{"identifier":"/us/usc/t12/s5901","title":12,"num":"\u00a7\u202f5901.","heading":"Definitions","text":"\u00a7\u202f5901.\nDefinitions\nIn this chapter:\n(1)\nAppropriate Federal banking agency\nThe term \u201cappropriate Federal banking agency\u201d has the meaning given that term in\nsection 1813 of this title\n(2)\nBank Secrecy Act\nThe term \u201cBank Secrecy Act\u201d means\u2014\n(A) section 1829b of this title\n(B) chapter 2 of title I of\nPublic Law 91\u2013508\n12 U.S.C. 1951\n(C) subchapter II of chapter 53 of title 31.\n(3)\nBoard\nThe term \u201cBoard\u201d means the Board of Governors of the Federal Reserve System.\n(4)\nComptroller\nThe term \u201cComptroller\u201d means the Office of the Comptroller of the Currency.\n(5)\nCorporation\nThe term \u201cCorporation\u201d means the Federal Deposit Insurance Corporation.\n(6)\nDigital asset\nThe term \u201cdigital asset\u201d means any digital representation of value that is recorded on a cryptographically secured distributed ledger.\n(7)\nDigital asset service provider\nThe term \u201cdigital asset service provider\u201d\u2014\n(A) means a person that, for compensation or profit, engages in the business in the United States (including on behalf of customers or users in the United States) of\u2014\n(i) exchanging digital assets for monetary value;\n(ii) exchanging digital assets for other digital assets;\n(iii) transferring digital assets to a third party;\n(iv) acting as a digital asset custodian; or\n(v) participating in financial services relating to digital asset issuance; and\n(B) does not include\u2014\n(i) a distributed ledger protocol;\n(ii) developing, operating, or engaging in the business of developing distributed ledger protocols or self-custodial software interfaces;\n(iii) an immutable and self-custodial software interface;\n(iv) developing, operating, or engaging in the business of validating transactions or operating a distributed ledger; or\n(v) participating in a liquidity pool or other similar mechanism for the provisioning of liquidity for peer-to-peer transactions.\n(8)\nDistributed ledger\nThe term \u201cdistributed ledger\u201d means technology in which data is shared across a network that creates a public digital ledger of verified transactions or information among network participants and cryptography is used to link the data to maintain the integrity of the public ledger and execute other functions.\n(9)\nDistributed ledger protocol\nThe term \u201cdistributed ledger protocol\u201d means publicly available and accessible executable software deployed to a distributed ledger, including smart contracts or networks of smart contracts.\n(10)\nFederal branch\nThe term \u201cFederal branch\u201d has the meaning given that term in\nsection 1813 of this title\n(11)\nFederal qualified payment stablecoin issuer\nThe term \u201cFederal qualified payment stablecoin issuer\u201d means\u2014\n(A) a nonbank entity, other than a State qualified payment stablecoin issuer, approved by the Comptroller, pursuant to\nsection 5904 of this title\n(B) an uninsured national bank\u2014\n(i) that is chartered by the Comptroller, pursuant to title LXII of the Revised Statutes; and\n(ii) that is approved by the Comptroller, pursuant to\nsection 5904 of this title\n(C) a Federal branch that is approved by the Comptroller, pursuant to\nsection 5904 of this title\n(12)\nForeign payment stablecoin issuer\nThe term \u201cforeign payment stablecoin issuer\u201d means an issuer of a payment stablecoin that is\u2014\n(A) organized under the laws of or domiciled in a foreign country, a territory of the United States, Puerto Rico, Guam, American Samoa, or the Virgin Islands; and\n(B) not a permitted payment stablecoin issuer.\n(13)\nInstitution-affiliated party\nWith respect to a permitted payment stablecoin issuer, the term \u201cinstitution-affiliated party\u201d means any director, officer, employee, or controlling stockholder of the permitted payment stablecoin issuer.\n(14)\nInsured credit union\nThe term \u201cinsured credit union\u201d has the meaning given that term in\nsection 1752 of this title\n(15)\nInsured depository institution\nThe term \u201cinsured depository institution\u201d means\u2014\n(A) an insured depository institution, as defined in\nsection 1813 of this title\n(B) an insured credit union.