An Act amending Title 7 (Banks and Banking) of the Pennsylvania Consolidated Statutes, providing for stablecoin licensing; imposing duties on the Department of Banking and Securities and the Banking and Securities Commission; and imposing penalties.

PRINTER'S NO. 3643
THE GENERAL ASSEMBLY OF PENNSYLVANIA
HOUSE BILL
No. 2647
Session of
2026
INTRODUCED BY CONKLIN, JUNE 17, 2026
REFERRED TO COMMITTEE ON COMMERCE, JUNE 17, 2026
AN ACT
Amending Title 7 (Banks and Banking) of the Pennsylvania
Consolidated Statutes, providing for stablecoin licensing;
imposing duties on the Department of Banking and Securities
and the Banking and Securities Commission; and imposing
penalties.
The General Assembly of the Commonwealth of Pennsylvania
hereby enacts as follows:
Section 1. Title 7 of the Pennsylvania Consolidated Statutes
is amended by adding a chapter to read:
CHAPTER 71
STABLECOIN LICENSING
Subchapter
A. Preliminary Provisions
B. Procedures
C. Miscellaneous Provisions
SUBCHAPTER A
PRELIMINARY PROVISIONS
Sec.
7101. Scope of chapter.
7102. Purpose.
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7103. Definitions.
§ 7101. Scope of chapter.
This chapter relates to stablecoin licensing.
§ 7102. Purpose.
The purpose of this chapter is to implement the GENIUS Act
and to:
(1) Enable financial service providers of this
Commonwealth to have the opportunity to issue stablecoins.
(2) Provide for the regulation of payment stablecoins
issued by licensees under this chapter.
(3) Empower the department to issue regulations
substantially similar to Federal regulations promulgated to
implement the GENIUS Act.
§ 7103. Definitions.
The following words and phrases when used in this chapter
shall have the meanings given to them in this section unless the
context clearly indicates otherwise:
"Applicant." A domestic entity that applies for a license
under this chapter.
"Appropriate Federal banking agency." As defined in 12
U.S.C. § 1813(q) (relating to definitions).
"Bank Secrecy Act." All of the following:
(1) 12 U.S.C. § 1829b (relating to retention of records
by insured depository institutions).
(2) Chapter 2 of the Bank Secrecy Act of 1970 (Public
Law 91-508, 12 U.S.C. § 1951 et seq.), as amended.
(3) 31 U.S.C. Subt. IV Ch. 53 Subch. II (relating to
records and reports on monetary instruments transactions).
"Board." The Board of Governors of the Federal Reserve
System.
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"Commission." The Banking and Securities Commission of the
Commonwealth.
"Comptroller." The Office of the Comptroller of the
Currency.
"Department." The Department of Banking and Securities of
the Commonwealth.
"Deposit." As defined in 12 U.S.C. § 1813(l) (relating to
definitions).
"Digital asset." A digital representation of value that is
recorded on a cryptographically secured distributed ledger.
"Digital asset service provider." As follows:
(1) A person that, for compensation or profit, engages
in the business in the United States, including on behalf of
customers or users in the United States, of any of the
following:
(i) Exchanging digital assets for monetary value.
(ii) Exchanging digital assets for other digital
assets.
(iii) Transferring digital assets to a third party.
(iv) Acting as a digital asset custodian.
(v) Participating in financial services relating to
digital asset issuance.
(2) The term does not include:
(i) A distributed ledger protocol.
(ii) A person that develops, operates or engages in
the business of developing distributed ledger protocols
or self-custodial software interfaces.
(iii) An immutable and self-custodial software
interface.
(iv) A person that develops, operates or engages in
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the business of validating transactions or operating a
distributed ledger.
(v) A person that participates in a liquidity pool
or other similar mechanism for the provisioning of
liquidity for peer-to-peer transactions.
"Distributed ledger." Technology in which:
(1) data is shared across a network that creates a
public digital ledger of verified transactions or information
among network participants; and
(2) cryptography is used to link the data to maintain
the integrity of the public digital ledger and execute other
functions.
"Distributed ledger protocol." Publicly available and
accessible executable software deployed to a distributed ledger,
including a smart contract or a network of smart contracts.
"Domestic entity." As defined in 15 Pa.C.S. § 102 (relating
to definitions).
"Federal branch." As defined in 12 U.S.C. § 1813(s)(2).
"Federal qualified payment stablecoin issuer." Any of the
following:
(1) A nonbank entity, other than a state qualified
payment stablecoin issuer, approved by the comptroller to
issue payment stablecoins.
(2) An uninsured national bank that is:
(i) chartered by the comptroller; and
(ii) approved by the comptroller to issue payment
stablecoins.
(3) A Federal branch that is approved by the comptroller
to issue payment stablecoins.
"Financial activity." Either of the following:
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(1) An activity approved by the board under 12 U.S.C. §
1843(k) (relating to interests in nonbanking organizations).
(2) An activity described under section 2(7)(A) or 4(a)
(7)(A) of the GENIUS Act.
"GENIUS Act." The Guiding and Establishing National
Innovation for U.S. Stablecoins Act (Public Law 119-27, 139
Stat. 419, 12 U.S.C. § 5901 et seq.).
"Insured credit union." As defined in 12 U.S.C. § 1752(7)
(relating to definitions).
"Insured depository institution." As defined in 12 U.S.C. §
1813(c)(2). The term includes an insured credit union.
"Lawful order." A final and valid writ, process, order,
rule, decree, command or other requirement issued or promulgated
under Federal law by a court of competent jurisdiction or by an
authorized Federal agency under its statutory authority that
satisfies all of the following:
(1) Requires a person to seize, freeze, burn or prevent
the transfer of payment stablecoins issued by the person.
