Sec. 12. Study on non-payment stablecoins
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The Secretary of the Treasury, in consultation with the Board, the Comptroller, the Corporation, the Securities and Exchange Commission, and the Commodity Futures Trading Commission shall carry out a study of non-payment stablecoins, including endogenously collateralized payment stablecoins. Not later than 365 days after the date of the enactment of this Act, the Secretary shall provide to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate a report that contains all findings made in carrying out the study under paragraph (1), including an analysis of— the categories of non-payment stablecoins, including the benefits and risks of technological design features; the participants in non-payment stablecoin arrangements; utilization and potential utilization of non-payment stablecoins; nature of reserve compositions; types of algorithms being employed; governance structure, including aspects of decentralization; nature of public promotion and advertising; and clarity and availability of consumer notices disclosures.
In this section, the term endogenously collateralized payment stablecoin means any digital asset— in which its originator has represented will be converted, redeemed, or repurchased for a fixed amount of monetary value; and that relies solely on the value of another digital asset created or maintained by the same originator to maintain the fixed price.