S 3970
117th Congress
Senate
Finance and Financial Sector
Bank accounts, deposits, capital
Business records
Currency
Digital media
Financial services and investments
Securities
Stablecoin Transparency Act
Everywhere this bill has been
3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 10, 2022
Committee on Banking, Housing, and Urban Affairs. Hearings held.
Mar 31, 2022
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Mar 31, 2022
Introduced in Senate
Plain-English summary
Stablecoin Transparency Act
This bill requires a stablecoin issuer to hold all reserves associated with each fiat currency-backed stablecoin they issue in (1) certain government securities; (2) fully collateralized security repurchase agreements, or (3) U.S. dollars or other nondigital currency. A fiat currency-backed stablecoin is a digital asset backed by a nondigital currency and is redeemable on a one-to-one basis in that currency.
Each stablecoin issuer must publish monthly on their website a report on the reserves held by the issuer that has been audited by a third party.
What's happening now
Committee on Banking, Housing, and Urban Affairs. Hearings held.
Committees of jurisdiction
1