H.R. 4766 · 118th Congress
Clarity for Payment Stablecoins Act of 2023
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Never voted on. It didn't reach a floor vote before the 118th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
McHenrySponsor1 cosponsor · 1 D
0 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill establishes a regulatory framework for payment stablecoins (digital assets which an issuer must redeem for a fixed monetary value).
What it does: CRS summary · Introduced in House · Jul 20, 2023
Clarity for Payment Stablecoins Act of 2023
This bill establishes a regulatory framework for payment stablecoins (digital assets which an issuer must redeem for a fixed monetary value).
Only permitted issuers are allowed to issue a payment stablecoin for use by U.S. persons. Permitted issuers must be a subsidiary of an insured depository institution, a federal-qualified nonbank payment stablecoin issuer, or a state-qualified payment stablecoin issuer. In general, permitted issuers must be regulated by the appropriate federal regulator, however, state-qualified issuers must be regulated by an appropriate state regulator.
Permitted issuers must maintain reserves backing the stablecoin on a one-to-one basis using assets as outlined by the bill, such as U.S. coins and currency or other assets regulators determine appropriate. Permitted issuers must also publicly disclose their redemption policy, establish redemption procedures, and publish on their website every month the details of the issuer's reserves.
The bill sets forth requirements for (1) the rehypothecation, or reusing, of such reserves; (2) providing custodial or safekeeping services for stablecoins or private keys; and (3) supervisory, examination, and enforcement authority over non-state qualified issuers.
In addition, the bill places a two-year moratorium on new endogenously collateralized stablecoins (i.e., stablecoins that rely on the value of another digital asset created or maintained by the same originator to maintain the fixed price).
Under the bill, permitted payment stablecoins are not considered securities under securities law.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Clarity for Payment Stablecoins Act of 2023
Latest action (May 7, 2024): Placed on the Union Calendar, Calendar No. 408.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Jul 20, 2023
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.