PlainBillCongress, translated.Legislation. Context. Public interest.Referred to the House Committee on Financial Services.
Congressional Research Service
Version 00 · Introduced in House · Jul 26, 2022
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.
People & committees
Rep. Hollingsworth, Trey [R-IN-9] · R–IN
Legislative record
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Referred to the House Committee on Financial Services.
Introduced in House
Introduced in House
Primary sources
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Source last updated: Feb 6, 2024. Consult Congress.gov for the current record.
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