\n(16)\nLawful order\nThe term \u201clawful order\u201d means any final and valid writ, process, order, rule, decree, command, or other requirement issued or promulgated under Federal law, issued by a court of competent jurisdiction or by an authorized Federal agency pursuant to its statutory authority, that\u2014\n(A) requires a person to seize, freeze, burn, or prevent the transfer of payment stablecoins issued by the person;\n(B) specifies the payment stablecoins or accounts subject to blocking with reasonable particularity; and\n(C) is subject to judicial or administrative review or appeal as provided by law.\n(17)\nMonetary value\nThe term \u201cmonetary value\u201d means a national currency or deposit (as defined in\nsection 1813 of this title\n(18)\nMoney\nThe term \u201cmoney\u201d\u2014\n(A) means a medium of exchange currently authorized or adopted by a domestic or foreign government; and\n(B) includes a monetary unit of account established by an intergovernmental organization or by agreement between 2 or more countries.\n(19)\nNational currency\nThe term \u201cnational currency\u201d means each of the following:\n(A) A Federal Reserve note (as the term is used in\nsection 411 of this title\n(B) Money standing to the credit of an account with a Federal Reserve Bank.\n(C) Money issued by a foreign central bank.\n(D) Money issued by an intergovernmental organization pursuant to an agreement by 2 or more governments.\n(20)\nNonbank entity\nThe term \u201cnonbank entity\u201d means a person that is not a depository institution or subsidiary of a depository institution.\n(21)\nOffer\nThe term \u201coffer\u201d means to make available for purchase, sale, or exchange.\n(22)\nPayment stablecoin\nThe term \u201cpayment stablecoin\u201d\u2014\n(A) means a digital asset\u2014\n(i) that is, or is designed to be, used as a means of payment or settlement; and\n(ii) the issuer of which\u2014\n(I) is obligated to convert, redeem, or repurchase for a fixed amount of monetary value, not including a digital asset denominated in a fixed amount of monetary value; and\n(II) represents that such issuer will maintain, or create the reasonable expectation that it will maintain, a stable value relative to the value of a fixed amount of monetary value; and\n(B) does not include a digital asset that\u2014\n(i) is a national currency;\n(ii) is a deposit (as defined in\nsection 1813 of this title\n(iii) is a security, as defined in\nsection 77b of title 15\nsection 78c of title 15\nsection 80a\u20132 of title 15\n(23)\nPermitted payment stablecoin issuer\nThe term \u201cpermitted payment stablecoin issuer\u201d means a person formed in the United States that is\u2014\n(A) a subsidiary of an insured depository institution that has been approved to issue payment stablecoins under\nsection 5904 of this title\n(B) a Federal qualified payment stablecoin issuer; or\n(C) a State qualified payment stablecoin issuer.\n(24)\nPerson\nThe term \u201cperson\u201d means an individual, partnership, company, corporation, association, trust, estate, cooperative organization, or other business entity, incorporated or unincorporated.\n(25)\nPrimary Federal payment stablecoin regulator\nThe term \u201cprimary Federal payment stablecoin regulator\u201d means\u2014\n(A) with respect to a subsidiary of an insured depository institution (other than an insured credit union), the appropriate Federal banking agency of such insured depository institution;\n(B) with respect to an insured credit union or a subsidiary of an insured credit union, the National Credit Union Administration;\n(C) with respect to a State chartered depository institution not specified under subparagraph (A), the Corporation, the Comptroller, or the Board; and\n(D) with respect to a Federal qualified payment stablecoin issuer, the Comptroller.\n(26)\nRegistered public accounting firm\nThe term \u201cregistered public accounting firm\u201d has the meaning given that term under\nsection 7201 of title 15\n(27)\nStablecoin Certification Review Committee\nThe term \u201cStablecoin Certification Review Committee\u201d means the committee of that name and having the functions as provided in this chapter\u2014\n(A) of which\u2014\n(i) the Secretary of the Treasury shall serve as Chair; and\n(ii) the Chair of the Board (or the Vice Chair for Supervision, as delegated by the Chair of the Board), and the Chair of the Corporation shall serve as members; and\n(B) which, unless otherwise specified in this chapter, shall act by \u2154 vote of its members at any meeting called by the Chair or by unanimous written consent.