IB 
Union Calendar No. 408 
118TH CONGRESS 
2D SESSION 
H. R. 4766 
[Report No. 118–492] 
To provide for the regulation of payment stablecoins, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
JULY 20, 2023 
Mr. MCHENRY introduced the following bill; which was referred to the 
Committee on Financial Services 
MAY 7, 2024 
Additional sponsor: Mr. TORRES of New York 
MAY 7, 2024 
Reported with an amendment, committed to the Committee of the Whole 
House on the State of the Union, and ordered to be printed 
[Strike out all after the enacting clause and insert the part printed in italic] 
[For text of introduced bill, see copy of bill as introduced on July 20, 2023] 
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A BILL 
To provide for the regulation of payment stablecoins, and 
for other purposes. 
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Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Clarity for Payment 
Stablecoins Act of 2023’’. 
SEC. 2. DEFINITIONS. 
In this Act: 
(1) BANK SECRECY ACT.—The term ‘‘Bank Se-
crecy Act’’ means— 
(A) section 21 of the Federal Deposit Insur-
ance Act (12 U.S.C. 1829b); 
(B) chapter 2 of title I of Public Law 91– 
508 (12 U.S.C. 1951 et seq.); and 
(C) subchapter II of chapter 53 of title 31, 
United States Code. 
(2) BOARD.—The term ‘‘Board’’ means the 
Board of Governors of the Federal Reserve System. 
(3) COMPTROLLER.—The term ‘‘Comptroller’’ 
means the Comptroller of the Currency. 
(4) CORPORATION.—The term ‘‘Corporation’’ 
means the Federal Deposit Insurance Corporation. 
(5) DIGITAL ASSET.—The term ‘‘digital asset’’ 
means any digital representation of value which is re-
corded on a cryptographically-secured distributed 
ledger. 
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(6) DISTRIBUTED LEDGER.—The term ‘‘distrib-
uted ledger’’ means technology where data is shared 
across a network that creates a public digital ledger 
of verified transactions or information among net-
work participants and the data is linked using cryp-
tography to maintain the integrity of the public ledg-
er and execute other functions. 
(7) FEDERAL QUALIFIED NONBANK STABLECOIN 
ISSUER.—The term ‘‘Federal qualified nonbank 
stablecoin issuer’’ means a nonbank entity approved 
by the primary Federal payment stablecoin regulator, 
pursuant to section 5, to issue payment stablecoins. 
(8) INSTITUTION-AFFILIATED PARTY.—With re-
spect to a permitted payment stablecoin issuer, the 
term ‘‘institution-affiliated party’’ means any direc-
tor, officer, employee, or person in control of, or agent 
for, the permitted payment stablecoin issuer. 
(9) INSURED
DEPOSITORY
INSTITUTION.—The 
term ‘‘insured depository institution’’ means— 
(A) an insured depository institution, as 
defined in section 3 of the Federal Deposit Insur-
ance Act (12 U.S.C. 1813); and 
(B) an insured credit union, as defined in 
section 101 of the Federal Credit Union Act (12 
U.S.C. 1752). 
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(10) MONETARY VALUE.—The term ‘‘monetary 
value’’ means a national currency or deposit (as de-
fined under Section 3 of the Federal Deposit Insur-
ance Act) denominated in a national currency. 
(11) NATIONAL CURRENCY.—The term ‘‘national 
currency’’ means a Federal Reserve note, (as the term 
is used in the first undesignated paragraph of section 
16 of the Federal Reserve Act (12 U.S.C. 411)), 
money issued by a central bank, and money issued by 
an intergovernmental organization pursuant to an 
agreement by one or more governments. 
(12) NONBANK ENTITY.—The term ‘‘nonbank en-
tity’’ means a person that is not an insured deposi-
tory institution or subsidiary of an insured deposi-
tory institution. 
