To establish reporting requirements for persons who issue fiat currency-backed stablecoins, and for other purposes.

Summary

This bill addresses the regulatory treatment of fiat currency-backed stablecoins. The bill defines these as digital assets that (1) maintain price stability by backing the value with a nondigital currency, and (2) can be redeemed in that currency on a one-to-one basis. Under the bill, the Securities and Exchange Commission and the Commodity Futures Trading Commission are prohibited from regulating fiat currency-backed stablecoins. The bill requires stablecoin issuers to hold all associated reserves in (1) government securities that mature in not more than 12 months, (2) fully collateralized security repurchase agreements, and (3) U.S. dollars or other nondigital currency.

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

Timeline

1. 26 July 2022

   Introduced

   Referred to the House Committee on Financial Services.

   Source: IntroReferral

2. 26 July 2022

   Introduced

   Introduced in House

   Source: IntroReferral

3. 26 July 2022

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 26 July 2022 · Download file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 26 July 2022

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 26 July 2022

  ViewDownloadOpen at official source

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• Introduced in House

  summary · EN · 26 July 2022

  Open at official source

  Leesvertaling

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  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Rep. Hollingsworth, Trey [R-IN-9] · R · Sponsor
• · hsba00 · Standing

Related records

• related to → Stablecoin Transparency Act
• related to → Stablecoin Transparency Act