; or (ii) in the case of a State qualified payment stablecoin issuer, to the State payment stablecoin regulator. (C) Criminal penalty Any person who submits a certification required under subparagraph (B) knowing that such certification is false shall be subject to the criminal penalties set forth under section 1350(c) of title 18, United States Code. (4) Capital, liquidity, and risk management requirements The primary Federal payment stablecoin regulators shall, jointly, issue— (A) capital requirements applicable to permitted payment stablecoin issuers, which may not exceed what is sufficient to ensure the permitted payment stablecoin issuer’s ongoing operations; (B) liquidity requirements applicable to permitted payment stablecoin issuers, which may not exceed what is sufficient to ensure the financial integrity of the permitted payment stablecoin issuer and the ability of the issuer to meet the financial obligations of the issuer, including redemptions