Four conditions lift the section 3 prohibitions for a foreign issuer
What the document says“The prohibitions under section 3 shall not apply to a foreign payment stablecoin issuer if all of the following apply: (1) The foreign payment stablecoin issuer is subject to regulation and supervision by a foreign payment stablecoin regulator of a foreign country, a territory of the United States, Puerto Rico, Guam, American Samoa, or the Virgin Islands”
Subsection (a). All four conditions must hold. The first is regulation and supervision by a foreign regulator of a jurisdiction whose regime the Secretary of the Treasury has determined to be comparable to the regime under this Act, including in particular the requirements under section 4(a). The second is registration with the Comptroller under subsection (c). The third is holding reserves in a United States financial institution sufficient to meet the liquidity demands of United States customers, unless a reciprocal arrangement under subsection (d) permits otherwise. The fourth is that the issuer's country is not subject to comprehensive United States economic sanctions and is not a jurisdiction the Secretary has determined to be of primary money laundering concern.
What the document actually says“The prohibitions under section 3 shall not apply to a foreign payment stablecoin issuer if all of the following apply: (1) The foreign payment stablecoin issuer is subject to regulation and supervision by a foreign payment stablecoin regulator of a foreign country, a territory of the United States, Puerto Rico, Guam, American Samoa, or the Virgin Islands”
The bans in part three can be lifted for a maker set up abroad. All four tests here must be met. The first is that a watchdog in its own country covers it.
The next three tests follow. The maker must sign up with a federal office here. It must hold backing at a firm here. And its country must not be under wide sanctions.
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.