12 U.S.C. § 5915: Authority of banking institutions

accepting or receiving deposits or shares (in the case of a credit union), and issuing digital assets that represent those deposits or shares; utilizing a distributed ledger for the books and records of the entity and to effect intrabank transfers; and providing custodial services for payment stablecoins, private keys of payment stablecoins, or reserves backing payment stablecoins. Entities regulated by the primary Federal payment stablecoin regulators are authorized to engage in the payment stablecoin activities and investments contemplated by this chapter, including acting as a principal or agent with respect to any payment stablecoin and payment of fees to facilitate customer transactions. The primary Federal payment stablecoin regulators shall review all existing guidance and regulations, and if necessary, amend or promulgate new regulations and guidance, to clarify that regulated entities are authorized to engage in such activities and investments. to include digital assets held in custody that are not owned by the entity as a liability on the financial statement or balance sheet of the entity, including payment stablecoin custody or safekeeping activities; or the appropriate Federal banking agency; the National Credit Union Administration (in the case of a credit union); a State bank supervisor; or a State credit union supervisor. required by the laws or regulations of the home State to establish and maintain adequate liquidity, and such liquidity is regularly reassessed by the home State banking supervisor to take into account any changes in the financial condition and risk profile of the institution, including any uninsured deposits maintained by such institution; and required by the laws or regulations of the home State to establish and maintain adequate capital, and such capital is regularly reassessed by the home State banking supervisor to take into account any changes in the financial condition and risk profile of the institution, including any uninsured deposits maintained by such institution. Nothing in this section shall limit, or be construed to limit, the authority of a host State bank regulator, to perform examinations of a depository institution’s subsidiary permitted payment stablecoin issuer or activities conducted through the permitted payment stablecoin issuer to ensure compliance with host State consumer protection laws that the host State bank regulator has specific jurisdiction to enforce, which shall apply to such institution consistent with section 5906(f) of this title . The term “home State” means the State by which the depository institution is chartered. The term “host State” means a State in which a depository institution establishes a branch, solicits customers, or otherwise engages in business activities, other than the home State.