117 HR 8498 IH: To establish reporting requirements for persons who issue fiat currency-backed stablecoins, and for other purposes. U.S. House of Representatives 2022-07-26 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.
I117th CONGRESS2d SessionH. R. 8498IN THE HOUSE OF REPRESENTATIVESJuly 26, 2022Mr. Hollingsworth introduced the following bill; which was referred to the Committee on Financial ServicesA BILLTo establish reporting requirements for persons who issue fiat currency-backed stablecoins, and for other purposes.
1.
Fiat currency-backed stablecoins
(a)
In general
The term fiat currency-backed stablecoin means a fiat currency-backed digital asset—(1)that maintains price stability by backing the value of such digital asset to a non-digital currency that is denominated in the same currency as such digital asset is issued; and(2)is redeemable on a one-to-one basis in the denominated currency to which the digital asset is backed.(b)
Treatment as a security or commodity
A fait currency-based stablecoin is not a security (within the meaning given the term in section 3 of the Securities Exchange Act of 1934) or a commodity (within the meaning given the term in section 1a of the Commodity Exchange Act) and may not be regulated as such by the Securities Exchange Commission or the Commodity Futures Trading Commission.
2.
Stablecoin issuer requirements
(a)
Definitions
In this section:(1)
Fiat currency-backed stablecoin
The term fiat currency-backed stablecoin means a fiat currency-backed digital asset—(A)that maintains price stability by backing the value of such digital asset to a non-digital currency that is denominated in the same currency as such digital asset is issued; and(B)is redeemable on a one-to-one basis in the denominated currency to which the digital asset is backed.(2)
Stablecoin issuer
The term stablecoin issuer means a person that issues a fiat currency-backed stablecoin.(b)
Reserves
Each stablecoin issuer shall hold all reserves associated with each fiat currency-backed stablecoin issued by such stablecoin issuer in—(1)government securities that mature not more than 12 months;(2)fully collateralized security repurchase agreements; and (3)United States dollars or any other non-digital currency.(c)
Reserve reports
Each stablecoin issuer shall, not later than 30 days after the date of the enactment of this Act and every 30 days thereafter, publish on the website of such stablecoin issuer, a report on the reserves held by such stablecoin issuer that has been audited by a third-party auditor.