,,ib ,union ,cal5d> ,no4 #djh #aah?     
,,congress  #b;d ,session  ,h4 ,r4 #dgff
 ,report ,no4 #aah-dib ,,9 ,,! ,,h\se   
,,( ,,repres5tatives  ,july #bj1        
#bjbc,mr4 ,mc,henry introduc$ ! foll[+  
bill2 :i* 0 ref]r$ to ! ,committee on   
,f9ancial ,s]vices  ,may #g1            
#bjbd;,additional sponsor3 ,mr4 ,torres 
( ,new ,york  ,may #g1 #bjbd,report$ )  
an am5dm5t1 committ$ to ! ,committee ( !
 ,:ole ,h\se on ! ,/ate ( ! ,union1 &   
ord]$ to be printed,strike out all aft] 
! enact+ clause & ins]t ! "p pr9t$ 9    
italic,for text ( introduc$ bill1 see   
copy ( bill z introduc$ on ,july #bj1   
#bjbc  ,a ,,bill  ,to provide = !       
regulation ( paym5t /ableco9s1 & = o!r  
purposes4  #a4 ,%ort title ,?is ,act may
 be cit$ z ! ,cl>ity = ,paym5t          
,/ableco9s ,act ( #bjbc4  #b4           
,def9itions ,9 ?is ,act3 7#a7 ,bank     
,secrecy ,act ,! t]m ,bank ,secrecy ,act
 means-- 7,a7 section #ba ( ! ,f$]al    
,deposit ,insurance ,act 7#ab ,u4,s4,c4 
#ahbi;b72  7,b7 *apt] #b ( title ,i (   

,public ,law #ia-ejh 7#ab ,u4,s4,c4     
#aiea et seq472 &  7,c7 sub*apt] ,,ii ( 
*apt] #ec ( title #ca1 ,unit$ ,/ates    
,code4  7#b7 ,bo>d ,! t]m ,bo>d means ! 
,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve    
,sy/em4  7#c7 ,comptroll] ,! t]m        
,comptroll] means ! ,comptroll] ( !     
,curr5cy4  7#d7 ,corporation ,! t]m     
,corporation means ! ,f$]al ,deposit    
,insurance ,corporation4  7#e7 ,digital 
asset ,! t]m digital asset means any    
digital repres5tation ( value :i* is    
record$ on a cryptographically-secur$   
di/ribut$ l$g]4  7#f7 ,di/ribut$ l$g] ,!
 t]m di/ribut$ l$g] means te*nology :]e 
data is %>$ across a network t creates a
 public digital l$g] ( v]ifi$           
transactions or in=mation among network 
p>ticipants & ! data is l9k$ us+        
cryptography to ma9ta9 ! integrity ( !  
public l$g] & execute o!r functions4    
7#g7 ,f$]al qualifi$ nonbank /ableco9   
issu] ,! t]m ,f$]al qualifi$ nonbank    
/ableco9 issu] means a nonbank entity   
approv$ by ! prim>y ,f$]al paym5t       

/ableco9 regulator1 pursuant to section 
#e1 to issue paym5t /ableco9s4  7#h7    
,in/itution-affiliat$ p>ty ,) respect to
 a p]mitt$ paym5t /ableco9 issu]1 ! t]m 
in/itution-affiliat$ p>ty means any     
director1 (fic]1 employee1 or p]son 9   
control (1 or ag5t =1 ! p]mitt$ paym5t  
/ableco9 issu]4  7#i7 ,insur$ depository
 in/itution ,! t]m insur$ depository    
in/itution means-- 7,a7 an insur$       
depository in/itution1 z def9$ 9 section
 #c ( ! ,f$]al ,deposit ,insurance ,act 
7#ab ,u4,s4,c4 #ahac72 &  7,b7 an insur$
 cr$it union1 z def9$ 9 section #aja ( !
 ,f$]al ,cr$it ,union ,act 7#ab         
,u4,s4,c4 #ageb74  7#aj7 ,monet>y value 
,! t]m monet>y value means a national   
curr5cy or deposit 7z def9$ "u ,section 
#c ( ! ,f$]al ,deposit ,insurance ,act7 
d5om9at$ 9 a national curr5cy4  7#aa7   
,national curr5cy ,! t]m national       
curr5cy means a ,f$]al ,res]ve note1 7z 
! t]m is us$ 9 ! fir/ undesignat$       
p>agraph ( section #af ( ! ,f$]al       
,res]ve ,act 7#ab ,u4,s4,c4 #daa771     

money issu$ by a c5tral bank1 & money   
issu$ by an int]gov]nm5tal organization 
pursuant to an agreem5t by "o or m      
gov]nm5ts4  7#ab7 ,nonbank entity ,! t]m
 nonbank entity means a p]son t is n an 
insur$ depository in/itution or         
subsidi>y ( an insur$ depository        
in/itution4  7#ac7 ,paym5t /ableco9 ,!  
t]m paym5t /ableco9 means a digital     
asset-- 7,a7 t is or is design$ to be   
us$ z a means ( paym5t or settlem5t2    
7,b7 ! issu] ( :i*-- 7i7 is obligat$ to 
conv]t1 r$eem1 or repur*ase = a fix$    
am\nt ( monet>y value2 &  7ii7 repres5ts
 w ma9ta9 or creates ! reasonable       
expectation t x w ma9ta9 a /able value  
relative to ! value ( a fix$ am\nt (    
monet>y value2 &  7,c7 t is n-- 7i7 a   
national curr5cy2 or  7ii7 a security   
issu$ by an inve/m5t company regi/]$ "u 
section #h7;a7 ( ! ,inve/m5t ,company   
,act ( #aidj 7#ae ,u4,s4,c4             
#hj;a-#h7;a774  7#ad7 ,p]mitt$ paym5t   
/ableco9 issu] ,! t]m p]mitt$ paym5t    
/ableco9 issu] means-- 7,a7 a subsidi>y 

( an insur$ depository in/itution t has 
be5 approv$ to issue paym5t /ableco9s "u
 section #e2  7,b7 a ,f$]al qualifi$    
nonbank paym5t /ableco9 issu] t has be5 
approv$ to issue paym5t /ableco9s "u    
section #e2 or  7,c7 a ,/ate qualifi$   
paym5t /ableco9 issu]4  7#ae7 ,p]son ,! 
t]m p]son means an individual1 p>tn]%ip1
 company1 corporation1 association      
7incorporat$ or un9corporat$71 tru/1    
e/ate1 coop]ative organization1 or o!r  
entity4  7#af7 ,prim>y ,f$]al paym5t    
/ableco9 regulator  7,a7 ,9 g5]al ,! t]m
 prim>y ,f$]al paym5t /ableco9 regulator
 means-- 7i7 ) respect to an insur$     
depository in/itution 7o!r ?an an insur$
 cr$it union7 or a subsidi>y ( an insur$
 depository in/itution 7o!r ?an an      
insur$ cr$it union71 ! appropriate      
,f$]al bank+ ag5cy ( su* insur$         
depository in/itution 7z def9$ "u       
section #c ( ! ,f$]al ,deposit          
,insurance ,act 7#ab ,u4,s4,c4 #ahac772 
7ii7 ) respect to an insur$ cr$it union 
or a subsidi>y ( an insur$ cr$it union1 

