Last progress February 4, 2025 (10 months ago)
Introduced on February 4, 2025 by William Francis Hagerty
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
This bill creates national rules for “payment stablecoins,” which are digital dollars meant to hold a steady value. Only approved issuers can offer them in the U.S. These issuers must keep one dollar in safe, liquid reserves for every token they issue, share clear redemption policies, and publish monthly reports checked by an outside accountant; top executives must certify those reports each month . Customer assets must be kept separate from company funds to protect users’ money . If an issuer fails, stablecoin holders get paid back before anyone else .
Issuers can choose federal or state oversight, but state oversight is only allowed while the stablecoin’s market cap stays at $10 billion or below; above that, an issuer has 360 days to move to federal oversight or stop issuing new coins . Issuers are limited to core activities like issuing, redeeming, and safeguarding stablecoins and the reserves behind them, and they must follow anti–money laundering rules under the Bank Secrecy Act . The bill also clarifies these payment stablecoins are not treated as securities or commodities, reducing overlap with securities and commodities laws . To help cross-border payments, the Federal Reserve and Treasury may make agreements with other countries that have similar rules, and regulators can set technical standards to help systems work together . The law takes effect the earlier of 18 months after enactment or 120 days after final regulations are issued .