§ 5911. Application of existing insolvency law
§ 5911.
Application of existing insolvency law
In accordance with otherwise applicable law, an insolvency proceeding with respect to a permitted payment stablecoin issuer shall occur as follows:
(1)
A depository institution (as defined in section 1813 of this title) shall be resolved by the Federal Deposit Insurance Corporation, National Credit Union Administration, or State payment stablecoin regulator, as applicable.
(2)
A subsidiary of a depository institution (as defined in section 1813 of this title) or a nonbank entity may be considered a debtor under title 11.