This part sets the clock for the rules. They are due one year after the law passed. The public must get a chance to comment. The bodies should work together. Each banking agency must report to Congress.
The document says “shall”Who acts: primary Federal payment stablecoin regulators, Secretary of the Treasury, State payment stablecoin regulatorsHow: statuteSec. 13 in the PDF
What the document says
“Not later than 1 year after the date of enactment of this Act, each primary Federal payment stablecoin regulator, the Secretary of the Treasury, and each State payment stablecoin regulator shall promulgate regulations to carry out this Act through appropriate notice and comment rulemaking.”
Subsection (a). The Act was approved July 18, 2025, so the deadline falls in July 2026. The duty runs to each primary Federal payment stablecoin regulator, the Secretary of the Treasury and each State payment stablecoin regulator, and the rules are to be made through appropriate notice and comment rulemaking. Sections 3, 4, 5, 7, 8 and 18 each point back to this section for their own rulemaking.
What the document actually says
“Not later than 1 year after the date of enactment of this Act, each primary Federal payment stablecoin regulator, the Secretary of the Treasury, and each State payment stablecoin regulator shall promulgate regulations to carry out this Act through appropriate notice and comment rulemaking.”
That sentence, in plain words
The rules are due one year after the law passed. Each federal watchdog must write its own. So must the Treasury and each state watchdog. The public must get a say first.
What this is about
Notice and comment means an agency prints a draft. People send in views. The agency then puts out a final rule.
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.
The document says “should”Who acts: Federal payment stablecoin regulators, Secretary of the Treasury, State payment stablecoin regulatorsHow: statuteSec. 13 in the PDF
What the document says
“Federal payment stablecoin regulators, the Secretary of the Treasury, and State payment stablecoin regulators should coordinate, as appropriate, on the issuance of any regulations to implement this Act.”
Subsection (b). The verb is should rather than shall, and the coordination is qualified as appropriate. Section 4(h)(2) states a firmer version for the rules issued under that section, which are to be issued in coordination by the primary Federal payment stablecoin regulators if not issued by a State regulator.
What the document actually says
“Federal payment stablecoin regulators, the Secretary of the Treasury, and State payment stablecoin regulators should coordinate, as appropriate, on the issuance of any regulations to implement this Act.”
That sentence, in plain words
The bodies that write these rules should work together. They should do so where it fits.
What this is about
This part says should, not must. Part 4 is firmer about its own rules. There the federal bodies must act as a group.
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.
The document says “shall”Who acts: Federal banking agenciesHow: statuteSec. 13 in the PDF
What the document says
“Not later than 180 days after the effective date of this Act, each Federal banking agency shall submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House”
Subsection (c). The report confirms and describes the regulations promulgated to carry out the Act. Its deadline runs from the effective date of the Act, which section 20 sets as the earlier of 18 months after enactment or 120 days after the Federal regulators issue final implementing regulations.
What the document actually says
“Not later than 180 days after the effective date of this Act, each Federal banking agency shall submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House”
That sentence, in plain words
Each banking agency has 180 days after the law takes effect. It must send a report to two groups in Congress.
What this is about
The report lists the rules the agency wrote. It also describes them. Part 20 sets the day the clock starts.
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.
Each distinct thing the section requires: the one year deadline for regulations and the notice and comment process, the coordination the bodies should undertake, and the report each Federal banking agency owes to two committees.
Nothing else. The section carries no penalty and names no standard for the rules themselves. The rulemaking duties in other sections point back to this one for their deadline.
The deadline in subsection (a) runs from the date of enactment, which was July 18, 2025. The report in subsection (c) runs from the effective date instead, which section 20 sets on a different footing.