\n(28)\nState\nThe term \u201cState\u201d means each of the several States of the United States, the District of Columbia, and each territory of the United States.\n(29)\nState chartered depository institution\nThe term \u201cState chartered depository institution\u201d has the meaning given the term \u201cState depository institution\u201d in\nsection 1813(c) of this title\n(30)\nState payment stablecoin regulator\nThe term \u201cState payment stablecoin regulator\u201d means a State agency that has primary regulatory and supervisory authority in such State over entities that issue payment stablecoins.\n(31)\nState qualified payment stablecoin issuer\nThe term \u201cState qualified payment stablecoin issuer\u201d means an entity that\u2014\n(A) is legally established under the laws of a State and approved to issue payment stablecoins by a State payment stablecoin regulator; and\n(B) is not an uninsured national bank chartered by the Comptroller pursuant to title LXII of the Revised Statutes, a Federal branch, an insured depository institution, or a subsidiary of such national bank, Federal branch, or insured depository institution.\n(32)\nSubsidiary\nThe term \u201csubsidiary\u201d has the meaning given that term in\nsection 1813 of this title\n(33)\nSubsidiary of an insured credit union\nWith respect to an insured credit union, the term \u201csubsidiary of an insured credit union\u201d means\u2014\n(A) an organization providing services to the insured credit union that are associated with the routine operations of credit unions, as described in\nsection 1757(7)(I) of this title\n(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; and\n(C) a subsidiary of a State chartered insured credit union authorized under State law.","url":"https://projectusc.org/usc/t12/s5901.html","content":[{"t":"sec","id":"/us/usc/t12/s5901","children":[{"t":"num","text":"\u00a7\u202f5901."},{"t":"heading","text":"Definitions","tail":"\n"},{"t":"chapeau","text":"In this chapter:"},{"t":"para","id":"/us/usc/t12/s5901/1","children":[{"t":"num","text":"(1)"},{"t":"heading","text":"Appropriate Federal banking agency"},{"t":"content","children":[{"t":"p","text":"The term \u201cappropriate Federal banking agency\u201d has the meaning given that term in ","children":[{"t":"ref","text":"section 1813 of this title","href":"/us/usc/t12/s1813","tail":"."}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s5901/2","children":[{"t":"num","text":"(2)"},{"t":"heading","text":"Bank Secrecy Act"},{"t":"chapeau","text":"The term \u201cBank Secrecy Act\u201d means\u2014"},{"t":"subpara","id":"/us/usc/t12/s5901/2/A","children":[{"t":"num","text":"(A)"},{"t":"content","text":" ","children":[{"t":"ref","text":"section 1829b of this title","href":"/us/usc/t12/s1829b","tail":";"}],"tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s5901/2/B","children":[{"t":"num","text":"(B)"},{"t":"content","text":" chapter 2 of title I of ","children":[{"t":"ref","text":"Public Law 91\u2013508","href":"/us/pl/91/508","tail":" ("},{"t":"ref","text":"12 U.S.C. 1951","href":"/us/usc/t12/s1951","tail":" et seq.); and"}],"tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s5901/2/C","children":[{"t":"num","text":"(C)"},{"t":"content","text":" subchapter II of chapter 53 of title 31.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s5901/3","children":[{"t":"num","text":"(3)"},{"t":"heading","text":"Board"},{"t":"content","children":[{"t":"p","text":"The term \u201cBoard\u201d means the Board of Governors of the Federal Reserve System.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s5901/4","children":[{"t":"num","text":"(4)"},{"t":"heading","text":"Comptroller"},{"t":"content","children":[{"t":"p","text":"The term \u201cComptroller\u201d means the Office of the Comptroller of the Currency.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s5901/5","children":[{"t":"num","text":"(5)"},{"t":"heading","text":"Corporation"},{"t":"content","children":[{"t":"p","text":"The term \u201cCorporation\u201d means the Federal Deposit Insurance Corporation.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s5901/6","children":[{"t":"num","text":"(6)"},{"t":"heading","text":"Digital asset"},{"t":"content","children":[{"t":"p","text":"The term \u201cdigital asset\u201d means any digital representation of value that is recorded on a cryptographically secured distributed ledger.