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Bill117th CongressFiled Dec 21, 2022Finance and Financial Sector
S. 5340

Stablecoin TRUST Act of 2022

Bill journey · stage 2 of 5

Under committee review

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Law

What it doesSummary introduced in senate (Dec 21, 2022)

Stablecoin Transparency of Reserves and Uniform Safe Transactions Act of 2022 or the Stablecoin TRUST Act of 2022

This bill establishes a regulatory framework for payment stablecoins (digital assets which an issuer must directly convert to fiat currency). Specifically, the bill only allows the following entities to issue stablecoins

  • a money transmitting business, a non-depository trust company, or any other person that is authorized by a state banking supervisor to issue payment stablecoins;
  • a national limited payment stablecoin issuer;
  • a depository institution; or
  • a national trust bank.

What just happenedDec 21, 2022

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Who’s behind it

Sen. Toomey, Patrick [R-PA](R-PA)Sponsor
Read on Congress.gov
1committees2actions
  1. Dec 21, 2022IntroReferral

    Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

    Banking, Housing, and Urban Affairs Committee
  2. Dec 21, 2022IntroReferral10000

    Introduced in Senate

Stablecoin TRUST Act of 2022 — Informed