A State regulator may issue orders and rules under section 4
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.”
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.
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.
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