A permitted issuer is inserted into an Investment Company Act exclusion
What the document says“in section 3(c)(3) of the Act (15 U.S.C. 80a-3(c)(3)), by inserting "any permitted payment stablecoin issuer, as such”
Subsection (b)(2). The words inserted continue that the term is defined in section 2 of the GENIUS Act, and they are placed after the word 'therefor;' in section 3(c)(3) of the Investment Company Act of 1940. The quotation stops before the page break, at which the printer carries the sentence over. What section 3(c)(3) provides is not recorded here, because that Act is not indexed on this site.
What the document actually says“in section 3(c)(3) of the Act (15 U.S.C. 80a-3(c)(3)), by inserting "any permitted payment stablecoin issuer, as such”
A cleared coin maker is added to a list in an older law. The words go into one part of that law.
That law governs funds that pool people's money. The heading says a cleared maker is not such a fund. What the list does is not recorded here.
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.