! ,national ,cr$it ,union ,adm9i/ration2
  7iii7 ) respect to a ,f$]al qualifi$  
nonbank paym5t /ableco9 issu] t is n a  
national bank1 ! ,bo>d2 &  7iv7 )       
respect to any entity *>t]$ by !        
,comptroll]1 ! ,comptroll]4  7,b7       
,prim>y ,f$]al paym5t /ableco9          
regulators ,! t]m prim>y ,f$]al paym5t  
/ableco9 regulators means ! ,comptroll]1
 ! ,bo>d1 ! ,corporation1 & ! ,national 
,cr$it ,union ,adm9i/ration4  7#ag7     
,regi/]$ public acc\nt+ firm ,! t]m     
regi/]$ public acc\nt+ firm has ! mean+ 
giv5 t t]m "u section #b ( !            
,s>banes-,oxley ,act ( #bjjb 7#ae       
,u4,s4,c4 #gbja74  7#ah7 ,/ate ,! t]m   
,/ate means ea* ( ! sev]al ,/ates1 !    
,di/rict ( ,columbia1 & ea* t]ritory ( !
 ,unit$ ,/ates4  7#ai7 ,/ate qualifi$   
paym5t /ableco9 issu] ,! t]m ,/ate      
qualifi$ paym5t /ableco9 issu] means an 
entity t-- 7,a7 is legally e/abli%$ &   
approv$ to issue paym5t /ableco9s by a  
,/ate paym5t /ableco9 regulator2 &  7,b7
 issues a paym5t /ableco9 9 compliance )

 ! requirem5ts "u section #d4  7#bj7    
,/ate paym5t /ableco9 regulator ,! t]m  
,/ate paym5t /ableco9 regulator means a 
,/ate ag5cy t has prim>y regulatory &   
sup]visory au?ority 9 su* ,/ate ov]     
entities t issue paym5t /ableco9s4      
7#ba7 ,subsidi>y ( an insur$ cr$it union
 ,) respect to an insur$ cr$it union1 ! 
t]m subsidi>y ( an insur$ cr$it union   
means-- 7,a7 an organization provid+    
s]vices to ! insur$ cr$it union t are   
associat$ ) ! r\t9e op]ations ( cr$it   
unions1 z describ$ "u section           
#ajg7g77;,i7 ( ! ,f$]al ,cr$it ,union   
,act 7#ab ,u4,s4,c4 #ageg7g77;,i772 &   
7,b7 a cr$it union s]vice organization1 
z su* t]m is us$ "u "p #gab ( title #ab1
 ,code ( ,f$]al ,regulations1 ) respect 
to :i* ! insur$ cr$it union has an      
own]%ip int]e/ or to :i* ! insur$ cr$it 
union has ext5d$ a loan4  #c4           
,limitation on :o may issue a paym5t    
/ableco9 ,x %all be unlawful = any p]son
 o!r ?an a p]mitt$ paym5t /ableco9 issu]
 to issue a paym5t /ableco9 = use by any

 p]son 9 ! ,unit$ ,/ates4  #d4          
,requirem5ts = issu+ paym5t /ableco9s   
7a7 ,/&>ds = ! issuance ( paym5t        
/ableco9s  7#a7 ,9 g5]al ,p]mitt$ paym5t
 /ableco9 issu]s %all-- 7,a7 ma9ta9     
res]ves back+ ! issu]'s paym5t /ableco9s
 out/&+ on an at lea/ "o to "o basis1 ) 
res]ves compris+-- 7i7 ,unit$ ,/ates    
co9s & curr5cy 7includ+ ,f$]al res]ve   
notes72  7ii7 funds held z insur$ dem&  
deposits or insur$ %>es at insur$       
depository in/itutions1 subject to      
limitations e/abli%$ by ! ,corporation &
 ! ,national ,cr$it ,union              
,adm9i/ration1 respectively1 to address 
safety & s\ndness risks ( su* insur$    
depository in/itutions2  7iii7 ,treasury
 bills ) a maturity ( #ij days or less2 
7iv7 repur*ase agreem5ts ) a maturity ( 
#g days or less t are back$ by ,treasury
 bills ) a maturity ( #ij days or less2 
or  7v7 c5tral bank res]ve deposits2    
7,b7 publicly disclose ! issu]'s        
r$emption policy2  7,c7 e/abli%         
proc$ures = timely r$emption ( out/&+   

paym5t /ableco9s2 &  7,d7 publi% !      
mon?ly composition ( ! issu]'s res]ves  
on ! website ( ! issu]1 conta9+-- 7i7 ! 
total numb] ( out/&+ paym5t /ableco9s   
issu$ by ! issu]2 &  7ii7 ! am\nt &     
composition ( ! res]ves describ$ "u     
subp>agraph 7,a74  7#b7 ,prohibition on 
rehypo!cation ,res]ves describ$ "u      
p>agraph 7#a77;,a7 may n be pl$g$1      
rehypo!cat$1 or reus$1 except = !       
purpose ( creat+ liquidity to meet      
reasonable expectations ( reque/s to    
r$eem paym5t /ableco9s1 su* t res]ves 9 
! =m ( ,treasury bills may be pl$g$ z   
collat]al = repur*ase agreem5ts ) a     
maturity ( #ij days or less1 provid$ t  
ei!r-- 7,a7 ! repur*ase agreem5ts are   
cle>$ by a c5tral cle>+ c\nt]p>ty t is  
approv$ by ! prim>y ,f$]al paym5t       
/ableco9 regulator2 or  7,b7 ! p]mitt$  
paym5t /ableco9 issu] receives ! prior  
approval ( ! prim>y ,f$]al paym5t       
/ableco9 regulator4  7#c7 ,mon?ly       
c]tification2 exam9ation ( reports by   
regi/]$ public acc\nt+ firm  7,a7 ,9    

g5]al ,a p]mitt$ paym5t /ableco9 issu]  
%all1 ea* mon?1 h ! in=mation disclos$ 9
 ! previ\s mon?-end report requir$ "u   
p>agraph 7#a77;,d7 exam9$ by a regi/]$  
public acc\nt+ firm4  7,b7 ,c]tification
 ,ea* mon?1 ! ,*ief ,executive ,(fic] & 
,*ief ,f9ancial ,(fic] ( a p]mitt$      
paym5t /ableco9 issu] %all submit an    
c]tification z to ! accuracy ( ! mon?ly 
report to-- 7i7 ! prim>y ,f$]al paym5t  
/ableco9 regulator2 or  7ii7 9 ! case ( 
a ,/ate qualifi$ paym5t /ableco9 issu]1 
to ! ,/ate paym5t /ableco9 regulator4   
7,c7 ,crim9al p5alty ,any p]son :o      
submits a c]tification requir$ "u       
subp>agraph 7,b7 kn[+ t su* c]tification
 is false %all be subject to ! crim9al  
p5alties set =? "u section #acej7;c7 (  
title #ah1 ,unit$ ,/ates ,code4  7#d7   
,capital1 liquidity1 & risk managem5t   
requirem5ts ,! prim>y ,f$]al paym5t     
/ableco9 regulators %all1 jo9tly1       
issue-- 7,a7 capital requirem5ts        
applicable to p]mitt$ paym5t /ableco9   
issu]s1 :i* may n exce$ :at is suffici5t

