Stablecoin Transparency Act

[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7328 Introduced in House (IH)]

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117th CONGRESS
  2d Session
                                H. R. 7328

To establish reporting requirements for issuers of fiat currency-backed 
                  stablecoins, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 31, 2022

Mr. Hollingsworth introduced the following bill; which was referred to 
                  the Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
To establish reporting requirements for issuers of fiat currency-backed 
                  stablecoins, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited to as the ``Stablecoin Transparency Act''.

SEC. 2. STABLECOIN ISSUER REQUIREMENTS.

    (a) Definitions.--In this section:
            (1) Fiat currency-backed stablecoin.--The term ``fiat 
        currency-backed stablecoin'' means a fiat currency-backed 
        digital asset--
                    (A) that maintains price stability by backing the 
                value of such digital asset to a non-digital currency 
                that is denominated in the same currency as such 
                digital asset is issued; and
                    (B) is redeemable on a one-to-one basis in the 
                denominated currency to which the digital asset is 
                backed.
            (2) Stablecoin issuer.--The term ``stablecoin issuer'' 
        means a person that issues a fiat currency-backed stablecoin.
    (b) Reserves.--Each stablecoin issuer shall hold all reserves 
associated with each fiat currency-backed stablecoin issued by such 
stablecoin issuer in--
            (1) government securities that mature not more than 12 
        months;
            (2) fully collateralized security repurchase agreements; 
        and
            (3) United States dollars or any other non-digital 
        currency.
    (c) Reserve Reports.--Each stablecoin issuer shall, not later than 
30 days after the date of the enactment of this Act and every 30 days 
thereafter, publish on the website of such stablecoin issuer, a report 
on the reserves held by such stablecoin issuer that has been audited by 
a third-party auditor.
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