(2) Specifies with reasonable particularity the payment
stablecoins or accounts subject to blocking.
(3) Is subject to judicial or administrative review or
appeal as provided by Federal law.
"Licensee." A domestic entity licensed under this chapter.
"Monetary value." Either of the following:
(1) A national currency.
(2) A deposit denominated in a national currency.
"Money." A medium of exchange currently authorized or
adopted by a domestic or foreign government, including a
monetary unit of account established by an intergovernmental
organization or by agreement between two or more countries.
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"National currency." Any of the following:
(1) A Federal Reserve note as described in 12 U.S.C. §
411 (relating to issuance to reserve banks; nature of
obligation; redemption).
(2) Money standing to the credit of an account with a
Federal Reserve Bank.
(3) Money issued by a foreign central bank.
(4) Money issued by an intergovernmental organization
pursuant to an agreement by two or more governments.
"Nonbank entity." A person that is not a depository
institution or subsidiary of a depository institution.
"Offer." To make available for purchase, sale or exchange.
"Payment stablecoin." As follows:
(1) A digital asset:
(i) That is, or is designed to be, used as a means
of payment or settlement.
(ii) The issuer of which:
(A) Is obligated to convert, redeem or
repurchase for a fixed amount of monetary value, not
including a digital asset denominated in a fixed
amount of monetary value.
(B) Represents that the issuer will maintain, or
create the reasonable expectation that the issuer
will maintain, a stable value relative to the value
of a fixed amount of monetary value.
(2) The term does not include a digital asset that is
any of the following:
(i) A national currency.
(ii) A deposit, including a deposit recorded using
distributed ledger technology.
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(iii) (A) Subject to clause (B), a security, as
defined in:
(I) 15 U.S.C. § 77b(a)(1) (relating to
definitions; promotion of efficiency,
competition, and capital formation);
(II) 15 U.S.C. § 78c(a)(10) (relating to
definitions and application); or
(III) 15 U.S.C. § 80a-2(a)(36) (relating to
definitions; applicability; rulemaking
considerations).
(B) For the avoidance of doubt, a bond, note,
evidence of indebtedness or investment contract that
was issued by a permitted payment stablecoin issuer
shall not qualify as a security solely by virtue of
its satisfying the conditions described in the
definitions enumerated under clause (A), consistent
with this chapter.
"Pennsylvania qualified payment stablecoin issuer." A state
qualified payment stablecoin issuer licensed under this chapter.
"Permitted payment stablecoin issuer." A person formed in
the United States that is any of the following:
(1) A subsidiary of an insured depository institution
that has been approved to issue payment stablecoins.
(2) A Federal qualified payment stablecoin issuer.
(3) A state qualified payment stablecoin issuer,
including a licensee.
"Person." An individual, partnership, company, corporation,
association, trust, estate, cooperative organization or other
business entity, incorporated or unincorporated.
"Primary Federal payment stablecoin regulator." Any of the
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following:
(1) With respect to a subsidiary of an insured
depository institution, other than an insured credit union,
the appropriate Federal banking agency of the insured
depository institution.
(2) With respect to an insured credit union or a
subsidiary of an insured credit union, the National Credit
Union Administration.
(3) With respect to a state chartered depository
institution not specified under paragraph (1), the Federal
Deposit Insurance Corporation, the comptroller or the board.
(4) With respect to a Federal qualified payment
stablecoin issuer, the comptroller.
"Public company." An issuer required to file reports under
15 U.S.C. §§ 78m(a) (relating to periodical and other reports)
and 78o(d) (relating to registration and regulation of brokers
and dealers).
"Registered public accounting firm." As defined in 15 U.S.C.
§ 7201(12) (relating to definitions).
"Stablecoin certification review committee." As defined in
section 2(27) of the GENIUS Act.
"State." Each of the several states of the United States,
the District of Columbia and each territory of the United
States.
"State chartered depository institution." A state depository
institution as defined in 12 U.S.C. § 1813(c)(5).
"State payment stablecoin regulator." A state agency that
has primary regulatory and supervisory authority in the state
over entities that issue payment stablecoins.
"State qualified payment stablecoin issuer." An entity that:
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(1) Is legally established under the laws of a state and
approved to issue payment stablecoins by a state payment
stablecoin regulator.
(2) Is not an uninsured national bank chartered by the
comptroller, a Federal branch, an insured depository
institution or a subsidiary of the national bank, Federal
branch or insured depository institution.
"Subsidiary." As defined in 12 U.S.C. § 1813(w)(4).
"Subsidiary of an insured credit union." Any of the
following:
(1) An organization providing services to an insured
credit union that are associated with the routine operations
of credit unions, as described in 12 U.S.C. § 1757(7)(I)
(relating to powers).
(2) A credit union service organization, as the term is
used under 12 CFR Pt. 712 (relating to credit union service
organizations (CUSOs)), with respect to which the insured
credit union has an ownership interest or to which the
insured credit union has extended a loan.
(3) A subsidiary of a state chartered insured credit
union authorized under state law.
"Trust company." An entity that exists under the laws of
this Commonwealth or another state authorized to act as a
fiduciary, but which is not authorized to engage in the business
of receiving deposits.
SUBCHAPTER B
PROCEDURES
Sec.
7111. Issuance and treatment of payment stablecoins.
7112. License required.
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7113. Certification required.
7114. Requirements for issuing payment stablecoins.
7115. Compliance with lawful orders.
7116 . Limitation on payment stablecoin activities.
7117 . Audits and reports.
§ 7111. Issuance and treatment of payment stablecoins.
