The Secretary may determine a foreign regime is comparable
What the document says“The Secretary of the Treasury may make a determination as to whether a foreign country has a regulatory and supervisory regime that is comparable to the requirements established under this Act, including the requirements under section 4(a).”
Subsection (b)(1). The determination can be made only on a recommendation from each other member of the Stablecoin Certification Review Committee, which section 2(27) names as the Chair of the Federal Reserve Board and the Chair of the Federal Deposit Insurance Corporation. Before it takes effect the Secretary must publish a justification in the Federal Register explaining how the foreign regime is comparable. A foreign issuer or foreign regulator may request a determination, and the Secretary must decide within 210 days of a substantially complete request. Rules to carry out the section are due within one year of enactment.
What the document actually says“The Secretary of the Treasury may make a determination as to whether a foreign country has a regulatory and supervisory regime that is comparable to the requirements established under this Act, including the requirements under section 4(a).”
The head of the Treasury may judge another country's rules. The test is whether they are much like the rules here. Part 4 is named as the key measure.
The other two members of the panel must both back the call. The Treasury must then print why. A country or a maker may ask for a ruling. It comes within 210 days.
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