Redemption of stablecoins is added to the automatic stay
What the document says“"(9) the redemption of payment stablecoins issued by the permitted payment stablecoin issuer, from payment stablecoin reserves required to be maintained under section 4 of the GENIUS Act."”
Subsection (c)(1). The words are added as a new paragraph (9) of section 362(a) of title 11, United States Code. What section 362(a) provides for the acts already listed there is not recorded here, because title 11 is not indexed on this site.
What the document actually says“"(9) the redemption of payment stablecoins issued by the permitted payment stablecoin issuer, from payment stablecoin reserves required to be maintained under section 4 of the GENIUS Act."”
This adds one line to a list in the bankruptcy code. The line is about handing coins back for money. The money comes from the backing this law requires.
When a firm files, some acts against it stop at once. That freeze is called the automatic stay. This line joins the list of acts it covers.
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.