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s5901/7","children":[{"t":"num","text":"(7)"},{"t":"heading","text":"Digital asset service provider"},{"t":"chapeau","text":"The term \u201cdigital asset service provider\u201d\u2014"},{"t":"subpara","id":"/us/usc/t12/s5901/7/A","children":[{"t":"num","text":"(A)"},{"t":"chapeau","text":" means a person that, for compensation or profit, engages in the business in the United States (including on behalf of customers or users in the United States) of\u2014"},{"t":"clause","id":"/us/usc/t12/s5901/7/A/i","children":[{"t":"num","text":"(i)"},{"t":"content","text":" exchanging digital assets for monetary value;","tail":"\n"}],"tail":"\n"},{"t":"clause","id":"/us/usc/t12/s5901/7/A/ii","children":[{"t":"num","text":"(ii)"},{"t":"content","text":" exchanging digital assets for other digital assets;","tail":"\n"}],"tail":"\n"},{"t":"clause","id":"/us/usc/t12/s5901/7/A/iii","children":[{"t":"num","text":"(iii)"},{"t":"content","text":" transferring digital assets to a third party;","tail":"\n"}],"tail":"\n"},{"t":"clause","id":"/us/usc/t12/s5901/7/A/iv","children":[{"t":"num","text":"(iv)"},{"t":"content","text":" acting as a digital asset custodian; or","tail":"\n"}],"tail":"\n"},{"t":"clause","id":"/us/usc/t12/s5901/7/A/v","children":[{"t":"num","text":"(v)"},{"t":"content","text":" participating in financial services relating to digital asset issuance; and","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s5901/7/B","children":[{"t":"num","text":"(B)"},{"t":"chapeau","text":" does not include\u2014"},{"t":"clause","id":"/us/usc/t12/s5901/7/B/i","children":[{"t":"num","text":"(i)"},{"t":"content","text":" a distributed ledger protocol;","tail":"\n"}],"tail":"\n"},{"t":"clause","id":"/us/usc/t12/s5901/7/B/ii","children":[{"t":"num","text":"(ii)"},{"t":"content","text":" developing, operating, or engaging in the business of developing distributed ledger protocols or self-custodial software interfaces;","tail":"\n"}],"tail":"\n"},{"t":"clause","id":"/us/usc/t12/s5901/7/B/iii","children":[{"t":"num","text":"(iii)"},{"t":"content","text":" an immutable and self-custodial software interface;","tail":"\n"}],"tail":"\n"},{"t":"clause","id":"/us/usc/t12/s5901/7/B/iv","children":[{"t":"num","text":"(iv)"},{"t":"content","text":" developing, operating, or engaging in the business of validating transactions or operating a distributed ledger; or","tail":"\n"}],"tail":"\n"},{"t":"clause","id":"/us/usc/t12/s5901/7/B/v","children":[{"t":"num","text":"(v)"},{"t":"content","text":" participating in a liquidity pool or other similar mechanism for the provisioning of liquidity for peer-to-peer transactions.","tail":"\n"}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s5901/8","children":[{"t":"num","text":"(8)"},{"t":"heading","text":"Distributed ledger"},{"t":"content","children":[{"t":"p","text":"The term \u201cdistributed ledger\u201d means technology in which data is shared across a network that creates a public digital ledger of verified transactions or information among network participants and cryptography is used to link the data to maintain the integrity of the public ledger and execute other functions.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s5901/9","children":[{"t":"num","text":"(9)"},{"t":"heading","text":"Distributed ledger protocol"},{"t":"content","children":[{"t":"p","text":"The term \u201cdistributed ledger protocol\u201d means publicly available and accessible executable software deployed to a distributed ledger, including smart contracts or networks of smart contracts.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s5901/10","children":[{"t":"num","text":"(10)"},{"t":"heading","text":"Federal branch"},{"t":"content","children":[{"t":"p","text":"The term \u201cFederal branch\u201d has the meaning given that term in ","children":[{"t":"ref","text":"section 1813 of this title","href":"/us/usc/t12/s1813","tail":"."