(a) Limitation on issuers.--A person that is not a permitted
payment stablecoin issuer may not issue a payment stablecoin in
this Commonwealth.
(b) Public companies.--A public company that is not
predominantly engaged in one or more financial activities, or a
wholly owned subsidiary, majority-owned subsidiary or affiliate
of the public company, may not issue a payment stablecoin in
this Commonwealth unless the public company obtains the vote of
the stablecoin certification review committee under section 4(a)
(12)(B) of the GENIUS Act.
(c) Foreign companies.--A company that is not domiciled in
the United States or a territory of the United States and is not
predominantly engaged in one or more financial activities may
not issue a payment stablecoin in this Commonwealth unless the
company obtains the vote of the stablecoin certification review
committee under section 4(a)(12)(C) of the GENIUS Act.
(d) Prohibition on offers or sales.--Except as provided in
subsection (e) , beginning on the date that is three years after
the date of enactment of the GENIUS Act, a digital asset service
provider may not offer or sell a payment stablecoin to a person
in this Commonwealth, unless the payment stablecoin is issued by
a permitted payment stablecoin issuer.
(e) Exempt transactions.--This section shall not apply to
the following:
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(1) The direct transfer of digital assets between two
individuals acting on their own behalf and for their own
lawful purposes, without the involvement of an intermediary.
(2) A transaction involving the receipt of digital
assets by an individual between an account owned by the
individual in the United States and an account owned by the
individual abroad that are offered by the same parent
company.
(3) A transaction by means of a software or hardware
wallet that facilitates an individual's own custody of
digital assets.
(f) Exempt entities.--This chapter does not apply to insured
depository institutions, Federal qualified payment stablecoin
issuers or state qualified payment stablecoin issuers.
(g) Relation to other licensing requirements.--A licensee or
exempt entity is not required to obtain any other license or
charter to perform the activities permitted in this chapter.
§ 7112. License required.
(a) Application generally.--To become a Pennsylvania
qualified payment stablecoin issuer, a domestic entity shall
apply to the department for a license under this chapter on a
form and in a manner as prescribed by the department.
(b) Officers or directors convicted of certain felonies.--
(1) An individual who has been convicted of a felony
offense involving insider trading, embezzlement, cybercrime,
money laundering, financing of terrorism or financial fraud ,
or who would otherwise be prohibited from serving as an
officer or director under 12 U.S.C. § 1829 (relating to
penalty for unauthorized participation by convicted
individual), may not serve as:
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(i) an officer of a payment stablecoin issuer; or
(ii) a director of a payment stablecoin issuer.
(2) If a person knowingly participates in a violation of
paragraph (1), the person shall, upon conviction, be
sentenced to pay a fine not exceeding $1,000,000 for each
violation or to imprisonment not exceeding five years, or
both.
(3) If a licensee has reason to believe that a person
knowingly violated paragraph (1), the licensee shall refer
the matter to the Attorney General.
(c) Evaluation of application.--Upon receipt of a
substantially complete application under this section, the
department shall evaluate the application using the following
factors:
(1) The ability of the applicant, based on financial
condition and resources, to meet the requirements specified
under sections 7114 (relating to requirements for issuing
payment stablecoins), 7116 (relating to limitation on payment
stablecoin activities) and 7117 (relating to audits and
reports).
(2) Whether an individual who has been convicted of a
felony offense enumerated under subsection (b)(1) is serving
as an officer or director of the applicant.
(3) The competence, experience and integrity of the
officers, directors and principal shareholders of the
applicant and its subsidiaries and parent company, including:
(i) The record of the officers, directors and
principal shareholders of compliance with laws and
regulations.
(ii) The ability of the officers, directors and
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principal shareholders to fulfill commitments to, and
conditions imposed by, the department in connection with
the application at issue and any prior application.
(4) Whether the redemption policy of the applicant meets
the requirements under section 7114.
(5) Any other factors established under Federal
regulations or by the department that are necessary to ensure
the safety and soundness of the licensee.
(d) Notification.--Not later than 30 days after receiving an
application under this section, the department shall notify the
applicant as to whether the department considers the application
to be substantially complete and, if the application is not
substantially complete, the additional information the applicant
must provide for the application to be considered substantially
complete.
(e) Substantially complete.--
(1) For purposes of this section, an application shall
be considered substantially complete if the application
contains sufficient information for the department to render
a decision on whether the applicant satisfies the factors
described in subsection (c).
(2) An application considered substantially complete
under this subsection remains substantially complete unless
there is a material change in circumstances that requires the
department to treat the application as a new application.
(f) Timing for decision.--Not later than 120 days after
receiving a substantially complete application under this
section, the department shall render a decision on the
application.
(g) Failure to render decision.--If the department fails to
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render a decision on a complete application under this section
within the time period specified in subsection (f), the
application shall be deemed approved.
(h) Denial of application.--The department shall only deny a
substantially complete application received under this section
if the department determines that the activities of the
applicant would be unsafe or unsound based on the factors
described in subsection (c). The issuance of a payment
stablecoin on an open, public or decentralized network shall not
be a valid ground for denial of an application received under
subsection (a).
(i) Explanation required.--If the department denies an
application received under this section, not later than 30 days
after the date of the denial, the department shall provide the
applicant with written notice explaining the denial with
specificity, including all findings made by the department with
respect to all identified material shortcomings in the
application, including actionable recommendations on how the
applicant could address the identified material shortcomings.
(j) Opportunity for hearing and final determination.--
(1) Not later than 30 days after the date of receipt of
any notice of the denial of an application under this
section, the applicant may file a written appeal with the
commission.
