Lummis-Gillibrand Payment Stablecoin Act (Sec. 1-3)

• Authority: United States Congress
• Parent authority: Federal government
• Jurisdiction: United States
• Collections: U.S. federal laws
• Most recent activity: Defunct
• Most recent activity date: 2025-01-03

Risk subdomain coverage

All other risk subdomains had no coverage in this document.

Risk Coverage Summary

The document has minimal coverage of AI risk domains. It primarily addresses financial regulation of payment stablecoins and does not substantively address AI-specific risks. No AI risk subdomains receive coverage scores above 1, as this is a cryptocurrency/financial services regulation document without AI governance provisions.

Sector coverage

Good coverage — Comprehensive governance measures or mitigations with clear procedures relating to the sector are explicitly described.

• Finance & Insurance

Minimal coverage — Brief mention but no specific mitigations, recommendations or governance measures relating to the sector are described.

• Information

All other sectors had no coverage in this document.

Sectors Summary

This document primarily governs the Finance and Insurance sector, specifically regulating payment stablecoin issuers including depository institutions, non-depository trust companies, and related financial entities. It also has implications for the Information sector through its regulation of distributed ledger technology and crypto assets.

Legislative Status

Hard Law

Legislative Status Summary

This is a binding legislative act from the United States Congress with mandatory requirements, explicit prohibitions, enforcement mechanisms, and regulatory oversight by federal agencies.

Actors

Proposer

• Entity Types: AI_Governance_Actor
• Summary: The document is titled 'Lummis-Gillibrand Payment Stablecoin Act' indicating congressional sponsorship and legislative proposal by these members of Congress.

Target

• Entity Types: AI_Infrastructure_Provider, AI_Developer
• Summary: The Act explicitly regulates entities that issue payment stablecoins, including non-depository trust companies registered with the Board and depository institutions authorized as national payment stablecoin issuers. It prohibits unauthorized persons from issuing payment stablecoins.

Enforcer

• Entity Types: AI_Governance_Actor
• Summary: The Act designates the Board, Comptroller, and State bank supervisors as the applicable payment stablecoin regulators with authority to oversee, authorize, and regulate payment stablecoin issuers. The Board is specifically empowered to issue regulations and adjust thresholds.

Monitor

• Entity Types: AI_Governance_Actor
• Summary: The same regulatory bodies that enforce the Act (Board, Comptroller, State bank supervisors) are responsible for ongoing monitoring and supervision of payment stablecoin issuers, including registration oversight and compliance with the $10 billion threshold.

AI Lifecycle Stages

Lifecycle stages covered by the documents, as defined in the OECD Framework for the Classification of AI Systems

No lifecycle stages identified.

AI Lifecycle Summary

This document does not govern AI systems or the AI lifecycle. It is a financial services regulation governing payment stablecoins (cryptocurrency). No AI lifecycle stages are covered.

Technical Scope

Terms relating to technical scope that are mentioned or implicitly referenced in the document

No technical scope terms identified.

Technical Scope Summary

This document does not mention or cover AI models, AI systems, or any AI-related technical concepts. It exclusively addresses payment stablecoins, which are cryptocurrency assets, not AI technologies.