}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s5901/11","children":[{"t":"num","text":"(11)"},{"t":"heading","text":"Federal qualified payment stablecoin issuer"},{"t":"chapeau","text":"The term \u201cFederal qualified payment stablecoin issuer\u201d means\u2014"},{"t":"subpara","id":"/us/usc/t12/s5901/11/A","children":[{"t":"num","text":"(A)"},{"t":"content","text":" a nonbank entity, other than a State qualified payment stablecoin issuer, approved by the Comptroller, pursuant to ","children":[{"t":"ref","text":"section 5904 of this title","href":"/us/usc/t12/s5904","tail":", to issue payment stablecoins;"}],"tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s5901/11/B","children":[{"t":"num","text":"(B)"},{"t":"chapeau","text":" an uninsured national bank\u2014"},{"t":"clause","id":"/us/usc/t12/s5901/11/B/i","children":[{"t":"num","text":"(i)"},{"t":"content","text":" that is chartered by the Comptroller, pursuant to title LXII of the Revised Statutes; and","tail":"\n"}],"tail":"\n"},{"t":"clause","id":"/us/usc/t12/s5901/11/B/ii","children":[{"t":"num","text":"(ii)"},{"t":"content","text":" that is approved by the Comptroller, pursuant to ","children":[{"t":"ref","text":"section 5904 of this title","href":"/us/usc/t12/s5904","tail":", to issue payment stablecoins; and"}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s5901/11/C","children":[{"t":"num","text":"(C)"},{"t":"content","text":" a Federal branch that is approved by the Comptroller, pursuant to ","children":[{"t":"ref","text":"section 5904 of this title","href":"/us/usc/t12/s5904","tail":", to issue payment stablecoins."}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s5901/12","children":[{"t":"num","text":"(12)"},{"t":"heading","text":"Foreign payment stablecoin issuer"},{"t":"chapeau","text":"The term \u201cforeign payment stablecoin issuer\u201d means an issuer of a payment stablecoin that is\u2014"},{"t":"subpara","id":"/us/usc/t12/s5901/12/A","children":[{"t":"num","text":"(A)"},{"t":"content","text":" organized under the laws of or domiciled in a foreign country, a territory of the United States, Puerto Rico, Guam, American Samoa, or the Virgin Islands; and","tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s5901/12/B","children":[{"t":"num","text":"(B)"},{"t":"content","text":" not a permitted payment stablecoin issuer.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s5901/13","children":[{"t":"num","text":"(13)"},{"t":"heading","text":"Institution-affiliated party"},{"t":"content","children":[{"t":"p","text":"With respect to a permitted payment stablecoin issuer, the term \u201cinstitution-affiliated party\u201d means any director, officer, employee, or controlling stockholder of the permitted payment stablecoin issuer.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s5901/14","children":[{"t":"num","text":"(14)"},{"t":"heading","text":"Insured credit union"},{"t":"content","children":[{"t":"p","text":"The term \u201cinsured credit union\u201d has the meaning given that term in ","children":[{"t":"ref","text":"section 1752 of this title","href":"/us/usc/t12/s1752","tail":"."}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s5901/15","children":[{"t":"num","text":"(15)"},{"t":"heading","text":"Insured depository institution"},{"t":"chapeau","text":"The term \u201cinsured depository institution\u201d means\u2014"},{"t":"subpara","id":"/us/usc/t12/s5901/15/A","children":[{"t":"num","text":"(A)"},{"t":"content","text":" an insured depository institution, as defined in ","children":[{"t":"ref","text":"section 1813 of this title","href":"/us/usc/t12/s1813","tail":"; and"}],"tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s5901/15/B","children":[{"t":"num","text":"(B)"},{"t":"content","text":" an insured credit union.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s5901/16","children":[{"t":"num","text":"(16)"},{"t":"heading","text":"Lawful order"},{"t":"chapeau","text":"The term \u201clawful order\u201d means any final and valid writ, process, order, rule, decree, command, or other requirement issued or promulgated under Federal law, issued by a court of competent jurisdiction or by an authorized Federal agency pursuant to its statutory authority, that\u2014"},{"t":"subpara","id":"/us/usc/t12/s5901/16/A","children":[{"t":"num","text":"(A)"},{"t":"content","text":" requires a person to seize, freeze, burn, or prevent the transfer of payment stablecoins issued by the person;","tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s5901/16/B","children":[{"t":"num","text":"(B)"},{"t":"content","text":" specifies the payment stablecoins or accounts subject to blocking with reasonable particularity; and","tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s5901/16/C","children":[{"t":"num","text":"(C)"},{"t":"content","text":" is subject to judicial or administrative review or appeal as provided by law.