Sec. 4. Disclosures, redemption policies, attestations, and permissible assets for payment stablecoin issuers
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Any person described in section 3(b) that issues a payment stablecoin shall— publicly disclose the assets backing the payment stablecoin on a monthly basis; adopt and publicly disclose policies for redeeming the payment stablecoin, including whether redemption requests will be met on demand or with a time lag; undergo quarterly attestations by a registered public accounting firm and publicly disclose the results; and attest that the assets backing the payment stablecoin do not materially diverge from those disclosed. Disclosures described in subsection
(a)shall— be filed with the Secretary of the Treasury; and made publicly available on a Department of the Treasury website on a form which shall include an executive summary not longer than 1 page in length. The Secretary of the Treasury may promulgate regulations under section 553 of title 5, United States Code, to develop a template form for ensuring that the disclosures described in subsection
(a)are complete, clear, and understandable. Payment stablecoins issued by a payment stablecoin issuer shall be backed by assets— with a market value equal to not less than 100 percent of the par value of the payment stablecoins outstanding; and that are— level 1 high-quality liquid assets, denominated in United States dollars; United States coins and currency, as described in section 5103 of title 31, United States Code; and any deposit with an insured depository institution.