H.R. 8498 · 117th Congress
To establish reporting requirements for persons who issue fiat currency-backed stablecoins, and for other…
Full title
To establish reporting requirements for persons who issue fiat currency-backed stablecoins, and for other purposes.
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Never voted on. It didn't reach a floor vote before the 117th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
HollingsworthSponsorNo cosponsors.
This bill addresses the regulatory treatment of fiat currency-backed stablecoins. The bill defines these as digital assets that (1) maintain price stability by backing the value with a nondigital currency, and (2) can be redeemed in that currency on a one-to-one basis.
What it does: CRS summary · Introduced in House · Jul 26, 2022
This bill addresses the regulatory treatment of fiat currency-backed stablecoins. The bill defines these as digital assets that (1) maintain price stability by backing the value with a nondigital currency, and (2) can be redeemed in that currency on a one-to-one basis.
Under the bill, the Securities and Exchange Commission and the Commodity Futures Trading Commission are prohibited from regulating fiat currency-backed stablecoins. The bill requires stablecoin issuers to hold all associated reserves in (1) government securities that mature in not more than 12 months, (2) fully collateralized security repurchase agreements, and (3) U.S. dollars or other nondigital currency.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: To establish reporting requirements for persons who issue fiat currency-backed stablecoins, and for other purposes.
Latest action (Jul 26, 2022): Referred to the House Committee on Financial Services.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Jul 26, 2022
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.