This part deals with coin makers set up abroad. Such a maker must be able to obey a court order. If it does not, the Treasury can name it as out of step. Trading in its coins here can then be barred. Fines run by the day.
The document says “may not”Who acts: CongressHow: statuteSec. 8 in the PDF
What the document says
“A payment stablecoin that is issued by a foreign payment stablecoin issuer may not be publicly offered, sold, or otherwise made available for trading in the United States by a digital asset service provider unless the foreign payment stablecoin issuer has the technological capability to comply and complies with the terms of any lawful order.”
Subsection (a)(1). The condition has two halves: the capability to comply, and actual compliance. Lawful order is defined in section 2(16). Section 3(b)(2) states a bar in similar terms, and section 4(a)(6)(B) sets the matching condition for a permitted payment stablecoin issuer.
What the document actually says
“A payment stablecoin that is issued by a foreign payment stablecoin issuer may not be publicly offered, sold, or otherwise made available for trading in the United States by a digital asset service provider unless the foreign payment stablecoin issuer has the technological capability to comply and complies with the terms of any lawful order.”
That sentence, in plain words
A coin from a maker set up abroad may not be traded here. A digital coin firm may not offer it. The bar lifts only if the maker can obey a court order and does.
What this is about
The order can tell a maker to freeze or destroy coins. Part 2 says what counts as one. The maker must have the tools and must use them.
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: Secretary of the TreasuryHow: statuteSec. 8 in the PDF
What the document says
“The Secretary of the Treasury shall have the authority to designate any foreign issuer that publicly offers, sells, or otherwise makes available a payment stablecoin in violation of paragraph (1) as noncompliant.”
Subsection (a)(2). Within 30 days of the Department of the Treasury identifying such an issuer whose stablecoin is trading in the United States, the Secretary may, in coordination with relevant Federal agencies, designate the issuer as noncompliant and notify it in writing. Under paragraph (3) a determination of noncompliance is subject to judicial review in the United States Court of Appeals for the District of Columbia Circuit.
What the document actually says
“The Secretary of the Treasury shall have the authority to designate any foreign issuer that publicly offers, sells, or otherwise makes available a payment stablecoin in violation of paragraph (1) as noncompliant.”
That sentence, in plain words
The head of the Treasury can label a foreign maker. The label says the maker is out of step with the law.
What this is about
The Treasury has 30 days from spotting the maker. It must tell the maker in writing. The maker can take the label to a court in Washington, D.C.
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: Secretary of the TreasuryHow: statuteSec. 8 in the PDF
What the document says
“If a foreign payment stablecoin issuer does not come into compliance with the lawful order within 30 days from the date of issuance of the written notice described in subsection (a), except as provided in subsection (c), the Secretary of the Treasury shall-- (A) publish the determination of noncompliance in the Federal Register”
Subsection (b)(1). Two steps follow: publication of the determination in the Federal Register, with a statement of the issuer's failure to comply with the lawful order after the written notice, and a notification in the Federal Register prohibiting digital asset service providers from facilitating secondary trading of that issuer's stablecoins in the United States. The prohibition takes effect 30 days after the notification is issued.
What the document actually says
“If a foreign payment stablecoin issuer does not come into compliance with the lawful order within 30 days from the date of issuance of the written notice described in subsection (a), except as provided in subsection (c), the Secretary of the Treasury shall-- (A) publish the determination of noncompliance in the Federal Register”
That sentence, in plain words
A foreign maker gets 30 days after the notice. If it still does not comply, the Treasury must act. It must print the finding in the daily record.
What this is about
The Treasury must also print a ban. The ban stops firms here from trading that maker's coins. It starts 30 days after that notice.
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: Secretary of the TreasuryHow: statuteSec. 8 in the PDF
What the document says
“The prohibition on facilitation of secondary trading described in paragraph (1)(B) shall expire upon the Secretary of the Treasury's determination that the foreign payment stablecoin issuer is no longer noncompliant.”
Subsection (b)(3). Consistent with section 13, the Secretary is to specify the criteria a noncompliant foreign issuer must meet for that determination to be made. On making it, the Secretary must publish the determination in the Federal Register with a statement detailing how the issuer met the criteria.
What the document actually says
“The prohibition on facilitation of secondary trading described in paragraph (1)(B) shall expire upon the Secretary of the Treasury's determination that the foreign payment stablecoin issuer is no longer noncompliant.”
That sentence, in plain words
The ban ends when the Treasury says the maker is back in step. That call lifts it.
What this is about
The Treasury must first set out what a maker has to do. It must then print how the maker met the test. Part 13 sets the clock for those rules.