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s5901/17","children":[{"t":"num","text":"(17)"},{"t":"heading","text":"Monetary value"},{"t":"content","children":[{"t":"p","text":"The term \u201cmonetary value\u201d means a national currency or deposit (as defined in ","children":[{"t":"ref","text":"section 1813 of this title","href":"/us/usc/t12/s1813","tail":") denominated in a national currency."}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s5901/18","children":[{"t":"num","text":"(18)"},{"t":"heading","text":"Money"},{"t":"chapeau","text":"The term \u201cmoney\u201d\u2014"},{"t":"subpara","id":"/us/usc/t12/s5901/18/A","children":[{"t":"num","text":"(A)"},{"t":"content","text":" means a medium of exchange currently authorized or adopted by a domestic or foreign government; and","tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s5901/18/B","children":[{"t":"num","text":"(B)"},{"t":"content","text":" includes a monetary unit of account established by an intergovernmental organization or by agreement between 2 or more countries.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s5901/19","children":[{"t":"num","text":"(19)"},{"t":"heading","text":"National currency"},{"t":"chapeau","text":"The term \u201cnational currency\u201d means each of the following:"},{"t":"subpara","id":"/us/usc/t12/s5901/19/A","children":[{"t":"num","text":"(A)"},{"t":"content","text":" A Federal Reserve note (as the term is used in ","children":[{"t":"ref","text":"section 411 of this title","href":"/us/usc/t12/s411","tail":")."}],"tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s5901/19/B","children":[{"t":"num","text":"(B)"},{"t":"content","text":" Money standing to the credit of an account with a Federal Reserve Bank.","tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s5901/19/C","children":[{"t":"num","text":"(C)"},{"t":"content","text":" Money issued by a foreign central bank.","tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s5901/19/D","children":[{"t":"num","text":"(D)"},{"t":"content","text":" Money issued by an intergovernmental organization pursuant to an agreement by 2 or more governments.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s5901/20","children":[{"t":"num","text":"(20)"},{"t":"heading","text":"Nonbank entity"},{"t":"content","children":[{"t":"p","text":"The term \u201cnonbank entity\u201d means a person that is not a depository institution or subsidiary of a depository institution.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s5901/21","children":[{"t":"num","text":"(21)"},{"t":"heading","text":"Offer"},{"t":"content","children":[{"t":"p","text":"The term \u201coffer\u201d means to make available for purchase, sale, or exchange.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s5901/22","children":[{"t":"num","text":"(22)"},{"t":"heading","text":"Payment stablecoin"},{"t":"chapeau","text":"The term \u201cpayment stablecoin\u201d\u2014"},{"t":"subpara","id":"/us/usc/t12/s5901/22/A","children":[{"t":"num","text":"(A)"},{"t":"chapeau","text":" means a digital asset\u2014"},{"t":"clause","id":"/us/usc/t12/s5901/22/A/i","children":[{"t":"num","text":"(i)"},{"t":"content","text":" that is, or is designed to be, used as a means of payment or settlement; and","tail":"\n"}],"tail":"\n"},{"t":"clause","id":"/us/usc/t12/s5901/22/A/ii","children":[{"t":"num","text":"(ii)"},{"t":"chapeau","text":" the issuer of which\u2014"},{"t":"subclause","id":"/us/usc/t12/s5901/22/A/ii/I","children":[{"t":"num","text":"(I)"},{"t":"content","text":" is obligated to convert, redeem, or repurchase for a fixed amount of monetary value, not including a digital asset denominated in a fixed amount of monetary value; and","tail":"\n"}],"tail":"\n"},{"t":"subclause","id":"/us/usc/t12/s5901/22/A/ii/II","children":[{"t":"num","text":"(II)"},{"t":"content","text":" represents that such issuer will maintain, or create the reasonable expectation that it will maintain, a stable value relative to the value of a fixed amount of monetary value; and","tail":"\n"}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s5901/22/B","children":[{"t":"num","text":"(B)"},{"t":"chapeau","text":" does not include a digital asset that\u2014"},{"t":"clause","id":"/us/usc/t12/s5901/22/B/i","children":[{"t":"num","text":"(i)"},{"t":"content","text":" is a national