(13) PAYMENT
STABLECOIN.—The term ‘‘pay-
ment stablecoin’’ means a digital asset— 
(A) that is or is designed to be used as a 
means of payment or settlement; 
(B) the issuer of which— 
(i) is obligated to convert, redeem, or 
repurchase for a fixed amount of monetary 
value; and 
(ii) represents will maintain or creates 
the reasonable expectation that it will 
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maintain a stable value relative to the value 
of a fixed amount of monetary value; and 
(C) that is not— 
(i) a national currency; or 
(ii) a security issued by an investment 
company registered under section 8(a) of the 
Investment Company Act of 1940 (15 
U.S.C. 80a–8(a)). 
(14) 
PERMITTED
PAYMENT
STABLECOIN 
ISSUER.—The term ‘‘permitted payment stablecoin 
issuer’’ means— 
(A) a subsidiary of an insured depository 
institution that has been approved to issue pay-
ment stablecoins under section 5; 
(B) a Federal qualified nonbank payment 
stablecoin issuer that has been approved to issue 
payment stablecoins under section 5; or 
(C) a State qualified payment stablecoin 
issuer. 
(15) PERSON.—The term ‘‘person’’ means an in-
dividual, partnership, company, corporation, associa-
tion (incorporated or unincorporated), trust, estate, 
cooperative organization, or other entity. 
(16) PRIMARY FEDERAL PAYMENT STABLECOIN 
REGULATOR.— 
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(A) IN GENERAL.—The term ‘‘primary Fed-
eral payment stablecoin regulator’’ means— 
(i) with respect to an insured deposi-
tory institution (other than an insured 
credit union) or a subsidiary of an insured 
depository institution (other than an in-
sured credit union), the appropriate Federal 
banking agency of such insured depository 
institution (as defined under section 3 of 
the Federal Deposit Insurance Act (12 
U.S.C. 1813)); 
(ii) with respect to an insured credit 
union or a subsidiary of an insured credit 
union, the National Credit Union Adminis-
tration; 
(iii) with respect to a Federal qualified 
nonbank payment stablecoin issuer that is 
not a national bank, the Board; and 
(iv) with respect to any entity char-
tered by the Comptroller, the Comptroller. 
(B) 
PRIMARY
FEDERAL
PAYMENT 
STABLECOIN REGULATORS.—The term ‘‘primary 
Federal payment stablecoin regulators’’ means 
the Comptroller, the Board, the Corporation, and 
the National Credit Union Administration. 
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(17) REGISTERED PUBLIC ACCOUNTING FIRM.— 
The term ‘‘registered public accounting firm’’ has the 
meaning given that term under section 2 of the Sar-
banes-Oxley Act of 2002 (15 U.S.C. 7201). 
(18) STATE.—The term ‘‘State’’ means each of 
the several States, the District of Columbia, and each 
territory of the United States. 
(19) STATE
QUALIFIED
PAYMENT
STABLECOIN 
ISSUER.—The 
term 
‘‘State 
qualified 
payment 
stablecoin issuer’’ means an entity that— 
(A) is legally established and approved to 
issue payment stablecoins by a State payment 
stablecoin regulator; and 
(B) issues a payment stablecoin in compli-
ance with the requirements under section 4. 
(20) 
STATE
PAYMENT
STABLECOIN
REGU-
LATOR.—The term ‘‘State payment stablecoin regu-
lator’’ means a State agency that has primary regu-
latory and supervisory authority in such State over 
entities that issue payment stablecoins. 
(21) SUBSIDIARY
OF
AN
INSURED
CREDIT 
UNION.—With respect to an insured credit union, the 
term ‘‘subsidiary of an insured credit union’’ 
means— 
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(A) an organization providing services to 
the insured credit union that are associated with 
the routine operations of credit unions, as de-
scribed under section 107(7)(I) of the Federal 
Credit Union Act (12 U.S.C. 1757(7)(I)); and 
(B) a credit union service organization, as 
such term is used under part 712 of title 12, 
Code of Federal Regulations, with respect to 
which the insured credit union has an ownership 
interest or to which the insured credit union has 
extended a loan. 
SEC. 3. LIMITATION ON WHO MAY ISSUE A PAYMENT 
STABLECOIN. 
It shall be unlawful for any person other than a per-
mitted payment stablecoin issuer to issue a payment 
stablecoin for use by any person in the United States. 
