H.R. 8827 · 116th Congress
Stablecoin Classification and Regulation Act of 2020
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Never voted on. It didn't reach a floor vote before the 116th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
TlaibSponsor2 cosponsors · 2 D
2 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill provides for the regulation of stablecoins, a type of privately issued digital currency whose value is pegged to a currency such as the U.S. dollar.
What it does: CRS summary · Introduced in House · Nov 30, 2020
Stablecoin Classification and Regulation Act of 2020
This bill provides for the regulation of stablecoins, a type of privately issued digital currency whose value is pegged to a currency such as the U.S. dollar. Issuers of stablecoins must be a member of the Federal Reserve System, and must seek prior approval from the Federal Reserve, the Federal Deposit Insurance Corporation, and the appropriate banking agency for the offering of stablecoins. Issuers of stablecoins are subject to oversight by the appropriate banking agency, including with respect to capital adequacy, leverage, and permitted activities.
Furthermore, issuers of stablecoins must be able to redeem all outstanding stablecoins at their nominal redemption value in U.S. dollars upon demand.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Stablecoin Classification and Regulation Act of 2020
Latest action (Nov 30, 2020): Referred to the House Committee on Financial Services.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Nov 30, 2020
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.