Stablecoin; license required for issuance or sale of stablecoins, Alabama Securities Commission to enforce and authorize, penalties provided

What it does: This act is the Financial Innovation and Market Expansion Act. This act adds Chapter 7B to Title 8, Code of Alabama 1975, to: (1) prohibit issuing payment stablecoins without a permit, subject to exceptions; (2) beginning 2028, prohibit digital asset service providers from offering payment stablecoins not issued by permittees, subject to exceptions; (3) authorize the Alabama Securities Commission to establish a license application process according to specified requirements; (4) require licensees to implement anti-money laundering and economic sanctions programs; (5) authorize and require the… (official summary)

Question before the chamber: Motion to Read a Third Time and Pass as Amended

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