§5915 Authority of Banking Institutions

Summary

Banks, credit unions, national banks, and trust companies may accept deposits or shares and issue digital assets that stand for those deposits or shares. They may use a distributed ledger for their records and for transfers inside the bank. They may also offer custody services for payment stablecoins, the private keys for those coins, or the reserves that back them. Regulated entities can act as a principal or agent in payment stablecoin deals and pay fees to help customers. Federal payment stablecoin regulators must review existing rules and guidance and update them if needed to make these permissions clear. Federal banking agencies, the National Credit Union Administration (for credit unions), and the Securities and Exchange Commission may not force a bank or credit union to count customer digital assets held in custody as the bank’s own liabilities or to hold capital against those custodial assets or their reserves, except when needed to reduce custody operational risk as determined by the appropriate federal or state supervisors. A state-chartered depository with a permitted payment stablecoin issuer subsidiary may offer money-transmission or custody services if its home State requires and regularly checks adequate liquidity and capital. Home State = where a bank is chartered. Host State = any other State where the bank does business.