(2) Upon receipt of a timely request under paragraph
(1), the commission shall schedule a time and place for a
hearing at which the applicant's appeal of the license denial
may be heard. The following apply:
(i) The hearing shall not be later than 30 days
after the date of receipt of the request.
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(ii) The commission shall provide notice to the
applicant of the time and place for the hearing.
(3) Not later than 60 days after the date of the hearing
under paragraph (2), the commission shall notify the
applicant of a final determination, which shall contain a
statement of the basis for the determination, with specific
findings.
(4) If an applicant does not make a timely request for a
hearing under paragraph (2), the department shall notify the
applicant, not later than 10 days after the date by which the
applicant may request a hearing under paragraph (2), in
writing, that the denial of the application is a final
determination of the department.
(5) The denial of an application under this section
shall not prohibit the applicant from filing a subsequent
application.
§ 7113. Certification required.
(a) Certification of program implementation.--Not later than
180 days after the approval of an application, and on an annual
basis thereafter, each licensee shall submit to the department a
certification that the licensee has implemented anti-money
laundering and economic sanctions compliance programs that are
reasonably designed to prevent the licensee from facilitating
money laundering, including money laundering for cartels and
organizations designated as foreign terrorist organizations
under 8 U.S.C. § 1189 (relating to designation of foreign
terrorist organizations) and the financing of terrorist
activities, consistent with the requirements of the GENIUS Act.
(b) Availability of certifications.--The department shall
make certifications described in subsection (a) available to the
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United States Secretary of the Treasury upon request.
(c) Penalties.--
(1) The department may revoke the license of a licensee
that does not submit a certification in accordance with
subsection (a).
(2) A person that knowingly submits a certification in
accordance with subsection (a) that is false shall be subject
to the criminal penalties specified under 18 Pa.C.S. § 4903
(relating to false swearing).
(3) If the department has reason to believe that a
person has knowingly violated subsection (a), the department
may refer the matter to the Attorney General or Attorney
General of the United States.
§ 7114. Requirements for issuing payment stablecoins.
(a) Duties of licensee.--A licensee shall:
(1) Maintain identifiable reserves backing the
outstanding payment stablecoins of the licensee on at least a
one-to-one basis, with reserves comprising any of the
following:
(i) United States coins and currency, including
Federal Reserve notes, or money standing to the credit of
an account with a Federal Reserve Bank.
(ii) Money held as demand deposits, or other
deposits that may be withdrawn upon request at any time,
or insured shares at an insured depository institution,
including a foreign branch or agent or correspondent bank
of an insured depository institution, subject to
limitations established by the Federal Deposit Insurance
Corporation and the National Credit Union Administration,
as applicable, to address safety and soundness risks of
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the insured depository institution.
(iii) Treasury bills, notes or bonds:
(A) with a remaining maturity of 93 days or
less; or
(B) issued with a maturity of 93 days or less.
(iv) Money received under a repurchase agreement,
with the licensee acting as a seller of securities and
with an overnight maturity, that is backed by Treasury
bills with a maturity of 93 days or less.
(v) A reverse repurchase agreement, with the
licensee acting as a purchaser of securities and with an
overnight maturity, that is collateralized by Treasury
notes, bills or bonds on an overnight basis, subject to
overcollateralization in line with standard market terms,
that are:
(A) tri-party;
(B) centrally cleared through a clearing agency
registered with the Securities and Exchange
Commission; or
(C) bilateral with a counterparty that the
issuer has determined to be adequately creditworthy
even in the event of severe market stress.
(vi) A security issued by an investment company
registered under 15 U.S.C. § 80a-8(a) (relating to
registration of investment companies) or other registered
government money market fund and invested solely in an
underlying asset described in subparagraph (i), (ii),
(iii), (iv) or (v).
(vii) Any other similarly liquid Federal Government-
issued asset approved by the primary Federal payment
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stablecoin regulator, in consultation with the
department, if applicable, of the licensee.
(viii) Any reserve described in subparagraph (i),
(ii), (iii), (vi) or (vii) in tokenized form, if the
reserve complies with all applicable laws and
regulations.
(2) Publicly disclose the licensee's redemption policy,
which must:
(i) Establish clear and conspicuous procedures for
timely redemption of outstanding payment stablecoins, but
only the department may impose discretionary limitations
on timely redemptions.
(ii) Publicly, clearly and conspicuously disclose in
plain language all fees associated with purchasing or
redeeming the payment stablecoins, but the fees may only
be changed upon not less than seven days' prior notice to
consumers.
(3) Publish the monthly composition of the issuer's
reserves on the website of the issuer, containing:
(i) The total number of outstanding payment
stablecoins issued by the licensee.
(ii) The amount and composition of the reserves
described in paragraph (1), including the average tenor
and geographic location of custody of each category of
reserve instruments.
(b) Prohibition on rehypothecation.--Reserves required under
subsection (a)(1) may not be pledged, rehypothecated or reused
by the licensee, either directly or indirectly, except for the
purpose of:
(1) satisfying margin obligations in connection with
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investments in permitted reserves under subsection (a)(1)(iv)
and (v);
(2) satisfying obligations associated with the use,
receipt or provision of standard custodial services; or
(3) creating liquidity to meet reasonable expectations
of requests to redeem payment stablecoins, such that reserves
in the form of Treasury bills may be sold as purchased
securities for repurchase agreements with a maturity of 93
days or less, provided that:
(i) the repurchase agreements are cleared by a
clearing agency registered with the Securities and
Exchange Commission; or
(ii) the licensee receives the prior approval of the
department or its primary Federal payment stablecoin
regulator, as applicable.
(c) Monthly certification and examination of reports by
registered public accounting firm.--
(1) Each month, a licensee shall have the information
disclosed in the previous month-end report required under
subsection (a)(3) examined by a registered public accounting
firm.