 to ensure ! p]mitt$ paym5t /ableco9    
issu]'s ongo+ op]ations2  7,b7 liquidity
 requirem5ts applicable to p]mitt$      
paym5t /ableco9 issu]s1 :i* may n exce$ 
:at is suffici5t to ensure ! f9ancial   
integrity ( ! p]mitt$ paym5t /ableco9   
issu] & ! ability ( ! issu] to meet !   
f9ancial obligations ( ! issu]1 includ+ 
r$emptions2 &  7,c7 risk managem5t      
requirem5ts applicable to p]mitt$ paym5t
 /ableco9 issu]s1 tailor$ to ! bus9ess  
model & risk pr(ile ( ! p]mitt$ paym5t  
/ableco9 issu]4  7#e7 ,treatm5t "u !    
,bank ,secrecy ,act ,a p]mitt$ paym5t   
/ableco9 issu] %all be treat$ z a       
f9ancial in/itution = purposes ( ! ,bank
 ,secrecy ,act4  7#f7 ,limitation on    
activities ,a p]mitt$ paym5t /ableco9   
issu] may only issue paym5t /ableco9s1  
r$eem paym5t /ableco9s1 manage relat$   
res]ves 7includ+ pur*as+ & hold+ res]ve 
assets71 provide cu/odial or safekeep+  
s]vices = paym5t /ableco9s or private   
keys ( paym5t /ableco9s1 & und]take o!r 
functions t directly support ! "w (     

issu+ & r$eem+ paym5t /ableco9s4  7b7   
,rulemak+  7#a7 ,9 g5]al ,! prim>y      
,f$]al paym5t /ableco9 regulators may   
issue su* ord]s & regulations z may be  
necess>y to adm9i/] & c>ry out !        
requirem5ts ( ?is section1 includ+ to   
e/abli% conditions1 & to prev5t evasions
 !re(4  7#b7 ,jo9t issuance ( regulation
 ,all regulations issu$ to c>ry out ?is 
section %all be issu$ jo9tly by ! prim>y
 ,f$]al paym5t /ableco9 regulators4     
7#c7 ,rulemak+ deadl9e ,n lat] ?an ! end
 ( ! #ahj-;day p]iod beg9n+ on ! date ( 
enactm5t ( ?is ,act1 ! ,f$]al paym5t    
/ableco9 regulators %all issue          
regulations to c>ry out ?is section4    
#e4 ,approval ( subsidi>ies ( insur$    
depository in/itutions & ,f$]al qualifi$
 nonbank paym5t /ableco9 issu]s  7a7 ,9 
g5]al  7#a7 ,application  7,a7 ,9 g5]al 
,any insur$ depository in/itution t     
seeks to issue paym5t /ableco9s ?r\gh a 
subsidi>y & any nonbank entity 7o!r ?an 
a ,/ate qualifi$ paym5t /ableco9 issu]7 
t seeks to issue paym5t /ableco9s %all  

file an application ) ! prim>y ,f$]al   
paym5t /ableco9 regulator4  7,b7 ,tim+  
,) respect to an application fil$ "u ?is
 p>agraph1 ! prim>y ,f$]al paym5t       
/ableco9 regulator %all in=m ! applicant
 :e!r ! applicant has submitt$ a        
complete application )9 #de days (      
receiv+ ! application4  7,c7 ,completion
 ( application ,) respect to an         
application fil$ "u ?is p>agraph1 once !
 prim>y ,f$]al paym5t /ableco9 regulator
 has in=m$ ! applicant t ! application  
is complete1 su* application %all be    
deem$ to be complete unless ! prim>y    
,f$]al paym5t /ableco9 regulator        
det]m9es t a significant *ange 9        
circum/ances requires o!rwise4  7#b7    
,evaluation ( applications ,a complete  
application receiv$ "u p>agraph 7#a7    
%all be evaluat$ by ! prim>y ,f$]al     
paym5t /ableco9 regulator us+ ! factors 
describ$ 9 p>agraph 7#c74  7#c7 ,factors
 to be consid]$ ,! factors describ$ 9   
?is p>agraph are ! foll[+3 7,a7 ,!      
ability ( ! applicant 7or1 9 ! case ( an

 applicant t is an insur$ depository    
in/itution1 ! subsidi>y ( ! applicant71 
bas$ on ! f9ancial condition & res\rces1
 to meet ! requirem5ts set =? 9 section 
#d4  7,b7 ,! g5]al "* & fitness ( !     
managem5t ( ! applicant4  7,c7 ,! risks 
pres5t$ by ! applicant & b5efits provid$
 to consum]s4  7#d7 ,tim+ = decision2   
gr\nds = d5ial  7,a7 ,tim+ ,! prim>y    
,f$]al paym5t /ableco9 regulator %all   
r5d] a decision on an application no    
lat] ?an #abj days aft] in=m+ !         
applicant t ! application is complete4  
7,b7 ,d5ial ( application  7i7 ,gr\nds =
 d5ial ,! prim>y ,f$]al paym5t /ableco9 
regulator may only d5y a complete       
application receiv$ "u p>agraph 7#a7 if 
! regulator det]m9es t ! activities ( ! 
applicant w\ld be unsafe or uns\nd bas$ 
on ! factors describ$ 9 p>agraph 7#c74  
7ii7 ,explanation requir$ ,if ! prim>y  
,f$]al paym5t /ableco9 regulator d5ies a
 complete application receiv$ "u        
p>agraph 7#a71 ! regulator %all provide 
! applicant ) writt5 notice expla9+ su* 

d5ial1 includ+ all f9d+s made by !      
regulator ) respect to all id5tifi$     
mat]ial %ortcom+s reg>d+ ! application1 
includ+ recomm5dations on h[ ! applicant
 c\ld address ! id5tifi$ mat]ial        
%ortcom+s4  7iii7 ,opportunity = he>+2  
f9al det]m9ation  7,i7 ,9 g5]al ,n lat] 
?an #cj days aft] ! date ( receipt ( any
 notice ( ! d5ial ( an application "u   
?is subsection1 ! applicant may reque/1 
9 writ+1 an opportunity = a writt5 or   
oral he>+ be=e ! prim>y ,f$]al paym5t   
/ableco9 regulator to appeal ! d5ial4   
7,,ii7 ,tim+ ,^u receipt ( a timely     
reque/1 ! prim>y ,f$]al paym5t /ableco9 
regulator %all notice a "t 7n lat] ?an  
#cj days aft] ! date ( receipt ( !      
reque/7 & place at :i* ! applicant may  
appe>1 p]sonally or ?r\gh c\nsel1 to    
submit writt5 mat]ials or provide oral  
te/imony & oral argum5t74  7,,iii7 ,f9al
 det]m9ation ,n lat] ?an #fj days aft] !
 date ( a he>+ "u ?is clause1 ! prim>y  
,f$]al paym5t /ableco9 regulator %all   
notify ! applicant ( ! f9al det]m9ation 