SEC. 
4. 
REQUIREMENTS 
FOR 
ISSUING 
PAYMENT 
STABLECOINS. 
(a) STANDARDS
FOR
THE ISSUANCE
OF PAYMENT 
STABLECOINS.— 
(1) IN GENERAL.—Permitted payment stablecoin 
issuers shall— 
(A) maintain reserves backing the issuer’s 
payment stablecoins outstanding on an at least 
one to one basis, with reserves comprising— 
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(i) United States coins and currency 
(including Federal reserve notes); 
(ii) funds held as insured demand de-
posits or insured shares at insured deposi-
tory institutions, subject to limitations es-
tablished by the Corporation and the Na-
tional Credit Union Administration, respec-
tively, to address safety and soundness risks 
of such insured depository institutions; 
(iii) Treasury bills with a maturity of 
90 days or less; 
(iv) repurchase agreements with a ma-
turity of 7 days or less that are backed by 
Treasury bills with a maturity of 90 days 
or less; or 
(v) central bank reserve deposits; 
(B) publicly disclose the issuer’s redemption 
policy; 
(C) establish procedures for timely redemp-
tion of outstanding payment stablecoins; and 
(D) publish the monthly composition of the 
issuer’s reserves on the website of the issuer, con-
taining— 
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(i) the total number of outstanding 
payment stablecoins issued by the issuer; 
and 
(ii) the amount and composition of the 
reserves described under subparagraph (A). 
(2) PROHIBITION
ON
REHYPOTHECATION.—Re-
serves described under paragraph (1)(A) may not be 
pledged, rehypothecated, or reused, except for the pur-
pose of creating liquidity to meet reasonable expecta-
tions of requests to redeem payment stablecoins, such 
that reserves in the form of Treasury bills may be 
pledged as collateral for repurchase agreements with 
a maturity of 90 days or less, provided that either— 
(A) the repurchase agreements are cleared 
by a central clearing counterparty that is ap-
proved 
by 
the 
primary 
Federal 
payment 
stablecoin regulator; or 
(B) the permitted payment stablecoin issuer 
receives the prior approval of the primary Fed-
eral payment stablecoin regulator. 
(3) MONTHLY CERTIFICATION; EXAMINATION OF 
REPORTS
BY
REGISTERED
PUBLIC
ACCOUNTING 
FIRM.— 
(A) IN
GENERAL.—A permitted payment 
stablecoin issuer shall, each month, have the in-
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formation disclosed in the previous month-end 
report required under paragraph (1)(D) exam-
ined by a registered public accounting firm. 
(B) 
CERTIFICATION.—Each 
month, 
the 
Chief Executive Officer and Chief Financial Of-
ficer of a permitted payment stablecoin issuer 
shall submit an certification as to the accuracy 
of the monthly report to— 
(i) the primary Federal payment 
stablecoin regulator; or 
(ii) in the case of a State qualified 
payment stablecoin issuer, to the State pay-
ment stablecoin regulator. 
(C) CRIMINAL PENALTY.—Any person who 
submits a certification required under subpara-
graph (B) knowing that such certification is 
false shall be subject to the criminal penalties set 
forth under section 1350(c) of title 18, United 
States Code. 
(4) CAPITAL, LIQUIDITY, AND RISK MANAGEMENT 
REQUIREMENTS.—The primary Federal payment 
stablecoin regulators shall, jointly, issue— 
(A) capital requirements applicable to per-
mitted payment stablecoin issuers, which may 
not exceed what is sufficient to ensure the per-
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mitted payment stablecoin issuer’s ongoing oper-
ations; 
(B) liquidity requirements applicable to 
permitted payment stablecoin issuers, which may 
not exceed what is sufficient to ensure the finan-
cial 
integrity 
of 
the 
permitted 
payment 
stablecoin issuer and the ability of the issuer to 
meet the financial obligations of the issuer, in-
cluding redemptions; and 
(C) risk management requirements applica-
ble to permitted payment stablecoin issuers, tai-
lored to the business model and risk profile of the 
permitted payment stablecoin issuer. 