(2) Each month, the chief executive officer and chief
financial officer of a licensee shall submit a certification
as to the accuracy of the monthly report to the department.
(3) A person who submits a certification required under
paragraph (2) knowing that the certification is false shall
be subject to the same criminal penalties as those specified
under 18 U.S.C. § 1350(c) (relating to failure of corporate
officers to certify financial reports).
(d) Capital, liquidity and risk management requirements.--
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The department shall, consistent with section 7121(f) (relating
to authority of department), issue regulations implementing:
(1) Capital requirements applicable to licensees that:
(i) Are tailored to the business model and risk
profile of licensees.
(ii) Do not exceed requirements that are sufficient
to ensure the ongoing operations of licensees.
(2) The liquidity standard under subsection (a)(1).
(3) Reserve asset diversification, including deposit
concentration at banking institutions, and interest rate risk
management standards applicable to licensees that:
(i) Are tailored to the business model and risk
profile of licensees.
(ii) Do not exceed standards that are sufficient to
ensure the ongoing operations of licensees.
(4) Appropriate operational, compliance and information
technology risk management principles-based requirements and
standards, including standards under the Bank Secrecy Act and
sanctions compliance standards that:
(i) Are tailored to the business model and risk
profile of licensees.
(ii) Are consistent with applicable law.
(e) Treatment under Bank Secrecy Act and sanctions laws.--A
licensee shall be treated as a financial institution for
purposes of the Bank Secrecy Act and, as such, shall be subject
to all Federal laws applicable to a financial institution
located in the United States relating to economic sanctions,
prevention of money laundering, customer identification and due
diligence, including:
(1) The maintenance of an effective anti-money
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laundering program, which shall include appropriate risk
assessments and designation of an officer to supervise the
program.
(2) The retention of appropriate records.
(3) Monitoring and reporting of any suspicious
transaction relevant to a possible violation of law or
regulation.
(4) Technical capabilities, policies and procedures to
block, freeze and reject specific or impermissible
transactions that violate Federal or State laws, rules or
regulations.
(5) The maintenance of an effective customer
identification program, including identification and
verification of account holders with the licensee, high-value
transactions and appropriate enhanced due diligence.
(6) The maintenance of an effective economic sanctions
compliance program, including verification of sanctions
lists, consistent with Federal law.
§ 7115. Compliance with lawful orders.
A licensee shall possess the technological capability to
comply with a lawful order and shall comply with the lawful
order.
§ 7116 . Limitation on payment stablecoin activities.
(a) Licensee limitations.--A licensee may only:
(1) Issue payment stablecoins.
(2) Redeem payment stablecoins.
(3) Manage related reserves, including purchasing,
selling and holding reserve assets or providing custodial
services for reserve assets, consistent with Federal and
State law.
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(4) Provide custodial or safekeeping services for
payment stablecoins, required reserves or private keys of
payment stablecoins, as otherwise permitted by Federal and
State law.
(5) Undertake other activities that directly support any
of the activities described in this subsection.
(b) Additional limitations.--A licensee may not engage in
transactions with affiliates at less than arms-length or breach
quantitative or qualitative limits and other prudential
requirements for transactions between the licensee and its
affiliates as may be promulgated by the commission.
(c) Construction.--Nothing in subsection (a) shall limit a
licensee from engaging in payment stablecoin activities or
digital asset service provider activities specified by this
chapter, and activities incidental thereto, that are authorized
by the department or the primary Federal payment stablecoin
regulator, as applicable, consistent with all other Federal and
State laws, provided that the claims of payment stablecoin
holders rank senior to any potential claims of nonstablecoin
creditors with respect to the reserve assets, consistent with
section 7124 (relating to treatment of licensees in insolvency
proceedings).
(d) Prohibition on tying.--A licensee may not provide
services to a customer on the condition that the customer obtain
an additional paid product or service from the licensee, or any
of its subsidiaries, or agree to not obtain an additional
product or service from a competitor.
(e) Prohibition on interest.--A licensee may not pay the
holder of any payment stablecoin any form of interest or yield,
whether in cash, tokens or other consideration, solely in
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connection with the holding, use or retention of the payment
stablecoin.
(f) Prohibition on use of deceptive names.--
(1) A licensee may not:
(i) Use any combination of terms relating to the
United States Government, including "United States,"
"United States Government" and "U.S.G." in the name of a
payment stablecoin.
(ii) Use any combination of terms relating to the
Commonwealth or a political subdivision of the
Commonwealth in the name of a payment stablecoin unless
authorized by an act of the General Assembly. The
department shall issue and update guidance under section
7121 (relating to authority of department) identifying
prohibited terms under this subparagraph.
(iii) Market a payment stablecoin in such a way that
a reasonable person would perceive the payment stablecoin
to be:
(A) legal tender, as described in 31 U.S.C. §
5103 (relating to legal tender);
(B) issued by the United States;
(C) guaranteed or approved by the Federal
Government ; or
(D) issued or approved by the Commonwealth or a
political subdivision of the Commonwealth.
(2) Abbreviations directly relating to the currency to
which a payment stablecoin is pegged, including "U.S.D.," are
not subject to the prohibitions under paragraph (1).
(g) Uninsured status of payment stablecoins.--
(1) Payment stablecoins shall not be:
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(i) backed by the full faith and credit of the
United States;
(ii) guaranteed by the Federal Government;
(iii) subject to deposit insurance by the Federal
Deposit Insurance Corporation; or
(iv) subject to share insurance by the National
Credit Union Administration.
