US Treasury Secretary — proposed stablecoin intervention
The proposed rulemaking role turns on a written finding about harmful transfers from community-bank deposits to payment stablecoins.
Record and limits
The proposed section 10404(c)(3)(C) requires a written Treasury determination within 18 months after enactment about substantial detrimental transfers from qualifying community-bank deposits to payment stablecoins. It also requires a necessity finding, consultation with the OCC, FDIC and Federal Reserve, and notice-and-comment rulemaking. The time limit applies to the determination; it is not evidence that every resulting rule expires then. No power is enacted by publication of this draft.
CLARITY Act — September 14 proposed substitute → US Treasury Secretary — proposed stablecoin intervention
Would confer conditional rulemaking power
Observed in noon pass 14 September 2026; scan cutoff 17:00:54 UTC
Section 10404(c)(3)(C) requires a written Treasury finding within 18 months of enactment of substantial detrimental deposit transfers from banks with assets below $10 billion, specifically tied to regulated activities; rules follow notice/comment and OCC, FDIC and Federal Reserve consultation.
Observed in noon pass 14 September 2026; scan cutoff 17:00:54 UTC
Section 10404(c)(3)(C) requires a written Treasury finding within 18 months of enactment of substantial detrimental deposit transfers from banks with assets below $10 billion, specifically tied to regulated activities; rules follow notice/comment and OCC, FDIC and Federal Reserve consultation. Proposed authority only; 18 months bounds the determination window, not a proven expiry date for resulting rules.