Reciprocity for payment stablecoins issued in overseas jurisdictions

The Secretary of the Treasury shall create and implement reciprocal arrangements or other bilateral agreements between the United States and jurisdictions with substantially similar payment stablecoin regulatory regimes to the requirements under this Act, including reserve requirements, supervision, anti-money laundering and counter-terrorism features, sanctions compliance standards, liquidity requirements, and risk management standards, to facilitate international transactions and interoperability with United States dollar-denominated payment stablecoins issued overseas. The Secretary of the Treasury shall aim to complete such arrangements not later than the date that is 2 years after the date of enactment of this Act.

The Secretary of the Treasury shall create and implement reciprocal arrangements or other bilateral agreements between the United States and jurisdictions with substantially similar payment stablecoin regulatory regimes to the requirements under this Act, including reserve requirements, supervision, anti-money laundering and counter-terrorism features, sanctions compliance standards, liquidity requirements, and risk management standards, to facilitate international transactions and interoperability with United States dollar-denominated payment stablecoins issued overseas. The Secretary of the Treasury shall aim to complete such arrangements not later than the date that is 2 years after the date of enactment of this Act.