(2) With respect to misrepresentation of insured status:
(i) It shall be unlawful to represent that payment
stablecoins are backed by the full faith and credit of
the United States, guaranteed by the Federal Government
or subject to Federal deposit insurance or Federal share
insurance.
(ii) A violation of subparagraph (i) shall be
considered a violation of 12 U.S.C. § 1828(a)(4)
(relating to regulations governing insured depository
institutions) or 18 U.S.C. § 709 (relating to false
advertising or misuse of names to indicate Federal
agency), as applicable.
§ 7117 . Audits and reports.
(a) Annual financial statement.--
(1) A licensee with more than $50,000,000,000 in
consolidated total outstanding issuance, that is not subject
to the reporting requirements under 15 U.S.C. §§ 78m
(relating to periodical and other reports) and 78o(d)
(relating to registration and regulation of brokers and
dealers), shall prepare, in accordance with generally
accepted accounting principles, an annual financial
statement, which must include the disclosure of any related
party transactions, as defined by the generally accepted
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accounting principles.
(2) A registered public accounting firm shall perform an
audit of the annual financial statements described in
paragraph (1).
(3) An audit described in paragraph (1) shall be
conducted in accordance with all applicable auditing
standards established by the Public Company Accounting
Oversight Board, including those relating to auditor
independence, internal controls and related party
transactions.
(4) Nothing in this subsection shall be construed to
limit, alter or expand the jurisdiction of the Public Company
Accounting Oversight Board over permitted payment stablecoin
issuers or registered public accounting firms.
(b) Public disclosure and submission to Federal
regulators.--Each licensee required to prepare an audited annual
financial statement under subsection (a) shall:
(1) Post the audited financial statements on the
publicly accessible Internet website of the licensee.
(2) Submit the audited financial statements annually to
the licensee's primary Federal payment stablecoin regulator.
SUBCHAPTER C
MISCELLANEOUS PROVISIONS
Sec.
7121. Authority of department.
7122. Enforcement.
7123. Authority of insured depository institutions.
7124. Treatment of licensees in insolvency proceedings.
7125. Transition to Federal oversight.
7126. Custody of payment stablecoin reserve and collateral.
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§ 7121. Authority of department.
(a) Implementation.--To carry out the purposes of this
chapter, the department may:
(1) Enter into agreements or relationships with other
government officials, Federal or state regulatory agencies or
regulatory associations to improve efficiencies and reduce
regulatory burden by standardizing methods or procedures and
sharing resources, records or related information obtained
under this chapter.
(2) Use, hire, contract or employ analytical systems,
methods or software to examine or investigate a person
subject to this chapter.
(3) Accept from other Federal or state government
agencies or officials licensing, examination or investigation
reports made by the Federal or state government agencies or
officials.
(4) Accept an audit report made by an independent
certified public accountant or other qualified third-party
auditor for an applicant or licensee and incorporate the
audit report in a report of examination or investigation.
(b) Administrative authority.--The department shall have the
broad authority to administer, interpret and enforce this
chapter and recover the cost of administering and enforcing this
chapter by imposing and collecting proportionate and equitable
fees and costs associated with applications, examinations,
investigations and other actions required to achieve the purpose
of this chapter.
(c) Supervision.--
(1) The department may conduct an examination or
investigation of a licensee or otherwise take independent
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action authorized by this chapter or issue any regulation or
order under this chapter as reasonably necessary or
appropriate to administer and enforce this chapter,
regulations implementing this chapter and other applicable
Federal or State law.
(2) A licensee shall provide, and the department shall
have full and complete access to, all records that the
department may reasonably require to conduct a complete
examination. The following apply:
(i) The records must be provided at the location and
in the format specified by the department.
(ii) The department may utilize multistate record
production standards and examination procedures when the
standards will reasonably achieve the requirements of
this chapter.
(iii) In connection with an examination, the
department may:
(A) Conduct an examination either on-site or
off-site as the department may reasonably require,
the reasonable costs of which shall be paid by the
licensee.
(B) Conduct an examination in conjunction with
an examination conducted by representatives of other
State agencies or agencies of another state or of the
Federal Government.
(C) Accept the examination report of another
State agency or an agency of another state or of the
Federal Government, or a report prepared by an
independent accounting firm, which on being accepted
shall be considered for all purposes as an official
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report of the department.
(D) Summon and examine under oath a key
individual or employee of a licensee and require the
person to produce records regarding any matter
related to the condition and business of the licensee
or authorized delegate.
(d) Exclusion.--This chapter shall not apply to a permitted
payment stablecoin issuer to the extent that Federal law
precludes or preempts, or has been determined to preclude or
preempt, the application of the provisions of this chapter to
any permitted payment stablecoin issuer.
(e) Federal requirements.--The department shall, through
regulation or other means of notice, identify the Federal laws
and regulations applicable to licensees under this chapter. The
department shall ensure that the minimum Federal requirements
apply to all licensees approved by the department by examination
or other means.
(f) Regulations.--The department may issue regulations,
statements of policy , orders or guidance as may be necessary for
the proper conduct, including safety and soundness, of the
stablecoin business by licensees, the issuance and renewal of
licenses and the enforcement of this chapter. A statement of
policy, order or guidance issued under this subsection may not
be used as a substitute for or alternative to promulgating a
regulation required under the act of June 25, 1982 (P.L.633,
No.181), known as the Regulatory Review Act .
(g) Temporary regulations.--
(1) In order to facilitate the prompt implementation of
this chapter, the department may promulgate temporary
regulations that shall expire no later than three years
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following the publication of the temporary regulations. The
department may promulgate temporary regulations under this
subsection that are not subject to:
(i) Sections 201, 202, 203, 204 and 205 of the act
of July 31, 1968 (P.L.769, No.240), referred to as the
Commonwealth Documents Law.