( ! prim>y ,f$]al paym5t /ableco9       
regulator1 :i* %all conta9 a /atem5t ( !
 basis = t det]m9ation1 ) specific      
f9d+s4  7,,iv7 ,notice if no he>+ ,if an
 applicant does n make a timely reque/ =
 a he>+ "u ?is clause1 ! prim>y ,f$]al  
paym5t /ableco9 regulator %all notify ! 
applicant1 n lat] ?an #aj days aft] !   
date by :i* ! applicant may reque/ a    
he>+ "u ?is clause1 9 writ+1 t ! d5ial (
 ! application is a f9al det]m9ation ( !
 regulator4  7,c7 ,failure to r5d] a    
decision ,if ! prim>y ,f$]al paym5t     
/ableco9 regulator fails to r5d] a      
decision on a complete application )9 ! 
"t p]iod specifi$ 9 subp>agraph 7,a71 ! 
application %all be deem$ approv$4  7,d7
 ,"r to reapply ,! d5ial ( an           
application "u ?is subsection %all n    
prohibit ! applicant f fil+ a subsequ5t 
application4  7#e7 ,report on p5d+      
applications ,ea* prim>y ,f$]al paym5t  
/ableco9 regulator %all annually report 
to ,congress on ! applications t h be5  
p5d+ = #f mon?s or long] s9ce ! date ( !

 initial application fil$ "u p>agraph   
7#a7 :]e ! applicant has be5 in=m$ t !  
application rema9s incomplete1 includ+  
provid+ docum5tation on ! /atus ( !     
application & :y ! application has n yet
 be5 approv$4  7#f7 ,rulemak+ ,! prim>y 
,f$]al regulatory ag5cies %all1 jo9tly1 
issue rules necess>y = ! regulation ( ! 
issuance ( paym5t /ableco9s1 b may n    
impose requirem5ts inconsi/5t ) !       
requirem5ts specifi$ "u section #d4  7b7
 ,effective date  7#a7 ,9 g5]al ,?is    
section %all take effect on ! e>li] (-- 
7,a7 #ah mon?s aft] ! date ( enactm5t ( 
?is ,act2 or  7,b7 ! date t is #abj days
 aft] ! date on :i* ! prim>y ,f$]al     
paym5t /ableco9 regulators issue f9al   
regulations implem5t+ ?is section4  7#b7
 ,au?ority to issue regulations &       
process applications ,! prim>y ,f$]al   
paym5t /ableco9 regulators may1 be=e !  
effective date describ$ "u p>agraph     
7#a7-- 7,a7 issue regulations to c>ry   
out ?is section2 &  7,b7 pursuant to    
regulations describ$ "u subp>agraph     

7,a71 accept & process applications     
describ$ "u ?is section4  7#c7 ,notice  
to ,congress ,ea* ( ! prim>y ,f$]al     
paym5t /ableco9 regulators %all notify  
,congress once beg9n+ to process        
applications describ$ "u ?is section4   
7#d7 ,safe h>bor = p5d+ applications ,! 
prim>y ,f$]al paym5t /ableco9 regulator 
may waive ! application ( ! requirem5ts 
( ?is section = a p]iod n to exce$ #ab  
mon?s beg9n+ on ! effective date        
describ$ "u p>agraph 7#a71 ) respect    
to-- 7,a7 a subsidi>y ( an insur$       
depository in/itution1 if ! insur$      
depository in/itution has an application
 p5d+ = ! subsidi>y to become a p]mitt$ 
paym5t /ableco9 issu] on ! effective    
date describ$ "u p>agraph 7#a72 or  7,b7
 a nonbank entity ) an application p5d+ 
to become a ,f$]al qualifi$ nonbank     
/ableco9 issu] on ! effective date      
describ$ "u p>agraph 7#a74  #f4         
,sup]vision & en=cem5t ) respect to     
subsidi>ies ( insur$ depository         
in/itutions & ,f$]al qualifi$ nonbank   

/ableco9 issu]s  7a7 ,sup]vision  7#a7  
,subsidi>y ( an insur$ depository       
in/itution  7,a7 ,9 g5]al ,ea* p]mitt$  
paym5t /ableco9 issu] t is a subsidi>y (
 an insur$ depository in/itution %all be
 subject to sup]vision by ! prim>y      
,f$]al paym5t /ableco9 regulator 9 !    
same mann] z su* insur$ depository      
in/itution4  7,b7 ,gramm-,lea*-,bliley  
,act ,= purposes ( title ,v ( !         
,gramm-,lea*-,bliley ,act 7#ae ,u4,s4,c4
 #fhja et seq47 ea* p]mitt$ paym5t      
/ableco9 issu] t is a subsidi>y ( an    
insur$ depository in/itution %all be    
deem$ a f9ancial in/itution4  7#b7      
,f$]al qualifi$ nonbank paym5t /ableco9 
issu]  7,a7 ,submission ( reports ,ea*  
,f$]al qualifi$ nonbank paym5t /ableco9 
issu] %all1 ^u reque/1 submit reports to
 ! prim>y ,f$]al paym5t /ableco9        
regulator z to-- 7i7 ! ,f$]al qualifi$  
nonbank paym5t /ableco9 issu]'s f9ancial
 condition1 sy/ems = monitor+ &         
controll+ f9ancial & op]at+ risks2 &    
7ii7 compliance by ! ,f$]al qualifi$    

nonbank paym5t /ableco9 issu] 7& any    
subsidi>y !re(7 ) ?is ,act4  7,b7       
,exam9ations ,! prim>y ,f$]al paym5t    
/ableco9 regulator may make exam9ations 
( a ,f$]al qualifi$ nonbank paym5t      
/ableco9 issu] & ea* subsidi>y ( a      
,f$]al qualifi$ nonbank /ableco9 issu] 9
 ord] to in=m ! regulator (-- 7i7 !     
nature ( ! op]ations & f9ancial         
condition ( ! ,f$]al qualifi$ nonbank   
/ableco9 issu]2  7ii7 ! f9ancial1       
op]ational1 & o!r risks )9 ! ,f$]al     
qualifi$ nonbank /ableco9 issu] t may   
pose a ?reat to-- 7,i7 ! safety &       
s\ndness ( ! ,f$]al qualifi$ nonbank    
/ableco9 issu]2 or  7,,ii7 ! /ability ( 
! f9ancial sy/em ( ! ,unit$ ,/ates2 &   
7iii7 ! sy/ems ( ! ,f$]al qualifi$      
nonbank paym5t /ableco9 issu] = monitor+
 & controll+ ! risks describ$ 9 clause  
7ii74  7,c7 ,requirem5t to use exi/+    
reports ,9 sup]vis+ & exam9+ a ,f$]al   
qualifi$ nonbank paym5t /ableco9 issu]1 
! prim>y ,f$]al paym5t /ableco9         
regulator %all1 to ! fulle/ ext5t       

