1. Short title This Act may be cited as the Lummis-Gillibrand Payment Stablecoin Act . 2. Definitions In this Act: (1) Algorithmic payment stablecoin The term algorithmic payment stablecoin means a crypto asset that— (A) is represented by the issuer, or is otherwise designed to create the reasonable expectation, that the crypto asset will maintain a stable value relative to the value of a fixed amount of United States dollars; and (B) relies on the use of an algorithm that adjusts the supply of the crypto asset in response to changes in market demand for the crypto asset to maintain the expectation that the crypto asset will maintain a stable value. (2) Applicable payment stablecoin regulator The term applicable payment stablecoin regulator means, with respect to a payment stablecoin issuer— (A) in the case of a depository institution that issues a payment stablecoin under section 7, consistent with section 11(s)— (i) the Comptroller or State bank supervisor, as applicable; or (ii) the Board; and (B) in the case of a State non-depository trust company that issues a payment stablecoin under section 6, the applicable State bank supervisor and the Board, acting jointly. (3) Bank Secrecy Act The term Bank Secrecy Act means— (A) section 21 of the Federal Deposit Insurance Act ( 12 U.S.C. 1829b ); (B) chapter 2 of title I of Public Law 91–508 ( 12 U.S.C. 1951 et seq. ); and (C) subchapter II of chapter 53 of title 31, United States Code. (4) Board The term Board means the Board of Governors of the Federal Reserve System. (5) Comptroller The term Comptroller means the Comptroller of the Currency. (6) Controlling interest The term controlling interest means a circumstance when a person, directly or indirectly, or acting through or in concert with 1 or more persons— (A) owns, controls, or has the power to vote 25 percent or more of any class of voting securities of a depository institution or holding company thereof