(ii) Sections 204(b) and 301(10) of the act of
October 15, 1980 (P.L.950, No.164), known as the
Commonwealth Attorneys Act.
(iii) The act of June 25, 1982 (P.L.633, No.181),
known as the Regulatory Review Act .
(2) The department's authority to adopt temporary
regulations under paragraph (1) shall expire three years
after the effective date of this subsection. Regulations
adopted after this period shall be promulgated as provided by
law.
§ 7122. Enforcement.
(a) Suspension and revocation.--The department may suspend
or revoke a license if any of the following applies:
(1) The licensee violates this chapter or a regulation
or order issued under this chapter.
(2) The licensee does not cooperate with an examination
or investigation by the department.
(3) The licensee engages in fraud, intentional
misrepresentation or gross negligence.
(4) The competence, experience, character or general
fitness of the licensee, person in control of a licensee, key
individual or responsible person of the authorized delegate
indicates that it is not in the public interest to permit the
person to issue payment stablecoins.
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(5) The licensee engages in an unsafe or unsound
practice.
(6) The licensee is insolvent, suspends payment of its
obligations or makes a general assignment for the benefit of
its creditors.
(b) Unsafe or unsound practice.--In determining whether a
licensee is engaging in an unsafe or unsound practice, the
department may consider:
(1) The size and condition of the licensee's payment
stablecoin issuance.
(2) The magnitude of the loss.
(3) The gravity of the violation of this chapter.
(4) The previous conduct of the person involved.
(c) Orders to cease and desist.--
(1) If a person is engaged in unlicensed activity or, in
the case of a licensee, the department determines that a
violation of this chapter or of a regulation or order issued
under this chapter by a licensee is likely to cause immediate
and irreparable harm to the licensee, its customers or the
public as a result of the violation, or cause insolvency or
significant dissipation of assets of the licensee, the
department may issue an order requiring the person or
licensee to cease and desist from the violation. The order
shall become effective upon service of the order upon the
person or licensee.
(2) An order to cease and desist remains effective and
enforceable pending the completion of an administrative
proceeding consistent with 2 Pa.C.S. Ch. 5 Subch. A (relating
to practice and procedure of Commonwealth agencies).
(3) A person or licensee that is served with an order to
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cease and desist may petition Commonwealth Court for a
judicial order setting aside, limiting or suspending the
enforcement, operation or effectiveness of the order pending
the completion of an administrative proceeding under 2
Pa.C.S. Ch. 5 Subch. A.
(4) An order to cease and desist expires unless the
department commences an administrative proceeding under 2
Pa.C.S. Ch. 5 Subch. A within 30 days after the order is
issued.
(d) Consent orders.--The department may enter into a consent
order at any time with a person to resolve a matter arising
under this chapter or a regulation or order issued under this
chapter. A consent order:
(1) Must be signed by the person to whom the consent
order is issued or by the person's authorized representative.
(2) Must indicate agreement with the terms contained in
the order.
(3) May provide that the consent order does not
constitute an admission by a person that this chapter or a
regulation or order issued under this chapter has been
violated.
(e) Criminal penalties.--A person that directly or through
another person violates or attempts to violate a provision of
this chapter shall be guilty of a felony and, upon conviction,
shall be sentenced to pay a fine not less than $5,000 nor more
than $50,000 or imprisonment not exceeding seven years, or both,
in the discretion of the court.
(f) Civil penalties.--The department may assess a civil
penalty against a person that violates this chapter or a
regulation or order issued under this chapter in an amount not
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to exceed $10,000 per violation for each day the violation is
outstanding.
(g) Injunctions.--The department may maintain an action for
an injunction or other process against a person to restrain and
prevent the person from engaging in an activity violating this
chapter.
(h) Final orders.--
(1) A decision of the commission and an unappealed order
of the department shall be a final order of the department
and shall be enforceable in a court of competent
jurisdiction.
(2) The department may publish final adjudications
issued under this section, subject to redaction or
modification to preserve confidentiality.
(i) Appeals.--A person aggrieved by a decision of the
commission may appeal the decision under 2 Pa.C.S. Ch. 7 Subch.
A (relating to judicial review of Commonwealth agency action).
§ 7123. Authority of insured depository institutions.
(a) Construction.--Nothing in this chapter shall be
construed to limit the authority of an insured depository
institution or trust company to engage in activities permissible
for the entity in accordance with applicable Federal and State
law, including:
(1) Accepting or receiving deposits or, in the case of a
credit union, shares and issuing digital assets that
represent the deposits or shares.
(2) Utilizing a distributed ledger for the books and
records of the entity and to effect intrabank transfers.
(3) Providing custodial services for payment
stablecoins, private keys of payment stablecoins or reserves
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backing payment stablecoins.
(b) Insured depository institutions chartered by
Commonwealth.--An insured depository institution chartered under
the laws of this Commonwealth that has a subsidiary that is a
permitted payment stablecoin issuer may engage in the business
of money transmission or provide custodial services through the
permitted payment stablecoin issuer in this Commonwealth or in
any other state.
§ 7124. Treatment of licensees in insolvency proceedings.
In an insolvency proceeding of a licensee approved by the
department, including an insolvency proceeding administered by
the department:
(1) The claim of a person holding payment stablecoins
issued by the licensee shall have priority, on a ratable
basis with the claims of other persons holding the payment
stablecoins, over the claims of the licensee and any other
holder of claims against the licensee with respect to
required payment stablecoin reserves.
(2) A person holding a payment stablecoin issued by the
licensee shall be deemed to hold a claim.
