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Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Introduced February 4, 2025 by William Francis Hagerty · Last progress February 4, 2025
Creates a federal licensing and regulatory framework for payment stablecoins: only licensed "permitted" issuers may issue payment stablecoins in the U.S., and issuers must hold one-to-one reserves, meet capital/liquidity and risk-management rules, provide monthly certified reserve reports, and submit to federal supervision. The bill also clarifies that payment stablecoins are not securities or commodities for the listed statutory provisions, sets custody rules and priority for stablecoin holders in insolvency, requires multiple studies and recurring reports to Congress, and authorizes coordination with states and foreign jurisdictions to enable interoperable stablecoin payments and cross‑border recognition.
The law phases in implementation (effective either 18 months after enactment or sooner after regulators finalize rules), establishes licensing and application timelines with limited denial grounds, gives states primary oversight for state‑qualified issuers while preserving federal emergency backstops, and directs federal agencies to study and report on specific stablecoin designs, industry trends, and risks.