(5) TREATMENT
UNDER
THE
BANK
SECRECY 
ACT.—A permitted payment stablecoin issuer shall be 
treated as a financial institution for purposes of the 
Bank Secrecy Act. 
(6) LIMITATION
ON
ACTIVITIES.—A permitted 
payment stablecoin issuer may only issue payment 
stablecoins, redeem payment stablecoins, manage re-
lated reserves (including purchasing and holding re-
serve assets), provide custodial or safekeeping services 
for payment stablecoins or private keys of payment 
stablecoins, and undertake other functions that di-
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rectly support the work of issuing and redeeming 
payment stablecoins. 
(b) RULEMAKING.— 
(1) IN
GENERAL.—The primary Federal pay-
ment stablecoin regulators may issue such orders and 
regulations as may be necessary to administer and 
carry out the requirements of this section, including 
to establish conditions, and to prevent evasions there-
of. 
(2) JOINT ISSUANCE OF REGULATION.—All regu-
lations issued to carry out this section shall be issued 
jointly by the primary Federal payment stablecoin 
regulators. 
(3) RULEMAKING DEADLINE.—Not later than the 
end of the 180-day period beginning on the date of 
enactment of this Act, the Federal payment stablecoin 
regulators shall issue regulations to carry out this sec-
tion. 
SEC. 5. APPROVAL OF SUBSIDIARIES OF INSURED DEPOSI-
TORY INSTITUTIONS AND FEDERAL QUALI-
FIED 
NONBANK 
PAYMENT 
STABLECOIN 
ISSUERS. 
(a) IN GENERAL.— 
(1) APPLICATION.— 
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(A) IN GENERAL.—Any insured depository 
institution 
that 
seeks 
to 
issue 
payment 
stablecoins through a subsidiary and any 
nonbank entity (other than a State qualified 
payment stablecoin issuer) that seeks to issue 
payment stablecoins shall file an application 
with the primary Federal payment stablecoin 
regulator. 
(B) TIMING.—With respect to an applica-
tion filed under this paragraph, the primary 
Federal payment stablecoin regulator shall in-
form the applicant whether the applicant has 
submitted a complete application within 45 days 
of receiving the application. 
(C) COMPLETION
OF
APPLICATION.—With 
respect to an application filed under this para-
graph, once the primary Federal payment 
stablecoin regulator has informed the applicant 
that the application is complete, such applica-
tion shall be deemed to be complete unless the 
primary Federal payment stablecoin regulator 
determines that a significant change in cir-
cumstances requires otherwise. 
(2) EVALUATION OF APPLICATIONS.—A complete 
application received under paragraph (1) shall be 
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evaluated by the primary Federal payment stablecoin 
regulator using the factors described in paragraph 
(3). 
(3) FACTORS TO BE CONSIDERED.—The factors 
described in this paragraph are the following: 
(A) The ability of the applicant (or, in the 
case of an applicant that is an insured deposi-
tory institution, the subsidiary of the applicant), 
based on the financial condition and resources, 
to meet the requirements set forth in section 4. 
(B) The general character and fitness of the 
management of the applicant. 
(C) The risks presented by the applicant 
and benefits provided to consumers. 
(4) TIMING FOR DECISION; GROUNDS FOR DE-
NIAL.— 
(A) TIMING.—The primary Federal pay-
ment stablecoin regulator shall render a decision 
on an application no later than 120 days after 
informing the applicant that the application is 
complete. 
(B) DENIAL OF APPLICATION.— 
(i) GROUNDS FOR DENIAL.—The pri-
mary Federal payment stablecoin regulator 
may only deny a complete application re-
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ceived under paragraph (1) if the regulator 
determines that the activities of the appli-
cant would be unsafe or unsound based on 
the factors described in paragraph (3). 
(ii) EXPLANATION REQUIRED.—If the 
primary Federal payment stablecoin regu-
lator denies a complete application received 
under paragraph (1), the regulator shall 
provide the applicant with written notice 
explaining such denial, including all find-
ings made by the regulator with respect to 
all identified material shortcomings regard-
ing the application, including recommenda-
tions on how the applicant could address 
the identified material shortcomings. 
