§5914 — Title 12 Banks and Banking | U.S. Code

Summary

Starting 1 year after July 18, 2025, and every year after, the main federal agencies that oversee payment stablecoins must send a report to the Senate Banking, Housing, and Urban Affairs Committee, the House Financial Services Committee, and the Director of the Office of Financial Research. The report can include a classified annex and must explain industry trends, how many firms applied to be allowed to issue payment stablecoins (and how many were approved or rejected), and any risks those activities might pose to the safety and soundness of the broader financial system. The Financial Stability Oversight Council must include the report’s findings in its own annual report.

Title 12, §5914

Banks and Banking — Source: USLM XML via OLRC

(a)Beginning on the date that is 1 year after July 18, 2025, and annually thereafter, the primary Federal payment stablecoin regulators, in consultation with State payment stablecoin regulators, as necessary, shall submit to the Committee on Banking, Housing, and Urban Affairs of the Senate, the Committee on Financial Services of the House of Representatives, and the Director of the Office of Financial Research a report, which may include a classified annex, if applicable, on the status of the payment stablecoin industry, including—

(1)a summary of trends in payment stablecoin activities;

(2)a summary of the number of applications for approval as a permitted payment stablecoin issuer under section 5904 of this title, including aggregate approvals and rejections of applications; and

(3)a description of the potential financial stability risks posed to the safety and soundness of the broader financial system by payment stablecoin activities.

(b)The Financial Stability Oversight Council shall incorporate the findings in the report under subsection (a) into the annual report of the Council required under section 5322(a)(2)(N) of this title.

Notes & Related Subsidiaries

Delayed

Effective Date

of SectionFor delayed

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of section, see

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note below.

Statutory Notes and Related Subsidiaries

Effective Date

Section effective on the earlier of the date that is 18 months after July 18, 2025, or the date that is 120 days after the date on which the primary Federal payment stablecoin regulators issue any final

Regulations

implementing Pub. L. 119–27, see section 20 of Pub. L. 119–27, set out as a note under section 5901 of this title.

§5914 Reports

Summary

Title 12, §5914

Notes & Related Subsidiaries

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Statutory Notes and Related Subsidiaries

Effective Date

Regulations

Citations & Metadata