legislation: 117-hr-8498

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bill_id congress bill_type bill_number title policy_area introduced_date latest_action_date latest_action_text origin_chamber sponsor_name sponsor_state sponsor_party sponsor_bioguide_id cosponsor_count summary_text update_date url
117-hr-8498 117 hr 8498 To establish reporting requirements for persons who issue fiat currency-backed stablecoins, and for other purposes. Finance and Financial Sector 2022-07-26 2022-07-26 Referred to the House Committee on Financial Services. House Rep. Hollingsworth, Trey [R-IN-9] IN R H001074 0 This bill addresses the regulatory treatment of fiat currency-backed stablecoins. The bill defines these as digital assets that (1) maintain price stability by backing the value with a nondigital currency, and (2) can be redeemed in that currency on a one-to-one basis. Under the bill, the Securities and Exchange Commission and the Commodity Futures Trading Commission are prohibited from regulating fiat currency-backed stablecoins. The bill requires stablecoin issuers to hold all associated reserves in (1) government securities that mature in not more than 12 months, (2) fully collateralized security repurchase agreements, and (3) U.S. dollars or other nondigital currency. 2023-01-11T13:50:17Z https://www.congress.gov/bill/117th-congress/house-bill/8498

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