[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 3907 Introduced in Senate (IS)]

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119th CONGRESS
  2d Session
                                S. 3907

 To amend the GENIUS Act to require foreign payment stablecoin issuers 
to undergo an annual audit similar to United States payment stablecoin 
                    issuers, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                           February 24, 2026

   Mr. Reed introduced the following bill; which was read twice and 
    referred to the Committee on Banking, Housing, and Urban Affairs

_______________________________________________________________________

                                 A BILL


 
 To amend the GENIUS Act to require foreign payment stablecoin issuers 
to undergo an annual audit similar to United States payment stablecoin 
                    issuers, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Foreign Stablecoin Transparency 
Act''.

SEC. 2. AMENDMENTS TO FOREIGN PAYMENT STABLECOIN ISSUER EXCEPTION.

    Section 18 of the GENIUS Act (12 U.S.C. 5916) is amended--
            (1) in subsection (a), by adding at the end the following:
            ``(5) If the foreign payment stablecoin issuer has more 
        than $50,000,000,000 in consolidated total outstanding issuance 
        and is not subject to the reporting requirements under section 
        13(a) or 15(d) of the Securities and Exchange Act of 1934 (15 
        U.S.C. 78m, 78o(d)), the foreign payment stablecoin issuer--
                    ``(A) prepares, in accordance with generally 
                accepted accounting principles, an annual financial 
                statement, which includes the disclosure of any related 
                party transactions, as defined by such generally 
                accepted accounting principles; and
                    ``(B) engages a registered public accounting firm 
                to perform an audit of the annual financial statement 
                under subparagraph (A) that is conducted in accordance 
                with all applicable auditing standards established by 
                the Public Company Accounting Oversight Board, 
                including those relating to auditor independence, 
                internal controls, and related party transactions.''; 
                and
            (2) by adding at the end the following:
    ``(e) Rule of Construction.--Nothing in this section shall be 
construed to limit, alter, or expand the jurisdiction of the Public 
Company Accounting Oversight Board over permitted payment stablecoin 
issuers or registered public accounting firms.''.
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