A State regulator has supervisory, examination and enforcement authority
What the document says“A State payment stablecoin regulator shall have supervisory, examination, and enforcement authority over all State qualified payment stablecoin issuers of such State.”
Subsection (a). The authority covers all State qualified payment stablecoin issuers of that State. Section 6(b)(6) switches off the Federal enforcement subsection for those issuers, and section 2(30) defines a State payment stablecoin regulator as the State agency with primary regulatory and supervisory authority over entities that issue payment stablecoins in that State.
What the document actually says“A State payment stablecoin regulator shall have supervisory, examination, and enforcement authority over all State qualified payment stablecoin issuers of such State.”
A state watchdog runs the checks on the makers it cleared. It can also step in when one breaks a rule.
Each state names one body for this job. It covers every maker that state cleared. Part 6 keeps the federal powers off those makers.
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