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Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Introduced March 10, 2025 by William Francis Hagerty · Last progress March 10, 2025
Creates a comprehensive federal framework for U.S. payment stablecoins by authorizing a licensing and supervision regime for permitted issuers, requiring full-reserve backing, custody and reporting rules, anti‑money‑laundering controls, and bankruptcy priorities that protect stablecoin holders. It bans issuance of payment stablecoins by unpermitted entities in the United States, requires technical and interoperability standards, mandates regular industry reporting and Treasury studies, establishes state and federal supervisory roles, and directs international cooperation and reciprocity for foreign issuers.
The law sets timelines and procedures for applications and enforcement, provides criminal and civil penalties for illegal issuance or noncompliance, creates custody and segregation duties for reserve custodians, and phases in effectiveness tied to regulatory rulemaking (with a limited temporary safe harbor for some pending applicants).