Skip to main content
HR 4766 118th Congress House Finance and Financial Sector Bank accounts, deposits, capital Banking and financial institutions regulation Civil actions and liability Computer security and identity theft Computers and information technology Consumer affairs Currency Digital media Financial services and investments

Clarity for Payment Stablecoins Act of 2023

Introduced: July 20, 2023 See on congress.gov
Sign in to write a letter Sign in to watch
This bill died when the 118th Congress ended
It never became law before the 118th Congress (2023–2024) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 6 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 7, 2024
Placed on the Union Calendar, Calendar No. 408.
May 7, 2024
Reported (Amended) by the Committee on Financial Services. H. Rept. 118-492.
Jul 27, 2023
Ordered to be Reported (Amended) by the Yeas and Nays: 34 - 16.
Jul 27, 2023
Committee Consideration and Mark-up Session Held
Jul 20, 2023
Referred to the House Committee on Financial Services.
Jul 20, 2023
Introduced in House
 Ask about this bill AI · grounded in the bill text

Have a question about what this bill does? Ask in plain English; the answer is drawn from the bill's actual text and official record, and it'll tell you when something isn't in the text rather than guess.

AI answers can be imperfect; always confirm against the full bill text.

 Plain-English summary Congressional Research Service

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.

What's happening now May 7, 2024

Placed on the Union Calendar, Calendar No. 408.

 Bill text 2 versions

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Lobbying activity 4

Registered lobbyists who named this bill in their disclosure filings. Source: federal Lobbying Disclosure Act filings.

  • WHITMER & WORRALL, LLC
    for AMERICAN TRANSACTION PROCESSORS COALITION · Georgia · 4th Quarter (Oct 1 - Dec 31) 2025
  • WHITMER & WORRALL, LLC
    for AMERICAN TRANSACTION PROCESSORS COALITION · Georgia · 3rd Quarter (July 1 - Sep 30) 2025
  • WHITMER & WORRALL, LLC
    for AMERICAN TRANSACTION PROCESSORS COALITION · Georgia · 2nd Quarter (Apr 1 - June 30) 2025
  • WHITMER & WORRALL, LLC
    for AMERICAN TRANSACTION PROCESSORS COALITION · Georgia · 1st Quarter (Jan 1 - Mar 31) 2025
 Cosponsors 1
All 1 Democratic 1
D
Torres, Ritchie
New York · May 6, 2024
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 4766: Clarity for Payment Stablecoins Act of 2023. 118th Congress. Open America. https://openamerica.io/bill/118-HR-4766/
MLA
"H.R. 4766: Clarity for Payment Stablecoins Act of 2023." 118th Congress, 2026, Open America, https://openamerica.io/bill/118-HR-4766/.
Bluebook (legal)
H.R. 4766, 118th Cong. (2026), https://openamerica.io/bill/118-HR-4766/.
Markdown link
[H.R. 4766: Clarity for Payment Stablecoins Act of 2023](https://openamerica.io/bill/118-HR-4766/)
Report a problem