Regulated entities are authorized to engage in stablecoin activities
What the document says“Entities regulated by the primary Federal payment stablecoin regulators are authorized to engage in the payment stablecoin activities and investments contemplated by this Act, including acting as a principal or agent with respect to any payment stablecoin and payment of fees to facilitate customer transactions.”
Subsection (b). The regulators must review all existing guidance and regulations and, if necessary, amend or promulgate new regulations and guidance, to clarify that regulated entities are authorized to engage in those activities and investments.
What the document actually says“Entities regulated by the primary Federal payment stablecoin regulators are authorized to engage in the payment stablecoin activities and investments contemplated by this Act, including acting as a principal or agent with respect to any payment stablecoin and payment of fees to facilitate customer transactions.”
Firms watched by the federal bodies may take part in this work. They may act for themselves or for a customer. They may pay fees to make a trade go through.
The watchdogs must go back over their old guidance. Where it is unclear, they must fix it. They may write new rules to say so.
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.