US SB1582

Only "permitted payment stablecoin issuers" (approved subsidiaries of insured depository institutions, federally-qualified issuers, or state-qualified issuers) may legally issue payment stablecoins in the United States, with violations punishable by fines up to $1,000,000 and up to 5 years imprisonment

Issuers must maintain 1:1 reserves backed by U.S. currency, Treasury bills (93 days or less maturity), demand deposits at insured institutions, or government money market funds, and must publish monthly reserve compositions and undergo monthly audits by registered public accounting firms

State-qualified issuers with less than $10 billion in outstanding stablecoins may operate under state regulatory regimes certified as "substantially similar" to federal requirements, but must transition to federal oversight within 360 days of exceeding the $10 billion threshold

Payment stablecoins are explicitly excluded from definitions of "security" under federal securities laws and "commodity" under the Commodity Exchange Act, and issuers are prohibited from paying interest or yield to holders

Foreign payment stablecoin issuers may operate in the U.S. only if their home jurisdiction has a comparable regulatory regime (as determined by Treasury), they register with the Comptroller, and they maintain U.S.-based reserves sufficient to meet liquidity demands of U.S. customers