; (ii) e-money and money transmitter balances; (iii) other stablecoins; and (iv) any other financial instrument issued for the purpose of circulating as money, making payments, or satisfying debts denominated in United States dollars or any other national or state currency. . (b) Regulations The Federal Deposit Insurance Act ( 12 U.S.C. 1811 et seq.) is amended by adding at the end the following: 52. Stablecoins (a) Issuing stablecoins (1) Limitation on who may issue stablecoins It shall be unlawful for any person to issue a stablecoin other than an insured depository institution that is a member of the Federal Reserve System. (2) Limitation on stablecoin-related commercial activities It shall be unlawful for any person to issue a stablecoin or stablecoin-related product, to provide any stablecoin-related service, or otherwise engage in any stablecoin-related commercial activity, including activity involving stablecoins issued by other persons, without obtaining written approval in advance, and on an ongoing basis, from the appropriate Federal banking agency, the Corporation, and the Board of Governors of the Federal Reserve System. (3) Notice and approval requirements Any person issuing a stablecoin shall— (A) notify the appropriate Federal banking agency, the Corporation, and the Board of Governors of the Federal Reserve System of the person’s intent to issue the stablecoin at least 6 months prior to the date of issuance; (B) obtain written approval from the appropriate Federal banking agency, the Corporation, and the Board of Governors of the Federal Reserve System prior to issuing any stablecoin or stablecoin-related product, providing any stablecoin-related services, or otherwise engaging in any stablecoin-related commercial activity, including activity involving stablecoins issued by other persons