(3) The priority under paragraph (1) shall not apply to
claims other than those arising directly from the holding of
payment stablecoins.
§ 7125. Transition to Federal oversight.
A licensee whose payment stablecoin has a consolidated total
outstanding issuance of more than $10,000,000,000 shall engage
in one of the following:
(1) No later than 360 days after the payment stablecoin
reaches that threshold, transition to the Federal regulatory
framework under section 4(a) of the GENIUS Act administered
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by the department and the comptroller, acting in
coordination.
(2) Beginning on the date the payment stablecoin reaches
that threshold, cease issuing new payment stablecoins until
the payment stablecoin is below the $10,000,000,000
consolidated total outstanding issuance threshold.
§ 7126. Custody of payment stablecoin reserve and collateral.
(a) Requirements.--A person may engage in the business of
providing custodial or safekeeping services for payment
stablecoin reserve, payment stablecoins used as collateral or
private keys used to issue permitted payment stablecoins only if
all of the following apply:
(1) The person is subject to any of the following:
(i) Supervision or regulation by a primary Federal
payment stablecoin regulator or a primary financial
regulatory agency described in 12 U.S.C. § 5301(12)(B) or
(C) (relating to definitions).
(ii) Supervision by a State bank supervisor as
defined in 12 U.S.C. § 1813(r) (relating to definitions),
or a State credit union supervisor as defined in section
6003(9) of the Anti-Money Laundering Act of 2020
(Division F of Public Law 116-283, 134 Stat. 3388), if
the State bank supervisor or State credit union
supervisor makes available to the board the information
that the board determines is necessary and relevant to
the categories of information under subsection (d).
(2) The person complies with subsection (b), unless the
person holds the property in accordance with similar
requirements imposed by a primary Federal payment stablecoin
regulator, the Securities and Exchange Commission or the
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Commodity Futures Trading Commission.
(b) Customer property.--A person specified under subsection
(a), with respect to property described under subsection (a),
shall have the following duties:
(1) Treat and deal with payment stablecoins, private
keys, cash and other property of a customer as belonging to
the customer and not as property of the person.
(2) Take steps appropriate to protect payment
stablecoins, private keys, cash and other property of the
customer from claims of creditors of the person.
(c) Commingling.--
(1) Except as otherwise provided under this subsection,
payment stablecoin reserve, payment stablecoins, cash and
other property of a permitted payment stablecoin issuer or
customer shall be separately accounted for by a person
specified under subsection (a) and shall be segregated from
and not commingled with assets of the person.
(2) Payment stablecoin reserve, payment stablecoins,
cash and other property of a permitted payment stablecoin
issuer or customer may be commingled and deposited in an
omnibus account holding payment stablecoin reserve, payment
stablecoins, cash and other property of more than one
permitted payment stablecoin issuer or customer at a State-
chartered depository institution, insured depository
institution, national bank or trust company. Payment
stablecoin reserve in the form of cash held as a deposit
liability at a depository institution shall not be subject to
a requirement relating to the separation of the cash from
property of the applicable depository institution.
(3) The share of payment stablecoin reserve, payment
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stablecoins, cash and other property of the permitted payment
stablecoin issuer or customer necessary to transfer, adjust
or settle a transaction or transfer of assets may be
withdrawn and applied to that purpose, including the payment
of commissions, taxes, storage and other charges lawfully
accruing in connection with the provision of services by a
person specified under subsection (a).
(4) In accordance with terms and conditions imposed by a
primary Federal payment stablecoin regulator by rule,
regulation or order, payment stablecoin reserve, payment
stablecoins, cash and other property described in this
subsection may be commingled and deposited in permitted
payment stablecoin issuer or customer accounts with payment
stablecoin reserve, payment stablecoins, cash and other
property received by the person and required by the primary
Federal payment stablecoin regulator to be separately
accounted for, treated as and dealt with as belonging to the
permitted payment stablecoin issuer or customer.
(5) An insured depository institution that provides
custodial or safekeeping services for payment stablecoin
reserve may hold payment stablecoin reserve in the form of
cash on deposit if that treatment is consistent with Federal
law.
(6) With respect to payment stablecoins held by a person
specified under subsection (a) for a customer, the claims of
the customer against the person with respect to the payment
stablecoins shall have priority over claims of another
person, other than claims of another customer with respect to
payment stablecoins held by the person, regardless of whether
the payment stablecoins are segregated under paragraph (1),
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unless the customer expressly consents to the priority of the
other claim.
(d) Regulatory information.--A person specified under
subsection (a) shall submit to the applicable primary Federal
payment stablecoin regulator information concerning the person's
business operations and processes to protect customer assets, in
the form and manner determined by the primary Federal payment
stablecoin regulator.
(e) Exclusion.--This section shall not apply to a person
solely because the person engages in the business of providing
hardware or software to facilitate a customer's own custody or
safekeeping of the customer's payment stablecoins or private
keys.
(f) Definition.--As used in this section, the term
"customer" means a person for whom or on whose behalf a person
specified under subsection (a) receives, acquires or holds
payment stablecoins, private keys, cash or other property.
Section 2. The Department of Banking and Securities shall
transmit notice to the Legislative Reference Bureau for
publication in the next available issue of the Pennsylvania
Bulletin that all of the required implementing regulations for 7
Pa.C.S. Ch. 71 have been promulgated and that the Department of
Banking and Securities is ready to begin accepting applications
for licensure under 7 Pa.C.S. Ch. 71.
Section 3. This act shall take effect as follows:
(1) The addition of 7 Pa.C.S. § 7112 shall take effect
upon the publication of the notice under section 2 of this
act.
(2) The remainder of this act shall take effect
immediately.
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