2025 Regulatory Summit

Entities Authorized to Issue PSCs and Oversight of PSC Issuers

I s suer

Permi t ted

Federal Supervisor

State Supervisor

IDI subsidiary

Yes

IDI Primary Federal Regulator

State Supervisor of IDI (shared with Fed or FDIC)

Uninsured National Bank

Yes

OCC

No

FBO Federal branch

Yes

OCC

No

Nonbank entity (NBE)

Yes

OCC

No

N/A Fed/OCC have back-up authority

State entity

Yes, <$10B

Home State

Non-US Issuer

Yes, with caveats

TBD per regulation

TBD per regulation

FDIC or NCUA insured depository (IDI)

Prohibited , but can issue tokenized deposit , supervised by primary federal regulator (FDIC/FRB/OCC or NCUA)

Prohibited, but can issue tokenized deposit, supervised by chartering State plus primary federal regulator

No

FBO State branch

No

N/A

N/A

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Legal and Regulatory Powers of Federal and State Regulators over PSCs

FEDERAL

STATE

SOURCE

GENIUS Act

No, except State issuers < $10B

Yes

State Money Transmission Licensing

n/a

No

General anti-fraud enforcement authority

Yes

Yes

Federal UDAAP

???

Maybe?

State UDAP/UDAAP

n/a

Maybe?

Reg E Electronic Fund Transfers

???

???

Reg DD Truth in Savings

n/a

n/a

Reg I Disclosure Requirements for Depository Institutions Lacking Federal Deposit Insurance

n/a

n/a

Securities registration laws

No

No

Lending, credit, debt collection, securities laws and regulations generally are not applicable

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