Title 12 — Banks and Banking
Chapter 56 — Regulation of Payment Stablecoins
§ 5911. Application of existing insolvency law
Statutory text
In accordance with otherwise applicable law, an insolvency proceeding with respect to a permitted payment stablecoin issuer shall occur as follows:
A depository institution (as defined in section 1813 of this title) shall be resolved by the Federal Deposit Insurance Corporation, National Credit Union Administration, or State payment stablecoin regulator, as applicable.
A subsidiary of a depository institution (as defined in section 1813 of this title) or a nonbank entity may be considered a debtor under title 11.
Legislative history
Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.
Pub. L. 119–27 § 11(g) · 139 Stat. 458
Enacted · 12 U.S.C. § 5911
(Pub. L. 119–27, § 11(g), July 18, 2025, 139 Stat. 458.)
Unresolved: Pub. L. 119–27 was not found in the local Statutes at Large index.
Source evidence
Code source credit
(Pub. L. 119–27, § 11(g), July 18, 2025, 139 Stat. 458.)
0 of 1 references resolved to an enrolled provision · 1 unresolved
Notes
Delayed Effective Date of Section
For delayed effective date of section, see Effective Date note below.
Statutory Notes and Related Subsidiaries
Effective Date
Section effective on the earlier of the date that is 18 months after , or the date that is 120 days after the date on which the primary Federal payment stablecoin regulators issue any final regulations implementing Pub. L. 119–27, see section 20 of Pub. L. 119–27, set out as a note under section 5901 of this title.