Exception for foreign payment stablecoin issuers and reciprocity for payment stablecoins issued in overseas jurisdictions

The prohibitions under section 5902 of this title shall not apply to a foreign payment stablecoin issuer if all of the following apply: The Secretary of the Treasury may make a determination as to whether a foreign country has a regulatory and supervisory regime that is comparable to the requirements established under this chapter, including the requirements under section 5903(a) of this title. The Secretary of the Treasury may make such a determination only upon a recommendation from each other member of the Stablecoin Certification Review Committee. Prior to such determination taking effect, the Secretary of the Treasury shall publish in the Federal Register a justification for such determination, including how the foreign country’s regulatory and supervisory regime is comparable to the requirements established under this chapter, including the requirements under section 5903(a) of this title. A foreign payment stablecoin issuer or a foreign payment stablecoin regulator may request from the Secretary of the Treasury a determination under paragraph (1). If a foreign payment stablecoin issuer or foreign payment stablecoin regulator requests a determination under paragraph (2), the Secretary of the Treasury shall render a decision on the determination not later than 210 days after the receipt of a substantially complete determination request. The Secretary of the Treasury may, in consultation with the Federal payment stablecoin regulators, rescind a determination made under paragraph (1), if the Secretary determines that the regulatory regime of such foreign country is no longer comparable to the requirements established under this chapter. Prior to such rescission taking effect, the Secretary of the Treasury shall publish in the Federal Register a justification for the rescission. If the Secretary of the Treasury rescinds a determination pursuant to subparagraph (A), a digital asset service provider shall have 90 days before the offer or sale of a payment stablecoin issued by the foreign payment stablecoin issuer that is the subject of the rescinded determination shall be in violation of section 5902 of this title. The Secretary of the Treasury shall keep and make publicly available a current list of foreign countries for which a determination under paragraph (1) has been made. Not later than 1 year after July 18, 2025, the Secretary of the Treasury shall issue such rules as may be required to carry out this section. A foreign payment stablecoin issuer may offer or sell payment stablecoins using a digital asset service provider if the foreign payment stablecoin issuer is registered with the Comptroller. A registration of a foreign payment stablecoin issuer filed in accordance with this section shall be deemed approved on the date that is 30 days after the date the Comptroller receives the registration, unless the Comptroller notifies the foreign payment stablecoin issuer in writing that such registration has been rejected. In determining whether to reject a foreign payment stablecoin issuer’s registration, the Comptroller shall consider 11 So in original. Probably should be followed by a dash. If the Comptroller rejects a registration, not later than 30 days after the date of receipt of such rejection, the foreign payment stablecoin issuer may appeal the rejection by notifying the Comptroller of the request to appeal. Pursuant to section 5913 of this title, the Comptroller shall issue rules relating to the standards for approval of registration requests and the process for appealing denials of such registration requests. The Comptroller shall keep and make publicly available a current list of foreign payment stablecoin issuer registrations that have been approved. A foreign payment stablecoin issuer shall 1 The Comptroller may, in consultation with the Secretary of the Treasury, rescind approval of a registration of a foreign payment stablecoin issuer under this subsection if the Comptroller determines that the foreign payment stablecoin issuer is not in compliance with the requirements of this chapter, including for maintaining insufficient reserves or posing an illicit finance risk or financial stability risk. Prior to such rescission taking effect, the Comptroller shall publish in the Federal Register a justification for the rescission. The Secretary of the Treasury, in consultation with the Comptroller, may revoke a registration of a foreign payment stablecoin issuer under this subsection if the Secretary determines that reasonable grounds exist for concluding that the foreign payment stablecoin issuer presents economic sanctions evasion, money laundering, or other illicit finance risks, or, as applicable, violations, or facilitation thereof. The Secretary of the Treasury may create and implement reciprocal arrangements or other bilateral agreements between the United States and jurisdictions with payment stablecoin regulatory regimes that are comparable to the requirements established under this chapter. The Secretary of the Treasury shall consider whether the jurisdiction’s requirements for payment stablecoin issuers include 1 Not later than 90 days prior to the entry into force of any arrangement or agreement under paragraph (1), the Secretary of the Treasury shall publish the arrangement or agreement in the Federal Register. The Secretary of the Treasury should complete the arrangements under this subsection not later than the date that is 2 years after July 18, 2025.