possible1 use exi/+ reports & o!r       
sup]visory in=mation4  7,d7 ,avoidance (
 duplication ,! prim>y ,f$]al paym5t    
/ableco9 regulator %all1 to ! fulle/    
ext5t possible1 avoid duplication (     
exam9ation activities1 report+          
requirem5ts1 & reque/s = in=mation 9    
c>ry+ out ?is ,act ) respect to a ,f$]al
 qualifi$ nonbank paym5t /ableco9 issu]4
  7,e7 ,gramm-,lea*-,bliley ,act ,=     
purposes ( title ,v ( !                 
,gramm-,lea*-,bliley ,act 7#ae ,u4,s4,c4
 #fhja et seq47 ea* ,f$]al qualifi$     
nonbank /ableco9 issu] %all be deem$ a  
f9ancial in/itution4  7b7 ,en=cem5t     
7#a7 ,susp5sion or revocation (         
regi/ration ,! prim>y ,f$]al paym5t     
/ableco9 regulator may prohibit a       
p]mitt$ paym5t /ableco9 issu] f issu+   
paym5t /ableco9s1 if ! prim>y ,f$]al    
paym5t /ableco9 regulator det]m9es t su*
 p]mitt$ paym5t /ableco9 issu]1 or an   
in/itution-affiliat$ p>ty ( ! p]mitt$   
paym5t /ableco9 issu]1 is-- 7,a7 violat+
 or has violat$ ?is ,act or any         

regulation or ord] issu$ "u ?is ,act2 or
  7,b7 violat+ or has violat$ any       
condition impos$ 9 writ+ by ! prim>y    
,f$]al paym5t /ableco9 regulator 9      
connection ) a writt5 agreem5t ent]$    
into betwe5 ! p]mitt$ paym5t /ableco9   
issu] & ! prim>y ,f$]al paym5t /ableco9 
regulator or a condition impos$ 9       
connection ) any application or o!r     
reque/4  7#b7 ,cease-&-desi/ proce$+s   
,if ! prim>y ,f$]al paym5t /ableco9     
regulator has reasonable cause to       
believe t a p]mitt$ paym5t /ableco9     
issu] or any in/itution-affiliat$ p>ty (
 a p]mitt$ paym5t /ableco9 issu] is     
violat+1 has violat$1 or is attempt+ to 
violate ?is ,act1 any regulation or ord]
 issu$ "u ?is ,act1 or any writt5       
agreem5t ent]$ into ) ! prim>y ,f$]al   
paym5t /ableco9 regulator or condition  
impos$ 9 writ+ by ! prim>y ,f$]al paym5t
 /ableco9 regulator 9 connection ) any  
application or o!r reque/1 ! prim>y     
,f$]al paym5t /ableco9 regulator may1 by
 provisions t are m&atory or o!rwise1   

ord] ! p]mitt$ paym5t /ableco9 issu] or 
in/itution-affiliat$ p>ty ( ! p]mitt$   
paym5t /ableco9 issu] to-- 7,a7 cease & 
desi/ f su* violation or practice2  7,b7
 take affirmative action to correct !   
conditions result+ f any su* violation  
or practice2 or  7,c7 take su* o!r      
action z ! prim>y ,f$]al paym5t /ableco9
 regulator det]m9es to be appropriate4  
7#c7 ,removal & prohibition au?ority ,! 
prim>y ,f$]al paym5t /ableco9 regulator 
may remove an in/itution-affiliat$ p>ty 
( a p]mitt$ paym5t /ableco9 issu] f _!  
position or (fice or prohibit fur!r     
p>ticipation 9 ! affairs ( ! p]mitt$    
paym5t /ableco9 issu] or all p]mitt$    
paym5t /ableco9 issu]s by su*           
in/itution-affiliat$ p>ty1 if ! prim>y  
,f$]al paym5t /ableco9 regulator        
det]m9es t-- 7,a7 ! in/itution-affiliat$
 p>ty has1 directly or indirectly1      
committ$ a violation or attempt$        
violation ( ?is ,act or any regulation  
or ord] issu$ "u ?is ,act2 or  7,b7 !   
in/itution-affiliat$ p>ty has committ$ a

 violation ( any provision ( sub*apt]   
,,ii ( *apt] #ec ( title #ca1 ,unit$    
,/ates ,code4  7#d7 ,proc$ures  7,a7 ,9 
g5]al ,if ! prim>y ,f$]al paym5t        
/ableco9 regulator id5tifies a violation
 or attempt$ violation ( ?is ,act or    
makes a det]m9ation "u p>agraph 7#a71   
7#b71 or 7#c71 ! prim>y ,f$]al paym5t   
/ableco9 regulator %all comply ) !      
proc$ures set =? 9 subsections 7b7 & 7e7
 ( sections #h ( ! ,f$]al ,deposit      
,insurance ,act 7#ab ,u4,s4,c4 #ahah74  
7,b7 ,judicial review ,a p]son aggriev$ 
by a f9al action "u ?is subsection may  
obta9 judicial review ( su* action      
exclusively z provid$ 9 section #h7;h7 (
 ! ,f$]al ,deposit ,insurance ,act 7#ab 
,u4,s4,c4 #ahah7;h774  7,c7 ,injunction 
,! prim>y ,f$]al paym5t /ableco9        
regulator may1 9 ! discretion ( !       
regulator1 foll[ ! proc$ures provid$ 9  
section #h7;i77#a7 ( ! ,f$]al ,deposit  
,insurance ,act 7#ab ,u4,s4,c4          
#ahah7;i77#a77 = judicial en=cem5t ( any
 effective & out/&+ notice or ord] issu$

 "u ?is subsection4  7,d7 ,tempor>y     
cease-&-desi/ proce$+s ,if ! prim>y     
,f$]al paym5t /ableco9 regulator        
det]m9es t a violation or attempt$      
violation ( ?is ,act or an action )     
respect to :i* a det]m9ation 0 made "u  
p>agraph 7#a71 7#b71 or 7#c71 or !      
cont9uation !re(1 is likely to cause    
insolv5cy or significant dissipation (  
assets or e>n+s ( a p]mitt$ paym5t      
/ableco9 issu]1 or is likely to weak5 ! 
condition ( ! p]mitt$ paym5t /ableco9   
issu] or o!rwise prejudice ! int]e/s ( !
 cu/om]s ( ! p]mitt$ paym5t /ableco9    
issu] prior to ! completion ! proce$+s  
conduct$ "u ?is p>agraph1 ! prim>y      
,f$]al paym5t /ableco9 regulator may    
foll[ ! proc$ures provid$ 9 section     
#h7;c7 ( ! ,f$]al ,deposit ,insurance   
,act 7#ab ,u4,s4,c4 #ahah7;c77 to issue 
a tempor>y cease-&-desi/ ord]4  7#e7    
,civil money p5alties  7,a7 ,failure to 
be approv$ ,any p]son :o issues a paym5t
 /ableco9 & :o is n a p]mitt$ paym5t    
/ableco9 issu]1 & any                   

