1. Short title This Act may be cited as the Clarity for Payment Stablecoins Act of 2023 . 2. Definitions In this Act: (1) 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. (2) Board The term Board means the Board of Governors of the Federal Reserve System. (3) Comptroller The term Comptroller means the Comptroller of the Currency. (4) Corporation The term Corporation means the Federal Deposit Insurance Corporation. (5) Digital asset The term digital asset means any digital representation of value which is recorded on a cryptographically-secured distributed ledger. (6) Distributed ledger The term distributed ledger means technology where data is shared across a network that creates a public digital ledger of verified transactions or information among network participants and the data is linked using cryptography to maintain the integrity of the public ledger and execute other functions. (7) Federal qualified nonbank stablecoin issuer The term Federal qualified nonbank stablecoin issuer means a nonbank entity approved by the primary Federal payment stablecoin regulator, pursuant to section 5, to issue payment stablecoins. (8) Institution-affiliated party With respect to a permitted payment stablecoin issuer, the term institution-affiliated party means any director, officer, employee, or person in control of, or agent for, the permitted payment stablecoin issuer. (9) Insured depository institution The term insured depository institution means— (A) an insured depository institution, as defined in section 3 of the Federal Deposit Insurance Act ( 12 U.S.C. 1813 )