Annual reporting requirement
Beginning on the date that is 1 year after , 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—
a summary of trends in payment stablecoin activities;
section 5904 of this title a summary of the number of applications for approval as a permitted payment stablecoin issuer under , including aggregate approvals and rejections of applications; and
a description of the potential financial stability risks posed to the safety and soundness of the broader financial system by payment stablecoin activities.
FSOC report
section 5322(a)(2)(N) of this titleThe Financial Stability Oversight Council shall incorporate the findings in the report under subsection (a) into the annual report of the Council required under .
Pub. L. 119–27, § 15139 Stat. 460(, , .)
Delayed Effective Date of Section
For delayed effective date of section, see Effective Date note below.
Statutory Notes and Related Subsidiaries
Effective Date
Pub. L. 119–27section 20 of Pub. L. 119–27section 5901 of this titleSection effective on the earlier of the date that is 18 months after , or the date that is 120 days after the date on which the primary Federal payment stablecoin regulators issue any final regulations implementing , see , set out as a note under .