in/itution-affiliat$ p>ty ( su* a p]son 
:o kn[+ly p>ticipates is issu+ su* a    
paym5t /ableco91 %all be liable = a     
civil p5alty ( n m ?an #ajj1jjj = ea*   
day dur+ :i* su* paym5t /ableco9s are   
issu$4  7,b7 ,fir/ ti] ,except z provid$
 9 subp>agraph 7,a71 a p]mitt$ paym5t   
/ableco9 issu] or in/itution-affiliat$  
p>ty ( su* p]mitt$ paym5t /ableco9 issu]
 t violates ?is ,act or any regulation  
or ord] issu$ "u ?is ,act1 or t violates
 any condition impos$ 9 writ+ by !      
prim>y ,f$]al paym5t /ableco9 regulator 
9 connection ) a writt5 agreem5t ent]$  
into betwe5 ! p]mitt$ paym5t /ableco9   
issu] & ! prim>y ,f$]al paym5t /ableco9 
regulator or a condition impos$ 9       
connection ) any application or o!r     
reque/1 %all be liable = a civil p5alty 
( up to #ajj1jjj = ea* day dur+ :i* !   
violation cont9ues4  7,c7 ,second ti]   
,except z provid$ 9 subp>agraph 7,a71 & 
9 addition to ! p5alties describ$ "u    
subp>agraph 7,b71 a p]mitt$ paym5t      
/ableco9 issu] or in/itution-affiliat$  

p>ty ( su* p]mitt$ paym5t /ableco9 issu]
 :o kn[+ly p>ticipates 9 a violation (  
any provision ( ?is ,act1 or any        
regulation or ord] issu$ !reund]1 is    
liable = a civil p5alty ( up to an      
additional #ajj1jjj = ea* day dur+ :i* !
 violation cont9ues4  7,d7 ,proc$ure    
,any p5alty impos$ "u ?is p>agraph may  
be assess$ & collect$ by ! prim>y ,f$]al
 paym5t /ableco9 regulator pursuant to !
 proc$ures set =? 9 section #h7;i77#b7 (
 ! ,f$]al ,deposit ,insurance ,act 7#ab 
,u4,s4,c4 #ahah7;i77#b774  7,e7 ,notice 
& ord]s aft] sep>ation f s]vice ,!      
resignation1 t]m9ation ( employm5t or   
p>ticipation1 or sep>ation ( an         
in/itution-affiliat$ p>ty 7includ+ a    
sep>ation caus$ by ! clos+ ( a p]mitt$  
paym5t /ableco9 issu]7 %all n affect !  
jurisdiction & au?ority ( ! prim>y      
,f$]al paym5t /ableco9 regulator to     
issue any notice or ord] & proce$ "u ?is
 subsection aga9/ any su* p>ty1 if su*  
notice or ord] is s]v$ be=e ! end ( !   
six-ye> p]iod beg9n+ on ! date su* p>ty 

ceas$ to be an in/itution-affiliat$ p>ty
 ) respect to su* p]mitt$ paym5t        
/ableco9 issu]4  7#f7 ,non-applicability
 to a ,/ate qualifi$ paym5t /ableco9    
issu] ,?is subsection %all n apply to a 
,/ate qualifi$ paym5t /ableco9 issu]4   
#g4 ,/ate qualifi$ paym5t /ableco9      
issu]s  7a7 ,9 g5]al ,a ,/ate paym5t    
/ableco9 regulator %all h sup]visory1   
exam9ation1 & en=cem5t au?ority ov] a   
,/ate qualifi$ paym5t /ableco9 issu] (  
su* ,/ate4  7b7 ,au?ority ,to ent] into 
agreem5ts ) ! ,bo>d ,a ,/ate paym5t     
/ableco9 regulator may ent] into a      
memor&um ( und]/&+ ) ! ,bo>d1 by mutual 
agreem5t1 "u :i* ! ,bo>d may c>ry out ! 
sup]vision1 exam9ation1 & en=cem5t      
au?ority ) respect to ! ,/ate qualifi$  
paym5t /ableco9 issu]s ( su* ,/ate4  7c7
 ,%>+ ( in=mation ,a ,/ate paym5t       
/ableco9 regulator & ! ,bo>d %all %>e   
in=mation on an ongo+ basis ) respect to
 a ,/ate qualifi$ paym5t /ableco9 issu] 
( su* ,/ate1 includ+ a copy ( ! initial 
application & any accompany+ docum5ts4  

7d7 ,rulemak+ ,! ,bo>d %all issue ord]s 
& rules "u section #d applicable to     
,/ate qualifi$ paym5t /ableco9 issu]s to
 ! same ext5t z ! prim>y ,f$]al paym5t  
/ableco9 regulators issue ord]s & rules 
"u section #d applicable to p]mitt$     
paym5t /ableco9 issu]s t are n a ,/ate  
qualifi$ paym5t /ableco9 issu]s4  7e7   
,bo>d en=cem5t au?ority 9 exig5t        
circum/ances  7#a7 ,9 g5]al ,9 exig5t   
circum/ances1 ! ,bo>d may1 aft] no less 
?an #dh h\rs prior writt5 notice to !   
applicable ,/ate paym5t /ableco9        
regulator1 take an en=cem5t action aga9/
 a ,/ate qualifi$ paym5t /ableco9 issu] 
or an in/itution-affiliat$ p>ty ( su*   
issu] = violations ( ?is ,act4  7#b7    
,rulemak+ ,n lat] ?an ! end ( !         
#ahj-;day p]iod beg9n+ on ! date (      
enactm5t ( ?is ,act1 ! ,bo>d %all issue 
rules to set =? ^? exig5t circum/ances 9
 :i* ! ,bo>d may act "u ?is subsection4 
7f7 ,gramm-,lea*-,bliley ,act ,=        
purposes ( title ,v ( !                 
,gramm-,lea*-,bliley ,act 7#ae ,u4,s4,c4

 #fhja et seq47 a ,/ate qualifi$ paym5t 
/ableco9 issu] is deem$ a f9ancial      
in/itution4  7g7 ,effect on ,/ate law ,!
 provisions ( ?is section d n preempt   
any law ( a ,/ate & d n sup]s$e any     
,/ate lic5s+ requirem5t4  #h4 ,cu/om]   
protection  7a7 ,9 g5]al ,a p]son may   
only engage 9 ! bus9ess ( provid+       
cu/odial or safekeep+ s]vices = p]mitt$ 
paym5t /ableco9s or private keys (      
p]mitt$ paym5t /ableco9s1 if ! p]son--  
7#a7 is subject to-- 7,a7 sup]vision or 
regulation by a prim>y ,f$]al paym5t    
/ableco9 regulator or a prim>y f9ancial 
regulatory ag5cy describ$ "u subp>agraph
 7,b7 or 7,c7 ( section #b7ab7 ( !      
,dodd-,frank ,wall ,/reet ,re=m &       
,consum] ,protection ,act 7#ab ,u4,s4,c4
 #ecja7ab772 or  7,b7 sup]vision by a   
,/ate bank sup]visor1 z def9$ "u section
 #c ( ! ,f$]al ,deposit ,insurance ,act 
7#ab ,u4,s4,c4 #ahac7 or a ,/ate cr$it  
union sup]visor1 z def9$ "u section     
#fjjc ( ! ,anti-,money ,laund]+ ,act (  
#bjbj1 & su* /ate bank sup]visor or /ate

