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Code · BILL · 118th Congress · H.R. 5745 (Introduced in House) — To provide for the regulation of digital assets, and for other purposes. · Sec. 311

Sec. 311. Department of Treasury regulation of digital asset fiat-based stablecoins

355 words·~2 min read·/bill/118/hr/5745/ih/section-311·

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Subchapter I of chapter 51 of subtitle IV of title 31, United States Code is amended by adding at the end the following: Beginning on the date of the enactment of this section, no person may issue, use, or permit to be used a digital asset fiat-based stablecoin that is not approved by the Secretary of the Treasury under subsection (b). Not later than 90 days after the date of the enactment of this section, the Secretary of the Treasury shall establish an application process under which the Secretary may approve or disapprove a person wishing to issue a digital asset fiat-based stablecoin, under such terms and conditions as the Secretary determines necessary and appropriate.
In carrying out paragraph (1), the Secretary of the Treasury shall, in considering applications for digital asset fiat-based stablecoins, consult with— the Board of Governors of the Federal Reserve System; the Securities and Exchange Commission; the Commodity Futures Trading Commission; and such other foreign central banks or foreign treasury departments or agencies as the Secretary of the Treasury determines appropriate. Subject to subparagraph (B), the Secretary of the Treasury may approve or disapprove an application by an issuer of a digital asset fiat-based stablecoin or may withdraw an approval or modify the terms and conditions of an approval previously issued under paragraph (1).
With respect to a withdrawal or modification of an approval under subparagraph (A), the Secretary of the Treasury shall notify the issuer at least 60 days before such approval is so withdrawn or modified. The Secretary of the Treasury shall not grandfather the use of any digital asset fiat-based stablecoin. All digital asset fiat-based stablecoins, including digital asset fiat-based stablecoins existing on the date of the enactment of this section, shall apply to the Secretary of the Treasury under this section.
In this section, the term digital asset fiat-based stablecoin means a digital asset (as defined in section 1a of the Commodity Exchange Act ( 7 U.S.C. 1a )) that is, as determined by the Secretary of the Treasury, tied, pegged to, or collateralized substantially by— the United States dollar or; one or more fiat currencies. .
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Sec. 311
Department of Treasury regulation of digital asset fiat-based stablecoins
U.S.C.§ 1a
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