(iii) 
OPPORTUNITY
FOR
HEARING; 
FINAL DETERMINATION.— 
(I) IN GENERAL.—Not later than 
30 days after the date of receipt of any 
notice of the denial of an application 
under this subsection, the applicant 
may request, in writing, an oppor-
tunity for a written or oral hearing be-
fore the primary Federal payment 
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stablecoin regulator to appeal the de-
nial. 
(II) TIMING.—Upon receipt of a 
timely request, the primary Federal 
payment stablecoin regulator shall no-
tice a time (not later than 30 days 
after the date of receipt of the request) 
and place at which the applicant may 
appear, personally or through counsel, 
to submit written materials or provide 
oral testimony and oral argument). 
(III) FINAL
DETERMINATION.— 
Not later than 60 days after the date 
of a hearing under this clause, the pri-
mary Federal payment stablecoin regu-
lator shall notify the applicant of the 
final determination of the primary 
Federal payment stablecoin regulator, 
which shall contain a statement of the 
basis for that determination, with spe-
cific findings. 
(IV) NOTICE IF NO HEARING.—If 
an applicant does not make a timely 
request for a hearing under this clause, 
the 
primary 
Federal 
payment 
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stablecoin regulator shall notify the ap-
plicant, not later than 10 days after 
the date by which the applicant may 
request a hearing under this clause, in 
writing, that the denial of the applica-
tion is a final determination of the 
regulator. 
(C) FAILURE TO RENDER A DECISION.—If 
the primary Federal payment stablecoin regu-
lator fails to render a decision on a complete ap-
plication within the time period specified in sub-
paragraph (A), the application shall be deemed 
approved. 
(D) RIGHT TO REAPPLY.—The denial of an 
application under this subsection shall not pro-
hibit the applicant from filing a subsequent ap-
plication. 
(5) REPORT ON PENDING APPLICATIONS.—Each 
primary Federal payment stablecoin regulator shall 
annually report to Congress on the applications that 
have been pending for 6 months or longer since the 
date of the initial application filed under paragraph 
(1) where the applicant has been informed that the 
application remains incomplete, including providing 
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documentation on the status of the application and 
why the application has not yet been approved. 
(6) RULEMAKING.—The primary Federal regu-
latory agencies shall, jointly, issue rules necessary for 
the regulation of the issuance of payment stablecoins, 
but may not impose requirements inconsistent with 
the requirements specified under section 4. 
(b) EFFECTIVE DATE.— 
(1) IN GENERAL.—This section shall take effect 
on the earlier of— 
(A) 18 months after the date of enactment 
of this Act; or 
(B) the date that is 120 days after the date 
on 
which 
the 
primary 
Federal 
payment 
stablecoin regulators issue final regulations im-
plementing this section. 
(2) AUTHORITY
TO
ISSUE
REGULATIONS
AND 
PROCESS APPLICATIONS.—The primary Federal pay-
ment stablecoin regulators may, before the effective 
date described under paragraph (1)— 
(A) issue regulations to carry out this sec-
tion; and 
(B) pursuant to regulations described under 
subparagraph (A), accept and process applica-
tions described under this section. 
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(3) NOTICE TO CONGRESS.—Each of the primary 
Federal payment stablecoin regulators shall notify 
Congress once beginning to process applications de-
scribed under this section. 
(4) SAFE
HARBOR
FOR
PENDING
APPLICA-
TIONS.—The primary Federal payment stablecoin 
regulator may waive the application of the require-
ments of this section for a period not to exceed 12 
months beginning on the effective date described under 
paragraph (1), with respect to— 
(A) a subsidiary of an insured depository 
institution, if the insured depository institution 
has an application pending for the subsidiary to 
become a permitted payment stablecoin issuer on 
the effective date described under paragraph (1); 
or 
(B) a nonbank entity with an application 
pending to become a Federal qualified nonbank 
stablecoin issuer on the effective date described 
under paragraph (1). 
