12 USC 5915 - Authority of banking institutions

U.S Code last checked for updates: Aug 17, 2025

§ 5915.

Authority of banking institutions

(a)

Rule of construction

Nothing in this chapter may be construed to limit the authority of a depository institution, Federal credit union, State credit union, national bank, or trust company to engage in activities permissible pursuant to applicable State and Federal law, including—

(1)

accepting or receiving deposits or shares (in the case of a credit union), and issuing digital assets that represent those deposits or shares;

(2)

utilizing a distributed ledger for the books and records of the entity and to effect intrabank transfers; and

(3)

providing custodial services for payment stablecoins, private keys of payment stablecoins, or reserves backing payment stablecoins.

(b)

Regulatory review

(c)

Treatment of custody activities

The appropriate Federal banking agency, the National Credit Union Administration (in the case of a credit union), and the Securities and Exchange Commission may not require a depository institution, national bank, Federal credit union, State credit union, or trust company, or any affiliate thereof—

(1)

to include digital assets held in custody that are not owned by the entity as a liability on the financial statement or balance sheet of the entity, including payment stablecoin custody or safekeeping activities; or

(2)

to hold in custody or safekeeping regulatory capital against digital assets and reserves backing such assets described in section 5903(a)(1)(A) of this title, except as necessary to mitigate against operational risks inherent in custody or safekeeping services, as determined by—

(A)

the appropriate Federal banking agency;

(B)

the National Credit Union Administration (in the case of a credit union);

(C)

a State bank supervisor; or

(D)

a State credit union supervisor.

(d)

State-chartered depository institutions

(1)

In general

A depository institution chartered under the banking laws of a State, 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 any State if such State-chartered depository institution is—

(A)

required by the laws or regulations of the home State to establish and maintain adequate liquidity, and such liquidity is regularly reassessed by the home State banking supervisor to take into account any changes in the financial condition and risk profile of the institution, including any uninsured deposits maintained by such institution; and

(B)

required by the laws or regulations of the home State to establish and maintain adequate capital, and such capital is regularly reassessed by the home State banking supervisor to take into account any changes in the financial condition and risk profile of the institution, including any uninsured deposits maintained by such institution.

(2)

Rule of construction

(e)

Definitions

In this section:

(1)

Home State

(2)

Host State

(Pub. L. 119–27, § 16, July 18, 2025, 139 Stat. 461.)

cite as: 12 USC 5915