Bill > HR4766

This bill, the Clarity for Payment Stablecoins Act of 2023, provides a regulatory framework for payment stablecoins in the United States. The key provisions include: 1. Defining a "payment stablecoin" and establishing that only "permitted payment stablecoin issuers" (which include subsidiaries of insured depository institutions, Federal qualified nonbank stablecoin issuers, and State qualified payment stablecoin issuers) can legally issue payment stablecoins. 2. Setting standards for the issuance of payment stablecoins, including requirements for reserve assets, redemption policies, and monthly reporting and auditing. The primary federal payment stablecoin regulators (the Federal Reserve, OCC, FDIC, and NCUA) are directed to issue joint rules on capital, liquidity, and risk management requirements. 3. Establishing an approval process for subsidiaries of insured depository institutions and nonbank entities to become permitted payment stablecoin issuers, with the primary federal payment stablecoin regulator reviewing applications based on factors like financial condition and management. 4. Providing the primary federal payment stablecoin regulators with supervisory and enforcement authorities over permitted payment stablecoin issuers, including the ability to suspend or revoke an issuer's registration. 5. Allowing State payment stablecoin regulators to have supervisory authority over State qualified payment stablecoin issuers, while also giving the Federal Reserve certain enforcement powers in exigent circumstances. 6. Imposing a 2-year moratorium on the issuance of "endogenously collateralized stablecoins" not already in existence, while requiring the Treasury Department to study this type of asset. 7. Clarifying that payment stablecoins issued by permitted payment stablecoin issuers are not considered securities or commodities under various federal laws.

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https://www.congress.gov/bill/118th-congress/house-bill/4766/all-info