This is mostly pretty good. However, "Establishes licensing and reserve requirements for issuers." feels a bit like kicking the ladder out from underneath you. Feels like under a certain cap, so long as when audited a stablecoin reaches an insurance and reserves threshold and disclaims risk then there should be no licensing. Then have licensing kick in at some initial AUM like 100M. The margins on small stables are razor thin, the technology and operations cost is high, and adding on any additional state or federal licensing is going to restrict competition overly. Just like with the divide here between state and federal regulations, they need to add in a sandbox for new entrants to prevent entrenching manipulative monopolies.