For the purposes of this chapter, the following terms have the following meanings: (1) ALABAMA QUALIFIED PAYMENT STABLECOIN ISSUER. A stablecoin issuer licensed and approved by the commission through the licensing process in Section 8-7B-4. (2) AUTHORIZED PAYMENT STABLECOIN. A payment stablecoin issued by an Alabama qualified payment stablecoin issuer. (3) COMMISSION. The Alabama Securities Commission. (4) COMPTROLLER. The federal Office of the Comptroller of the Currency. (5) DIGITAL ASSET SERVICE PROVIDER. A person that, in the United States and for compensation or profit, engages in the business of exchanging digital assets for monetary value, exchanging digital assets for other digital assets, transferring digital assets to a third party, acting as a digital asset custodian, or participating in financial services relating to digital asset insurance. The term does not include a person that engages in the business of developing or operating distributed ledger protocols, self-custodial software interfaces, or validating transactions through a distributed ledger. The term does not include a person that participates in a liquidity poll or other similar mechanism for the provisioning of liquidity for peer-to-peer transactions. (6) GENIUS ACT. The Guiding and Establishing National Innovation for U.S. Stablecoins Act, 12 U.S.C. §§ 5901-5916. (7) GOVERNMENTAL ENTITY. Any state or local agency or instrumentality thereof located in the state. (8) INTENTIONALLY. A person acts intentionally with respect to a result or to conduct described by a statute defining an offense, when his or her purpose is to cause that result or to engage in that conduct. (9) KNOWINGLY. A person acts knowingly with respect to conduct or to a circumstance described by a statute defining an offense when he or she is aware that his or her conduct is of that nature or that the circumstance exists. (10) OPEN, PUBLIC, OR DECENTRALIZED NETWORK. A blockchain network that is open to use by the public without permission of use by governing authorities or a network that is operated using distributed ledger technology, where the data is stored in separate physical locations. (11) PAYMENT STABLECOIN. A digital asset or assets designed to maintain a stable value that is, or is designed to be, used as a means of payment or settlement. The issuer of the token: a. Is obligated to convert, redeem, or repurchase the token for a fixed amount of monetary value; and b. Represents, or creates the reasonable expectation, that the token will maintain a stable value relative to the value of a fixed amount of monetary value. (12) PERMITTED PAYMENT STABLECOIN ISSUER. A person formed in the United States that is one of the following: a. A subsidiary of an insured depository institution that has been approved to issue payment stablecoins under Section 5 of the GENIUS Act, 12 U.S.C. § 5904. b. A nonbank entity approved by the comptroller, pursuant to Section 5 of the GENIUS Act, 12 U.S.C. § 5904, to issue payment stablecoins. c. An uninsured national bank that is chartered by the comptroller and is approved by the comptroller, pursuant to Section 5 of the GENIUS Act, 12 U.S.C. § 5904, to issue payment stablecoins. d. A federal branch that is approved by the comptroller, pursuant to Section 5 of the GENIUS Act, 12 U.S.C. § 5904, to issue payment stablecoins. e. An entity legally established under the laws of a state and approved to issue payment stablecoins by a state payment stablecoin regulator, including Alabama qualified payment stablecoin issuers.
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