with respect to the State qualified payment stablecoin issuers of such State.”
That sentence, in plain words
A state watchdog may sign a deal with the Fed. Both sides have to want it. Under it the Fed joins the work on that state's makers.
What this is about
A memorandum of understanding is a written deal between two bodies. It is not a law. Either side has to agree before it starts.
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 may enter a memorandum of understanding with the Board,” 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-memorandum-with-board/ (retrieved August 26, 2026).
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