HR 4766
Clarity for Payment Stablecoins Act of 2023
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- Passed House
- Passed Senate
- To President
- Became Law
Bill overview
The Clarity for Payment Stablecoins Act of 2023 aims to regulate payment stablecoins, digital assets designed to maintain a stable value, to protect consumers and the financial system. The bill establishes a framework for issuing these stablecoins, requiring issuers to be subsidiaries of insured banks, federal-qualified nonbank payment stablecoin issuers, or state-qualified payment stablecoin issuers. Permitted issuers must maintain reserves backing the stablecoins, publicly disclose their redemption policies, and adhere to specific requirements regarding rehypothecation and custodial services. The bill also includes a two-year moratorium on new endogenously collateralized stablecoins and establishes a regulatory structure for supervision and enforcement.
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Primary sponsor
Patrick T. McHenry
Cosponsor
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