currency;","tail":"\n"}],"tail":"\n"},{"t":"clause","id":"/us/usc/t12/s5901/22/B/ii","children":[{"t":"num","text":"(ii)"},{"t":"content","text":" is a deposit (as defined in ","children":[{"t":"ref","text":"section 1813 of this title","href":"/us/usc/t12/s1813","tail":"), including a deposit recorded using distributed ledger technology; or"}],"tail":"\n"}],"tail":"\n"},{"t":"clause","id":"/us/usc/t12/s5901/22/B/iii","children":[{"t":"num","text":"(iii)"},{"t":"content","text":" is a security, as defined in ","children":[{"t":"ref","text":"section 77b of title 15","href":"/us/usc/t15/s77b","tail":", "},{"t":"ref","text":"section 78c of title 15","href":"/us/usc/t15/s78c","tail":", or "},{"t":"ref","text":"section 80a\u20132 of title 15","href":"/us/usc/t15/s80a\u20132","tail":", except that, for the avoidance of doubt, no bond, note, evidence of indebtedness, or investment contract that was issued by a permitted payment stablecoin issuer shall qualify as a security solely by virtue of its satisfying the conditions described in subparagraph (A), consistent with section 17 of this Act."}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s5901/23","children":[{"t":"num","text":"(23)"},{"t":"heading","text":"Permitted payment stablecoin issuer"},{"t":"chapeau","text":"The term \u201cpermitted payment stablecoin issuer\u201d means a person formed in the United States that is\u2014"},{"t":"subpara","id":"/us/usc/t12/s5901/23/A","children":[{"t":"num","text":"(A)"},{"t":"content","text":" a subsidiary of an insured depository institution that has been approved to issue payment stablecoins under ","children":[{"t":"ref","text":"section 5904 of this title","href":"/us/usc/t12/s5904","tail":";"}],"tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s5901/23/B","children":[{"t":"num","text":"(B)"},{"t":"content","text":" a Federal qualified payment stablecoin issuer; or","tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s5901/23/C","children":[{"t":"num","text":"(C)"},{"t":"content","text":" a State qualified payment stablecoin issuer.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s5901/24","children":[{"t":"num","text":"(24)"},{"t":"heading","text":"Person"},{"t":"content","children":[{"t":"p","text":"The term \u201cperson\u201d means an individual, partnership, company, corporation, association, trust, estate, cooperative organization, or other business entity, incorporated or unincorporated.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s5901/25","children":[{"t":"num","text":"(25)"},{"t":"heading","text":"Primary Federal payment stablecoin regulator"},{"t":"chapeau","text":"The term \u201cprimary Federal payment stablecoin regulator\u201d means\u2014"},{"t":"subpara","id":"/us/usc/t12/s5901/25/A","children":[{"t":"num","text":"(A)"},{"t":"content","text":" with respect to a subsidiary of an insured depository institution (other than an insured credit union), the appropriate Federal banking agency of such insured depository institution;","tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s5901/25/B","children":[{"t":"num","text":"(B)"},{"t":"content","text":" with respect to an insured credit union or a subsidiary of an insured credit union, the National Credit Union Administration;","tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s5901/25/C","children":[{"t":"num","text":"(C)"},{"t":"content","text":" with respect to a State chartered depository institution not specified under subparagraph (A), the Corporation, the Comptroller, or the Board; and","tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s5901/25/D","children":[{"t":"num","text":"(D)"},{"t":"content","text":" with respect to a Federal qualified payment stablecoin issuer, the Comptroller.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s5901/26","children":[{"t":"num","text":"(26)"},{"t":"heading","text":"Registered public accounting firm"},{"t":"content","children":[{"t":"p","text":"The term \u201cregistered public accounting firm\u201d has the meaning given that term under ","children":[{"t":"ref","text":"section 7201 of title 15","href":"/us/usc/t15/s7201","tail":"."