§5916 Exception for foreign payment stablecoin issuers and reciprocity for payment stablecoins issued in overseas jurisdictions

Summary

Allows some foreign payment stablecoin issuers to work with U.S. customers if they meet four main rules: they are overseen by a foreign regulator whose rules the Secretary of the Treasury finds comparable to U.S. rules, they register with the Comptroller, they keep reserves in a U.S. bank (unless a reciprocal deal says otherwise), and they are not based in a country under U.S. comprehensive sanctions or named a primary money‑laundering concern. A registration is treated as approved 30 days after the Comptroller gets it unless the Comptroller rejects it. The Comptroller will look at the Treasury’s comparability decision, the issuer’s U.S. operations, the information it will provide, and risks to U.S. financial stability or illicit finance when deciding. Rejections can be appealed within 30 days. Approved issuers must accept U.S. reporting, supervision, and exams, and consent to U.S. enforcement. The Comptroller or the Secretary can later cancel approvals for noncompliance or illicit‑finance risks, and must publish a written reason before doing so. The Treasury decides which foreign regimes are comparable only after each other member of the Stablecoin Certification Review Committee recommends it, and must publish a written justification before the decision takes effect. Foreign issuers or their regulators can ask for that decision, and the Treasury must decide within 210 days after a substantially complete request. If the Treasury rescinds a comparability decision, digital asset providers get 90 days before offers or sales become violations. The Treasury will keep a public list of comparable countries, must issue rules to carry out these steps not later than 1 year after July 18, 2025, and should finish any reciprocal arrangements with other jurisdictions not later than 2 years after July 18, 2025, with such arrangements published 90 days before they start.