SEC. 6. SUPERVISION AND ENFORCEMENT WITH RESPECT 
TO SUBSIDIARIES OF INSURED DEPOSITORY 
INSTITUTIONS 
AND 
FEDERAL 
QUALIFIED 
NONBANK STABLECOIN ISSUERS. 
(a) SUPERVISION.— 
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(1) SUBSIDIARY OF AN INSURED DEPOSITORY IN-
STITUTION.— 
(A) IN GENERAL.—Each permitted payment 
stablecoin issuer that is a subsidiary of an in-
sured depository institution shall be subject to 
supervision by the primary Federal payment 
stablecoin regulator in the same manner as such 
insured depository institution. 
(B) GRAMM-LEACH-BLILEY ACT.—For pur-
poses of title V of the Gramm-Leach-Bliley Act 
(15 U.S.C. 6801 et seq.) each permitted payment 
stablecoin issuer that is a subsidiary of an in-
sured depository institution shall be deemed a fi-
nancial institution. 
(2) FEDERAL
QUALIFIED
NONBANK
PAYMENT 
STABLECOIN ISSUER.— 
(A) SUBMISSION OF REPORTS.—Each Fed-
eral qualified nonbank payment stablecoin issuer 
shall, upon request, submit reports to the pri-
mary Federal payment stablecoin regulator as 
to— 
(i) the Federal qualified nonbank pay-
ment stablecoin issuer’s financial condition, 
systems for monitoring and controlling fi-
nancial and operating risks; and 
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(C) REQUIREMENT TO USE EXISTING RE-
PORTS.—In supervising and examining a Fed-
eral qualified nonbank payment stablecoin 
issuer, the primary Federal payment stablecoin 
regulator shall, to the fullest extent possible, use 
existing reports and other supervisory informa-
tion. 
(D) AVOIDANCE OF DUPLICATION.—The pri-
mary Federal payment stablecoin regulator shall, 
to the fullest extent possible, avoid duplication of 
examination activities, reporting requirements, 
and requests for information in carrying out this 
Act with respect to a Federal qualified nonbank 
payment stablecoin issuer. 
(E) GRAMM-LEACH-BLILEY ACT.—For pur-
poses of title V of the Gramm-Leach-Bliley Act 
(15 U.S.C. 6801 et seq.) each Federal qualified 
nonbank stablecoin issuer shall be deemed a fi-
nancial institution. 
(b) ENFORCEMENT.— 
(1) SUSPENSION OR REVOCATION OF REGISTRA-
TION.—The primary Federal payment stablecoin reg-
ulator may prohibit a permitted payment stablecoin 
issuer from issuing payment stablecoins, if the pri-
mary Federal payment stablecoin regulator deter-
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mines that such permitted payment stablecoin issuer, 
or an institution-affiliated party of the permitted 
payment stablecoin issuer, is— 
(A) violating or has violated this Act or any 
regulation or order issued under this Act; or 
(B) violating or has violated any condition 
imposed in writing by the primary Federal pay-
ment stablecoin regulator in connection with a 
written agreement entered into between the per-
mitted payment stablecoin issuer and the pri-
mary Federal payment stablecoin regulator or a 
condition imposed in connection with any appli-
cation or other request. 
(2) CEASE-AND-DESIST
PROCEEDINGS.—If the 
primary Federal payment stablecoin regulator has 
reasonable cause to believe that a permitted payment 
stablecoin issuer or any institution-affiliated party of 
a permitted payment stablecoin issuer is violating, 
has violated, or is attempting to violate this Act, any 
regulation or order issued under this Act, or any 
written agreement entered into with the primary Fed-
eral payment stablecoin regulator or condition im-
posed in writing by the primary Federal payment 
stablecoin regulator in connection with any applica-
tion or other request, the primary Federal payment 
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stablecoin regulator may, by provisions that are man-
datory or otherwise, order the permitted payment 
stablecoin issuer or institution-affiliated party of the 
permitted payment stablecoin issuer to— 
(A) cease and desist from such violation or 
practice; 
(B) take affirmative action to correct the 
conditions resulting from any such violation or 
practice; or 
(C) take such other action as the primary 
Federal payment stablecoin regulator determines 
to be appropriate. 
