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Stablecoin Transparency Act

USA117th CongressHR-7328| House 
| Updated: 3/31/2022
Trey Hollingsworth

Trey Hollingsworth

Republican Representative

Indiana

Financial Services Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Stablecoin Transparency Act This bill requires a stablecoin issuer to hold all reserves associated with each fiat currency-backed stablecoin they issue in (1) certain government securities; (2) fully collateralized security repurchase agreements, and (3) U.S. dollars or other nondigital currency. A fiat currency-backed stablecoin is a digital asset backed by a nondigital currency and is redeemable on a one-to-one basis in that currency. Each stablecoin issuer must publish monthly on their website a report on the reserves held by the issuer that has been audited by a third party.
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Timeline
Mar 31, 2022
Introduced in House
Mar 31, 2022
Referred to the House Committee on Financial Services.
May 10, 2022

Latest Companion Bill Action

S 117-3970
Committee on Banking, Housing, and Urban Affairs. Hearings held.
  • March 31, 2022
    Introduced in House


  • March 31, 2022
    Referred to the House Committee on Financial Services.


  • May 10, 2022

    Latest Companion Bill Action

    S 117-3970
    Committee on Banking, Housing, and Urban Affairs. Hearings held.

Finance and Financial Sector

Related Bills

  • HR 117-8498: To establish reporting requirements for persons who issue fiat currency-backed stablecoins, and for other purposes.
  • S 117-3970: Stablecoin Transparency Act
Bank accounts, deposits, capitalBusiness recordsCurrencyDigital mediaFinancial services and investmentsSecurities

Stablecoin Transparency Act

USA117th CongressHR-7328| House 
| Updated: 3/31/2022
Stablecoin Transparency Act This bill requires a stablecoin issuer to hold all reserves associated with each fiat currency-backed stablecoin they issue in (1) certain government securities; (2) fully collateralized security repurchase agreements, and (3) U.S. dollars or other nondigital currency. A fiat currency-backed stablecoin is a digital asset backed by a nondigital currency and is redeemable on a one-to-one basis in that currency. Each stablecoin issuer must publish monthly on their website a report on the reserves held by the issuer that has been audited by a third party.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline
Mar 31, 2022
Introduced in House
Mar 31, 2022
Referred to the House Committee on Financial Services.
May 10, 2022

Latest Companion Bill Action

S 117-3970
Committee on Banking, Housing, and Urban Affairs. Hearings held.
  • March 31, 2022
    Introduced in House


  • March 31, 2022
    Referred to the House Committee on Financial Services.


  • May 10, 2022

    Latest Companion Bill Action

    S 117-3970
    Committee on Banking, Housing, and Urban Affairs. Hearings held.
Trey Hollingsworth

Trey Hollingsworth

Republican Representative

Indiana

Financial Services Committee

Finance and Financial Sector

Related Bills

  • HR 117-8498: To establish reporting requirements for persons who issue fiat currency-backed stablecoins, and for other purposes.
  • S 117-3970: Stablecoin Transparency Act
  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Bank accounts, deposits, capitalBusiness recordsCurrencyDigital mediaFinancial services and investmentsSecurities