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HR 8827 116th Congress House Finance and Financial Sector Administrative remedies Banking and financial institutions regulation Civil actions and liability Currency Digital media Federal Deposit Insurance Corporation (FDIC) Federal Reserve System Financial crises and stabilization International monetary system and foreign exchange Securities

Stablecoin Classification and Regulation Act of 2020

Introduced: November 30, 2020 Introduced by: Tlaib, Rashida Democratic · Michigan See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Nov 30, 2020
Referred to the House Committee on Financial Services.
Nov 30, 2020
Introduced in House
 Plain-English summary Congressional Research Service

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.

What's happening now November 30, 2020

Referred to the House Committee on Financial Services.

 Committees of jurisdiction 1
 Cosponsors 2
All 2 Democratic 2