A State regulator may issue orders and rules under section 4
To provide for the regulation of payment stablecoins, and for other purposes, section 7, Sec. 7.
Written by .
A State regulator may issue orders and rules under section 4
The document says “can”Who acts: State payment stablecoin regulatorsHow: statuteSec. 7 in the PDF
What the document says
“A State payment stablecoin regulator may issue orders and rules under section 4 applicable to State qualified payment stablecoin issuers to the same extent as the primary Federal payment stablecoin regulators issue orders and rules under section 4 applicable to permitted payment stablecoin issuers that are not State qualified payment stablecoin issuers.”
Subsection (d). The measure of the State power is the Federal power: a State regulator may issue orders and rules under section 4 to the same extent as the Federal regulators do for issuers that are not State qualified. Section 4(h) makes the same point from the other direction.
What the document actually says
“A State payment stablecoin regulator may issue orders and rules under section 4 applicable to State qualified payment stablecoin issuers to the same extent as the primary Federal payment stablecoin regulators issue orders and rules under section 4 applicable to permitted payment stablecoin issuers that are not State qualified payment stablecoin issuers.”
That sentence, in plain words
A state watchdog may write rules for its own makers. Those rules come under part four. It may go as far as the federal bodies go.
What this is about
Part 4 holds the main duties for every maker. The federal bodies write rules there for the makers they watch. A state can do the same for its own.
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 issue orders and rules under section 4,” 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-state-rulemaking/ (retrieved October 10, 2026).
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