118th Congress Finance and Financial Sector
H.R. 4766: Clarity for Payment Stablecoins Act of 2023
Reported
- Introduced (completed)
- Passed House (not reached)
- Passed Senate (not reached)
- To the President (not reached)
- Became law (not reached)
Summary
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.
Read the full summary
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.
Written by the Congressional Research Service, Library of Congress.
Roll calls
No roll call votes have been held on this bill.
Amendments
No amendments were offered to this bill.
Cosponsors
- Ritchie Torres D-NY
Who scored on this bill
- 1Patrick McHenry SponsorIntroduced, drew cross-party cosponsors, reported3 events+26
See all scorers and every scoring event
Introductions and cosponsorships count toward weekly caps and show no points.
Other bills by Patrick McHenry
- H.R. 1165: Data Privacy Act of 2023
- H.R. 7440: Financial Services Innovation Act of 2024
- H.R. 807: Working Dog Commemorative Coin Act
- H.R. 2799: Expanding Access to Capital Act of 2023
- H.R. 2608: To amend the Federal securities laws to specify the periods for which financial statements are required to be provided by an emerging growth company, and for other purposes.
- H.R. 2610: To amend the Securities Exchange Act of 1934 to specify certain registration statement contents for emerging growth companies, to permit issuers to file draft registration statements with the Securities and Exchange Commission for confidential review, and for other purposes.
History
- Introduced in the House by Patrick McHenry.
Show the full action history (6 actions)
- Reported (Amended) by the Committee on Financial Services. H. Rept. 118-492.
- Placed on the Union Calendar, Calendar No. 408.
- Committee Consideration and Mark-up Session Held
- Ordered to be Reported (Amended) by the Yeas and Nays: 34 - 16.
- Introduced in House
- Referred to the House Committee on Financial Services.