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Stablecoin Transparency Act
12/29/2022, 10:48 PM
Congressional Summary of S 3970
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.
Read the Full Bill
Current Status of Bill S 3970
Bill S 3970 is currently in the status of Bill Introduced since March 31, 2022. Bill S 3970 was introduced during Congress 117 and was introduced to the Senate on March 31, 2022. Bill S 3970's most recent activity was Committee on Banking, Housing, and Urban Affairs. Hearings held. as of May 10, 2022
Bipartisan Support of Bill S 3970
Total Number of Sponsors
1Democrat Sponsors
0Republican Sponsors
1Unaffiliated Sponsors
0Total Number of Cosponsors
0Democrat Cosponsors
0Republican Cosponsors
0Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill S 3970
Primary Policy Focus
Finance and Financial SectorPotential Impact Areas
- Bank accounts, deposits, capital
- Business records
- Currency
- Digital media
- Financial services and investments
- Securities
Alternate Title(s) of Bill S 3970
Stablecoin Transparency Act
Stablecoin Transparency Act
A bill to establish reporting requirements for issuers of fiat currency-backed stablecoins, and for other purposes.
Comments
Sponsors and Cosponsors of S 3970
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