; or (B) by a depository institution that has been authorized as a national payment stablecoin issuer consistent with section 7. (2) Prohibition on issuance Except as otherwise provided under paragraph (1), it shall be unlawful for any person to engage in the business of issuing a payment stablecoin, directly or indirectly, in the United States, through any means or instruments of transportation or communication in the United States, or to a person in the United States. (3) Offers or sales (A) In general Except as otherwise provided in this section, it shall be unlawful for any person to offer or sell a payment stablecoin through the use of any medium or by any means of access in interstate commerce in the United States or to offer or sell a payment stablecoin to a United States person living in the United States. (B) Exception Subparagraph (A) does not apply to the sale of a payment stablecoin by a United States person living in the United States. (b) Adjustment of threshold Not less frequently than once every 4 years, the Board shall issue rules adjusting the threshold under subsection (a)(1)(A) solely to account for inflation. (c) Algorithmic payment stablecoins It shall be unlawful for any person to engage in the business of issuing, creating, or originating an algorithmic payment stablecoin. (d) Safe harbors (1) In general The Board shall issue regulations providing limited safe harbors from this section that are consistent with the purposes of this Act. (2) Regulation requirements Regulations issued pursuant to paragraph (1) shall provide that any safe harbors applicable to a payment stablecoin issuer shall be made available on an equal basis to any issuer chartered by either the Comptroller or a State bank supervisor. (3) Safe harbors Safe harbors under this section may include— (A) a pilot program allowing for limited issuance of payment stablecoins by entities not otherwise authorized under this section, subject to appropriate safeguards and oversight, in order to foster responsible innovation and