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: Secretary of the TreasuryHow: statuteSec. 8 in the PDF
What the document says
“Any digital asset service provider that knowingly violates a prohibition under paragraph (1)(B) shall be subject to a civil monetary penalty of not more than $100,000 per violation per day.”
Subsection (b)(4). A foreign payment stablecoin issuer that knowingly continues to offer a stablecoin publicly in the United States after the determination is published faces up to $1,000,000 per violation per day, and the Secretary may seek an injunction in a district court barring it from financial transactions in the United States or with United States persons. Separate acts of noncompliance count as a single violation where they result from a common or substantially overlapping originating cause, unless the Secretary determines that they were the result of gross negligence, reckless disregard for, or a pattern of indifference to, money laundering, terrorist financing or sanctions evasion requirements. The Secretary may bring a civil action to recover a penalty or to seek an injunction against an issuer or a service provider.
What the document actually says
“Any digital asset service provider that knowingly violates a prohibition under paragraph (1)(B) shall be subject to a civil monetary penalty of not more than $100,000 per violation per day.”
That sentence, in plain words
A digital coin firm that breaks the ban on purpose can be fined. The fine can reach a hundred thousand dollars a day.
What this is about
A foreign maker that keeps selling faces a bigger fine. It can reach a million dollars a day. The Treasury can also ask a court to shut it out.
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 “can”Who acts: Secretary of the TreasuryHow: statuteSec. 8 in the PDF
What the document says
“The Secretary of the Treasury may offer a waiver, general license, or specific license to any United States person engaging in secondary trading described in subsection (b)(1)(B) on a case-by-case basis if the Secretary determines that-- (A) prohibiting secondary trading would adversely affect the financial system of the United States”
Subsection (c). The first ground is harm to the financial system of the United States; the second is that the foreign issuer is taking tangible steps to remedy the failure that led to the determination. The Secretary may also waive the trading restrictions, in consultation with the Director of National Intelligence and the Secretary of State, where the waiver is in the national security interest. The head of a department or agency may waive the section for intelligence activities subject to title V of the National Security Act of 1947 (50 U.S.C. 3091 et seq.) and for activities necessary to carry out or assist law enforcement activity.
What the document actually says
“The Secretary of the Treasury may offer a waiver, general license, or specific license to any United States person engaging in secondary trading described in subsection (b)(1)(B) on a case-by-case basis if the Secretary determines that-- (A) prohibiting secondary trading would adversely affect the financial system of the United States”
That sentence, in plain words
The Treasury can let a person here keep trading. It looks at each case on its own. One reason is harm to the wider money system.
What this is about
A second reason is that the maker is fixing the problem. A waiver can also be given for national safety. Spy work and police work can be carved out too.
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: Secretary of the TreasuryHow: statuteSec. 8 in the PDF
What the document says
“Not later than 7 days after issuing a waiver or a license under paragraph (1), (2), or (3), the Secretary of the Treasury shall submit to the chairs and ranking members of the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives, a report”
Subsection (c)(4). The report includes the text of the waiver or license and the facts and circumstances justifying the determination, may include a classified annex, and is accompanied by a briefing. Subsection (d) adds that nothing in the Act alters the Secretary's existing authority to block, restrict or limit transactions involving dollar-denominated payment stablecoins subject to United States jurisdiction.
What the document actually says
“Not later than 7 days after issuing a waiver or a license under paragraph (1), (2), or (3), the Secretary of the Treasury shall submit to the chairs and ranking members of the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives, a report”
That sentence, in plain words
The Treasury has seven days after it grants a pass. It must send a report to two groups in Congress. It goes to their leaders on both sides.
What this is about
The report holds the text of the pass. It also gives the facts behind it. Part of it may be secret. The Treasury must brief them too.
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 does: the bar on a service provider making a foreign issuer's stablecoin available unless the issuer can and does comply with a lawful order, the Secretary's power to designate a foreign issuer as noncompliant and the notice that goes with it, the appeal, the publication of a determination and the prohibition on secondary trading, when the prohibition starts and how it ends, the two civil money penalties, the waivers and licenses, and the report owed to Congress after one.
The Secretary's power to bring a civil action in a district court to recover a penalty or seek an injunction is recorded in the summary of the penalties proposal rather than as a separate entry.
Subsection (b)(1) refers to the written notice described in subsection (a); the notice itself is provided for in subsection (a)(2)(B). The site records the cross reference as printed. The section overlaps with section 3(b)(2), which bars the same conduct in its own words.
