Clarity for Payment Stablecoins Act of 2023

Summary

Clarity for Payment Stablecoins Act of 2023 This bill establishes a regulatory framework for payment stablecoins (digital assets which an issuer must redeem for a fixed monetary value). Only permitted issuers are allowed to issue a payment stablecoin for use by U.S. persons. Permitted issuers must be a subsidiary of an insured depository institution, a federal-qualified nonbank payment stablecoin issuer, or a state-qualified payment stablecoin issuer. In general, permitted issuers must be regulated by the appropriate federal regulator, however, state-qualified issuers must be regulated by an appropriate state regulator. Permitted issuers must maintain reserves backing the stablecoin on a one-to-one basis using assets as outlined by the bill, such as U.S. coins and currency or other assets regulators determine appropriate. Permitted issuers must also publicly disclose their redemption policy, establish redemption procedures, and publish on their website every month the details of the issuer's reserves. The bill sets forth requirements for (1) the rehypothecation, or reusing, of such reserves; (2) providing custodial or safekeeping services for stablecoins or private keys; and (3) supervisory, examination, and enforcement authority over non-state qualified issuers. In addition, the bill places a two-year moratorium on new endogenously collateralized stablecoins (i.e., stablecoins that rely on the value of another digital asset created or maintained by the same originator to maintain the fixed price). Under the bill, permitted payment stablecoins are not considered securities under securities law.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

5 official files

• Reported in House (text)

  Reported in House · EN · 7 May 2024

  ViewDownloadOpen at official source

• Reported in House (PDF)

  Reported in House · EN · 7 May 2024

  ViewDownloadOpen at official source

• Introduced in House (text)

  Introduced in House · EN · 20 July 2023

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 20 July 2023

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 20 July 2023

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.