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.

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Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 26 July 2022

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• Introduced in House (PDF)

  Introduced in House · EN · 26 July 2022

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 26 July 2022

  Open at official source

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