; (B) the Securities and Exchange Commission; (C) the Commodity Futures Trading Commission; and (D) such other foreign central banks or foreign treasury departments or agencies as the Secretary of the Treasury determines appropriate. (3) Approval or disapproval; terms and conditions changes; termination (A) In general Subject to subparagraph (B), the Secretary of the Treasury may approve or disapprove an application by an issuer of a digital asset fiat-based stablecoin or may withdraw an approval or modify the terms and conditions of an approval previously issued under paragraph (1). (B) Timing With respect to a withdrawal or modification of an approval under subparagraph (A), the Secretary of the Treasury shall notify the issuer at least 60 days before such approval is so withdrawn or modified. (4) No grandfathering of existing digital asset fiat-based stablecoins The Secretary of the Treasury shall not grandfather the use of any digital asset fiat-based stablecoin. All digital asset fiat-based stablecoins, including digital asset fiat-based stablecoins existing on the date of the enactment of this section, shall apply to the Secretary of the Treasury under this section. (c) Digital asset fiat-Based stablecoin defined In this section, the term digital asset fiat-based stablecoin means a digital asset (as defined in section 1a of the Commodity Exchange Act ( 7 U.S.C. 1a )) that is, as determined by the Secretary of the Treasury, tied, pegged to, or collateralized substantially by— (1) the United States dollar or