}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s5901/27","children":[{"t":"num","text":"(27)"},{"t":"heading","text":"Stablecoin Certification Review Committee"},{"t":"chapeau","text":"The term \u201cStablecoin Certification Review Committee\u201d means the committee of that name and having the functions as provided in this chapter\u2014"},{"t":"subpara","id":"/us/usc/t12/s5901/27/A","children":[{"t":"num","text":"(A)"},{"t":"chapeau","text":" of which\u2014"},{"t":"clause","id":"/us/usc/t12/s5901/27/A/i","children":[{"t":"num","text":"(i)"},{"t":"content","text":" the Secretary of the Treasury shall serve as Chair; and","tail":"\n"}],"tail":"\n"},{"t":"clause","id":"/us/usc/t12/s5901/27/A/ii","children":[{"t":"num","text":"(ii)"},{"t":"content","text":" the Chair of the Board (or the Vice Chair for Supervision, as delegated by the Chair of the Board), and the Chair of the Corporation shall serve as members; and","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s5901/27/B","children":[{"t":"num","text":"(B)"},{"t":"content","text":" which, unless otherwise specified in this chapter, shall act by \u2154 vote of its members at any meeting called by the Chair or by unanimous written consent.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s5901/28","children":[{"t":"num","text":"(28)"},{"t":"heading","text":"State"},{"t":"content","children":[{"t":"p","text":"The term \u201cState\u201d means each of the several States of the United States, the District of Columbia, and each territory of the United States.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s5901/29","children":[{"t":"num","text":"(29)"},{"t":"heading","text":"State chartered depository institution"},{"t":"content","children":[{"t":"p","text":"The term \u201cState chartered depository institution\u201d has the meaning given the term \u201cState depository institution\u201d in ","children":[{"t":"ref","text":"section 1813(c) of this title","href":"/us/usc/t12/s1813/c","tail":"."}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s5901/30","children":[{"t":"num","text":"(30)"},{"t":"heading","text":"State payment stablecoin regulator"},{"t":"content","children":[{"t":"p","text":"The term \u201cState payment stablecoin regulator\u201d means a State agency that has primary regulatory and supervisory authority in such State over entities that issue payment stablecoins.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s5901/31","children":[{"t":"num","text":"(31)"},{"t":"heading","text":"State qualified payment stablecoin issuer"},{"t":"chapeau","text":"The term \u201cState qualified payment stablecoin issuer\u201d means an entity that\u2014"},{"t":"subpara","id":"/us/usc/t12/s5901/31/A","children":[{"t":"num","text":"(A)"},{"t":"content","text":" is legally established under the laws of a State and approved to issue payment stablecoins by a State payment stablecoin regulator; and","tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s5901/31/B","children":[{"t":"num","text":"(B)"},{"t":"content","text":" is not an uninsured national bank chartered by the Comptroller pursuant to title LXII of the Revised Statutes, a Federal branch, an insured depository institution, or a subsidiary of such national bank, Federal branch, or insured depository institution.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s5901/32","children":[{"t":"num","text":"(32)"},{"t":"heading","text":"Subsidiary"},{"t":"content","children":[{"t":"p","text":"The term \u201csubsidiary\u201d has the meaning given that term in ","children":[{"t":"ref","text":"section 1813 of this title","href":"/us/usc/t12/s1813","tail":"."}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s5901/33","children":[{"t":"num","text":"(33)"},{"t":"heading","text":"Subsidiary of an insured credit union"},{"t":"chapeau","text":"With respect to an insured credit union, the term \u201csubsidiary of an insured credit union\u201d means\u2014"},{"t":"subpara","id":"/us/usc/t12/s5901/33/A","children":[{"t":"num","text":"(A)"},{"t":"content","text":" an organization providing services to the insured credit union that are associated with the routine operations of credit unions, as described in ","children":[{"t":"ref","text":"section 1757(7)(I) of this title","href":"/us/usc/t12/s1757/7/I","tail":";"}],"tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s5901/33/B","children":[{"t":"num","text":"(B)"},{"t":"content","text":" 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; and","tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s5901/33/C","children":[{"t":"num","text":"(C)"},{"t":"content","text":" a subsidiary of a State chartered insured credit union authorized under State law.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"text","text":"\n"},{"t":"text","text":"\n"}]}]}