An unpaid holder's remaining claim gets first priority against the estate
To provide for the regulation of payment stablecoins, and for other purposes, section 11, Sec. 11.
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An unpaid holder's remaining claim gets first priority against the estate
The document says “is amended”Who acts: CongressHow: statuteSec. 11 in the PDF
What the document says
“any such remaining claim arising from a person's holding of a payment stablecoin issued by the permitted payment stablecoin issuer shall be a claim against the estate and shall have first priority over any other claim, including over any expenses and claims that have priority under that subsection”
Subsection (d). The words are added as a new subsection (e) of section 507 of title 11, United States Code, and section 507(a) is made subject to it. The new priority applies where a holder cannot redeem all outstanding claims from the required reserves, and it runs to the extent that compliance with section 4 of this Act would have required additional reserves to be maintained for holders.
What the document actually says
“any such remaining claim arising from a person's holding of a payment stablecoin issued by the permitted payment stablecoin issuer shall be a claim against the estate and shall have first priority over any other claim, including over any expenses and claims that have priority under that subsection”
That sentence, in plain words
A holder may not get all their money from the backing. What is left over becomes a claim on the rest of the firm. That claim comes before every other one.
What this is about
This reaches only as far as the backing should have gone. Part 4 sets how much backing a maker must hold. The gap is what this 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.
Guiding and Establishing National Innovation for U.S. Stablecoins Act, Public Law 119-27, sec. 11, 139 Stat. 457 (2025). https://www.govinfo.gov/content/pkg/PLAW-119publ27/html/PLAW-119publ27.htm
This page
“An unpaid holder's remaining claim gets first priority against the estate,” Guiding and Establishing National Innovation for U.S. Stablecoins Act, section 11, Sec. 11. Read the Mandate, https://readthemandate.org/guiding-establishing-national-innovation-u-s/proposal/sec11-first-priority-claim/ (retrieved October 10, 2026).
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