12 U.S.C. § 5910 — Treatment of payment stablecoin issuers in insolvency proceedings

Subject to section 507(e) of title 11 , as added by subsection (d), in any insolvency proceeding of a permitted payment stablecoin issuer^* under Federal or State^* law, including any proceeding under that title and any insolvency proceeding administered by a State payment stablecoin regulator^* for a permitted payment stablecoin^* issuer— (1) the claim of a person^* holding payment stablecoins issued by the permitted payment stablecoin issuer must have priority, on a ratable basis with the claims of other people holding that payment stablecoins, over the claims of the permitted payment stablecoin issuer and any other holder of claims against the permitted payment stablecoin issuer, for required payment stablecoin reserves; (2) Despite any other law, including the definition of “claim” under section 101(5) of title 11 , any person holding a payment stablecoin issued by the permitted payment stablecoin issuer must be deemed to hold a claim; and (3) the priority under paragraph (1) must not apply to claims other than those arising directly from the holding of payment stablecoins.