 cr$it union sup]visor makes available  
to ! ,bo>d su* in=mation z ! ,bo>d      
det]m9es necess>y & relevant to !       
categories ( in=mation "u subsection    
7d72 &  7#b7 complies ) ! segregation   
requirem5ts "u subsection 7b71 unless   
su* p]son complies ) simil> requirem5ts 
z requir$ by a prim>y ,f$]al paym5t     
/ableco9 regulator1 ! ,securities &     
,ex*ange ,commission1 or ! ,commodity   
,futures ,trad+ ,commission4  7b7       
,segregation requirem5t ,a p]son        
describ$ 9 subsection 7a7 %all-- 7#a7   
treat & deal ) ! paym5t /ableco9s1      
private keys1 ca%1 & o!r prop]ty ( a    
p]son = :om or on ^: behalf ! p]son     
receives1 acquires1 or holds paym5t     
/ableco9s1 private keys1 ca%1 & o!r     
prop]ty 7h]e9aft] 9 ?is section ref]r$  
to z ! cu/om]7 z belong+ to su* cu/om]2 
&  7#b7 take su* /eps z are appropriate 
to protect ! paym5t /ableco9s1 private  
keys1 ca%1 & o!r prop]ty ( a cu/om] f ! 
claims ( cr$itors ( ! p]son4  7c7       
,comm+l+ prohibit$  7#a7 ,9 g5]al       

,paym5t /ableco9s1 ca%1 & o!r prop]ty ( 
a cu/om] %all be sep>ately acc\nt$ = by 
a p]son describ$ 9 subsection 7a7 & %all
 n be comm+l$ ) ! funds ( ! p]son4  7#b7
 ,exception ,not)/&+ p>agraph 7#a7--    
7,a7 ! paym5t /ableco9s1 ca%1 & o!r     
prop]ty ( a cu/om] may1 = conv5i5ce1 be 
comm+l$ & deposit$ 9 an omnibus acc\nt  
hold+ ! paym5t /ableco9s1 ca%1 & o!r    
prop]ty ( m ?an "o cu/om] at an insur$  
depository in/itution or tru/ company2  
7,b7 su* %>e ( ! paym5t /ableco9s1 ca%1 
& o!r prop]ty ( ! cu/om] t %all be      
necess>y to transf]1 adju/1 or settle a 
transaction or transf] ( assets may be  
)drawn & appli$ to su* purposes1 includ+
 ! paym5t ( commissions1 taxes1 /orage1 
& o!r *>ges lawfully accru+ 9 connection
 ) ! provision ( s]vices by a p]son     
describ$ 9 subsection 7a72 &  7,c7 9    
accordance ) su* t]ms & conditions z !  
,bo>d may prescribe by rule1 regulation1
 or ord]1 any cu/om] paym5t /ableco91   
ca%1 & o!r prop]ty describ$ 9 ?is       
subsection may be comm+l$ & deposit$ 9  

cu/om] acc\nts ) paym5t /ableco9s1 ca%1 
& o!r prop]ty receiv$ by ! p]son &      
requir$ by ! ,bo>d to be sep>ately      
acc\nt$ =1 treat$1 & dealt ) z belong+  
to cu/om]s4  7d7 ,regulatory in=mation  
,a p]son describ$ "u subsection 7a7 %all
 submit to ! ,bo>d in=mation conc]n+ !  
p]son's bus9ess op]ations & processes to
 protect cu/om] assets1 9 su* =m & mann]
 z ! ,bo>d %all det]m9e4  7e7 ,exclusion
 ,! requirem5ts ( ?is section %all n    
apply to any p]son solely on ! basis t  
su* p]son engages 9 ! bus9ess ( provid+ 
h>dw>e or s(tw>e to facilitate a        
cu/om]'s own cu/ody or safekeep+ ( !    
cu/om]'s paym5t /ableco9s or private    
keys4  #i4 ,int]op]ability /&>ds ,!     
prim>y ,f$]al paym5t /ableco9           
regulators1 9 consultation ) ! ,national
 ,in/itute ( ,/&>ds & ,te*nology1 o!r   
relevant /&>d sett+ organizations1 &    
,/ate gov]nm5ts1 %all assess &1 if      
necess>y1 may1 pursuant to section #eec 
( title #e & 9 a mann] consi/5t ) !     
,national ,te*nology ,transf] &         

,advancem5t ,act ( #aiie 7,public ,law  
#ajd-aac71 prescribe /&>ds = paym5t     
/ableco9 issu]s to promote compatibility
 & int]op]ability4  #aj4 ,moratorium on 
endog5\sly collat]aliz$ /ableco9s  7a7  
,moratorium ,dur+ ! #b-ye> p]iod beg9n+ 
on ! date ( enactm5t ( ?is ,act1 x %all 
be unlawful to issue1 create1 or        
orig9ate an endog5\sly collat]aliz$     
/ableco9 n 9 exi/5ce on ! date (        
enactm5t ( ?is ,act4  7b7 ,/udy by      
,treasury  7#a7 ,/udy ,! ,secret>y ( !  
,treasury1 9 consultation ) ! ,bo>d1 !  
,comptroll]1 ! ,corporation1 & !        
,securities & ,ex*ange ,commission1 %all
 c>ry out a /udy ( endog5\sly           
collat]aliz$ /ableco9s4  7#b7 ,report ,n
 lat] ?an #cfe days aft] ! date ( !     
enactm5t ( ?is ,act1 ! ,secret>y %all   
provide to ! ,committee on ,f9ancial    
,s]vices ( ! ,h\se ( ,repres5tatives & !
 ,committee on ,bank+1 ,h\s+1 & ,urban  
,affairs ( ! ,s5ate a report t conta9s  
all f9d+s made 9 c>ry+ out ! /udy "u    
subsection 7a71 includ+ an analysis (-- 