(3) REMOVAL AND PROHIBITION AUTHORITY.— 
The primary Federal payment stablecoin regulator 
may remove an institution-affiliated party of a per-
mitted payment stablecoin issuer from their position 
or office or prohibit further participation in the af-
fairs of the permitted payment stablecoin issuer or all 
permitted payment stablecoin issuers by such institu-
tion-affiliated party, if the primary Federal payment 
stablecoin regulator determines that— 
(A) the institution-affiliated party has, di-
rectly or indirectly, committed a violation or at-
tempted violation of this Act or any regulation 
or order issued under this Act; or 
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(B) the institution-affiliated party has com-
mitted a violation of any provision of subchapter 
II of chapter 53 of title 31, United States Code. 
(4) PROCEDURES.— 
(A) IN GENERAL.—If the primary Federal 
payment stablecoin regulator identifies a viola-
tion or attempted violation of this Act or makes 
a determination under paragraph (1), (2), or 
(3), the primary Federal payment stablecoin reg-
ulator shall comply with the procedures set forth 
in subsections (b) and (e) of sections 8 of the 
Federal Deposit Insurance Act (12 U.S.C. 1818). 
(B) JUDICIAL REVIEW.—A person aggrieved 
by a final action under this subsection may ob-
tain judicial review of such action exclusively as 
provided in section 8(h) of the Federal Deposit 
Insurance Act (12 U.S.C. 1818(h)). 
(C) INJUNCTION.—The primary Federal 
payment stablecoin regulator may, in the discre-
tion of the regulator, follow the procedures pro-
vided in section 8(i)(1) of the Federal Deposit 
Insurance Act (12 U.S.C. 1818(i)(1)) for judicial 
enforcement of any effective and outstanding no-
tice or order issued under this subsection. 
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(D) TEMPORARY
CEASE-AND-DESIST
PRO-
CEEDINGS.—If the primary Federal payment 
stablecoin regulator determines that a violation 
or attempted violation of this Act or an action 
with respect to which a determination was made 
under paragraph (1), (2), or (3), or the continu-
ation thereof, is likely to cause insolvency or sig-
nificant dissipation of assets or earnings of a 
permitted payment stablecoin issuer, or is likely 
to weaken the condition of the permitted pay-
ment stablecoin issuer or otherwise prejudice the 
interests of the customers of the permitted pay-
ment stablecoin issuer prior to the completion 
the proceedings conducted under this paragraph, 
the primary Federal payment stablecoin regu-
lator may follow the procedures provided in sec-
tion 8(c) of the Federal Deposit Insurance Act 
(12 U.S.C. 1818(c)) to issue a temporary cease- 
and-desist order. 
(5) CIVIL MONEY PENALTIES.— 
(A) FAILURE TO BE APPROVED.—Any per-
son who issues a payment stablecoin and who is 
not a permitted payment stablecoin issuer, and 
any institution-affiliated party of such a person 
who knowingly participates is issuing such a 
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payment stablecoin, shall be liable for a civil 
penalty of not more than $100,000 for each day 
during which such payment stablecoins are 
issued. 
(B) FIRST
TIER.—Except as provided in 
subparagraph 
(A), 
a 
permitted 
payment 
stablecoin issuer or institution-affiliated party of 
such permitted payment stablecoin issuer that 
violates this Act or any regulation or order 
issued under this Act, or that violates any condi-
tion imposed in writing by the primary Federal 
payment stablecoin regulator in connection with 
a written agreement entered into between the 
permitted payment stablecoin issuer and the pri-
mary Federal payment stablecoin regulator or a 
condition imposed in connection with any appli-
cation or other request, shall be liable for a civil 
penalty of up to $100,000 for each day during 
which the violation continues. 
(C) SECOND TIER.—Except as provided in 
subparagraph (A), and in addition to the pen-
alties described under subparagraph (B), a per-
mitted payment stablecoin issuer or institution- 
affiliated party of such permitted payment 
stablecoin issuer who knowingly participates in 
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