Bill > HR2392

This bill establishes a comprehensive regulatory framework for payment stablecoins, which are digital assets designed to maintain a stable value relative to a national currency. The bill creates a detailed licensing and supervision process for entities wanting to issue payment stablecoins, requiring them to be approved by either federal or state regulators. Permitted stablecoin issuers must maintain reserves backed 100% by high-quality, liquid assets like US currency, bank deposits, and short-term Treasury securities, and must publicly disclose their reserve composition monthly. The bill prohibits anyone other than approved issuers from creating payment stablecoins and mandates that these digital assets cannot pay interest to holders. Key regulatory oversight will be provided by federal agencies like the Federal Reserve, Comptroller of the Currency, and Federal Deposit Insurance Corporation, with state regulators also playing a role for state-level issuers. The legislation aims to ensure the safety and transparency of stablecoins, protect consumers, and prevent potential financial risks associated with these emerging digital assets. Additionally, the bill includes provisions for studying the broader impact of stablecoins, a temporary moratorium on certain types of stablecoins, and amendments to clarify that approved payment stablecoins are not considered securities under existing financial regulations.

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https://www.congress.gov/bill/119th-congress/house-bill/2392/all-info