7,a7 ! categories ( non-paym5t          
/ableco9s1 includ+ ! b5efits & risks (  
te*nological design features2  7,b7 !   
p>ticipants 9 non-paym5t /ableco9       
arrangem5ts2  7,c7 utilization &        
pot5tial utilization ( non-paym5t       
/ableco9s2  7,d7 nature ( res]ve        
compositions2  7,e7 types ( algori?ms   
be+ employ$2  7,f7 gov]nance /ructure1  
includ+ aspects ( dec5tralization2  7,g7
 nature ( public promotion & adv]tis+2 &
  7,h7 cl>ity & availability ( consum]  
notices disclosures4  7c7 ,endog5\sly   
collat]aliz$ /ableco9 def9$ ,9 ?is      
section1 ! t]m endog5\sly collat]aliz$  
/ableco9 means any digital asset-- 7#a7 
9 :i* its orig9ator has repres5t$ w be  
conv]t$1 r$eem$1 or repur*as$ = a fix$  
am\nt ( monet>y value2 &  7#b7 t relies 
solely on ! value ( ano!r digital asset 
creat$ or ma9ta9$ by ! same orig9ator to
 ma9ta9 ! fix$ price4  #aa4 ,report on  
rulemak+ /atus ,n lat] ?an #f mon?s aft]
 ! date ( enactm5t ( ?is ,act1 ! prim>y 
,f$]al paym5t /ableco9 regulators %all  

provide a /atus update on ! developm5t (
 ! rulemak+ "u ?is ,act to ! ,committee 
on ,f9ancial ,s]vices ( ! ,h\se (       
,repres5tatives & ! ,committee on       
,bank+1 ,h\s+1 & ,urban ,affairs ( !    
,s5ate4  #ab4 ,au?ority ( bank+         
in/itutions  7a7 ,rule ( con/ruction    
,no?+ 9 ?is ,act may be con/ru$ to limit
 ! au?ority ( a depository in/itution1  
,f$]al cr$it union1 ,/ate cr$it union1  
or tru/ company to engage 9 activities  
p]missible pursuant to applicable ,/ate 
& ,f$]al law1 includ+-- 7#a7 accept+ or 
receiv+ deposits & issu+ digital assets 
t repres5t deposits2  7#b7 utiliz+ a    
di/ribut$ l$g] = ! books & records ( !  
entity & to affect intrabank transf]s2 &
  7#c7 provid+ cu/odial s]vices = paym5t
 /ableco9s1 private keys ( paym5t       
/ableco9s1 or res]ves back+ paym5t      
/ableco9s4  7b7 ,treatm5t ( cu/ody      
activities ,! appropriate ,f$]al bank+  
ag5cy 7z def9$ "u section #c ( ! ,f$]al 
,deposit ,insurance ,act 7#ab ,u4,s4,c4 
#ahac771 ! ,national ,cr$it ,union      

,adm9i/ration 79 ! case ( a cr$it       
union71 & ! ,securities & ,ex*ange      
,commission may n require a depository  
in/itution1 national bank1 ,f$]al cr$it 
union1 ,/ate cr$it union1 or tru/       
company1 or any affiliate !re(-- 7#a7 to
 include assets held 9 cu/ody z a       
liability on any f9ancial /atem5t or    
balance %eet1 includ+ paym5t /ableco9   
cu/ody or safekeep+ activities2  7#b7 to
 hold additional regulatory capital     
aga9/ assets 9 cu/ody or safekeep+1     
except z necess>y to mitigate aga9/     
op]ational risks inh]5t ) ! cu/ody or   
safekeep+ s]vices1 z det]m9$ by-- 7,a7 !
 appropriate ,f$]al bank+ ag5cy2  7,b7 !
 ,national ,cr$it ,union ,adm9i/ration  
79 ! case ( a cr$it union72  7,c7 a     
,/ate bank sup]visor 7z def9$ "u section
 #c ( ! ,f$]al ,deposit ,insurance ,act 
7#ab ,u4,s4,c4 #ahac772 or  7,d7 a ,/ate
 cr$it union sup]visor 7z def9$ "u      
section #fjjc ( ! ,anti-,money ,laund]+ 
,act ( #bjbj72  7#c7 to recognize a     
liability = any obligations relat$ to   

activities or s]vices p]=m$ = digital   
assets t ! entity does n own if t       
liability w\ld exce$ ! exp5se recogniz$ 
9 ! income /atem5t z a result ( !       
correspond+ obligation4  7c7 ,def9itions
 ,9 ?is section3 7#a7 ,depository       
in/itution ,! t]ms depository in/itution
 has ! mean+ giv5 t t]m "u section #c ( 
! ,f$]al ,deposit ,insurance ,act4  7#b7
 ,cr$it union t]ms ,! t]ms ,f$]al cr$it 
union & ,/ate cr$it union h ! mean+ giv5
 ^? t]ms1 respectively1 "u section #aja 
( ! ,f$]al ,cr$it ,union ,act4  #ac4    
,cl>ify+ t paym5t /ableco9s are n       
securities or commodities  7a7 ,inve/m5t
 ,advis]s ,act ( #aidj ,section         
#bjb7;a77#ah7 ( ! ,inve/m5t ,advis]s    
,act ( #aidj 7#ae ,u4,s4,c4             
#hj;b-#b7;a77#ah77 is am5d$ by add+ at !
 end ! foll[+3 ,! t]m security does n   
include a paym5t /ableco9 issu$ by a    
p]mitt$ paym5t /ableco9 issu]1 z su*    
t]ms are def9$1 respectively1 9 section 
#b ( ! ,cl>ity = ,paym5t ,/ableco9s ,act
 ( #bjbc44  7b7 ,inve/m5t ,company ,act 

( #aidj ,section #b7;a77#cf7 ( !        
,inve/m5t ,company ,act ( #aidj 7#ae    
,u4,s4,c4 #hj;a-#b7;a77#cf77 is am5d$ by
 add+ at ! end ! foll[+3 ,! t]m security
 does n include a paym5t /ableco9 issu$ 
by a p]mitt$ paym5t /ableco9 issu]1 z   
su* t]ms are def9$1 respectively1 9     
section #b ( ! ,cl>ity = ,paym5t        
,/ableco9s ,act ( #bjbc44  7c7          
,securities ,act ( #aicc ,section       
#b7;a77#a7 ( ! ,securities ,act ( #aicc 
7#ae ,u4,s4,c4 #gg;b7a77#a77 is am5d$ by
 add+ at ! end ! foll[+3 ,! t]m security
 does n include a paym5t /ableco9 issu$ 
by a p]mitt$ paym5t /ableco9 issu]1 z   
su* t]ms are def9$1 respectively1 9     
section #b ( ! ,cl>ity = ,paym5t        
,/ableco9s ,act ( #bjbc44  7d7          
,securities ,ex*ange act ( #aicd        
,section #c7;a77#aj7 ( ! ,securities    
,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4    
#gh;c7a77#aj77 is am5d$ by add+ at ! end
 ! foll[+3 ,! t]m security does n       
include a paym5t /ableco9 issu$ by a    
p]mitt$ paym5t /ableco9 issu]1 z su*    

t]ms are def9$1 respectively1 9 section 
#b ( ! ,cl>ity = ,paym5t ,/ableco9s ,act
 ( #bjbc44  7e7 ,securities ,inve/or    
,protection ,act ( #aigj ,section       
#af7ad7 ( ! ,securities ,inve/or        
,protection ,act ( #aigj 7#ae ,u4,s4,c4 
#ghlll7#ad77 is am5d$ by add+ at ! end !
 foll[+3 ,! t]m security does n include 
a paym5t /ableco9 issu$ by a p]mitt$    
paym5t /ableco9 issu]1 z su* t]ms are   
def9$1 respectively1 9 section #b ( !   
,cl>ity = ,paym5t ,/ableco9s ,act (     
#bjbc44  ,may #g1 #bjbd,report$ ) an    
am5dm5t1 committ$ to ! ,committee ( !   
,:ole ,h\se on ! ,/ate ( ! ,union1 &    
ord]$ to be pr9t$