; exceptions The Board shall provide by rule a process to apply for a waiver of the prohibition under paragraph (1) and may provide for de minimis exceptions to the prohibition under such paragraph that would not require a waiver. (c) Suspension or revocation The applicable payment stablecoin regulator may prohibit a payment stablecoin issuer from issuing payment stablecoins under a registration or authorization if the regulator determines that the payment stablecoin issuer, or an institution-affiliated party, is— (1) violating or has violated an applicable law, regulation, or order; (2) violating or has violated any condition imposed in writing by the Comptroller, State bank supervisor, or Board in connection with a written agreement entered into between the payment stablecoin issuer and the appropriate regulator or a condition imposed in connection with any application or other request; or (3) operating in an unsafe or unsound manner. (d) Cease-and-Desist proceedings If the applicable payment stablecoin regulator has reasonable cause to believe that a payment stablecoin issuer or any institution-affiliated party is violating or has violated this Act, any rule or order issued pursuant to this Act, or any written agreement entered into with the Comptroller, State bank supervisor, or Board, or condition imposed in writing in connection with any application or other request, the applicable payment stablecoin regulator may, by provisions that are mandatory or otherwise, order the payment stablecoin issuer or institution-affiliated party of the payment stablecoin issuer to— (1) cease and desist from such violation or practice; (2) take affirmative action to correct the conditions resulting from any such violation or practice