Stablecoin Transparency Act
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.
Bill status
in committee
1 of 4 stages cleared
Introduction
Mar 2022
Committee Review
Floor Vote
President
Introduced Mar 31, 2022
Last action May 10, 2022
Floor votes
How they voted
No floor votes recorded yet.
Full legislative history
Actions timeline
Total actions
3
Key actions
1
Committee
2
May 10, 2022
Upper · Passed
Committee on Banking, Housing, and Urban Affairs. Hearings held.
upper
Mar 31, 2022
Committee
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
upper
Mar 31, 2022
Introduced
Introduced in Senate
upper
1 primary · 0 co-sponsors
Sponsors
Role
Legislator
Party
State
District
P
Bill Hagerty
RRepublican
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