S. 3970IntroducedFINANCE AND FINANCIAL SECTOR
Stablecoin Transparency Act
Bank accounts, deposits, capital · Business records · Currency
Key facts
Introduced: Mar 31, 2022
Chamber: Senate
Cosponsors: 0
Congress: 117th
Latest action · May 10, 2022
Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 117-655.
Summary
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, or (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.
Summary by Congressional Research Service.
Timeline
- May 10, 2022Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 117-655.
- Mar 31, 2022Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- Mar 31, 2022Introduced in Senate
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