To provide for the regulation of payment stablecoins, and for other purposes.
Analysis under review: This bill has generated analysis that may be too generic or incomplete. Clause-level evidence remains available below.
Summary
What This Bill Does
This bill, To provide for the regulation of payment stablecoins, and for other purposes., changes federal law or congressional policy affecting financial institutions, investors, and borrowers. The main policy domain is Finance, Labor, Technology.
Who Benefits and How
financial institutions, investors, and borrowers may benefit from new authority, funding, eligibility, regulatory clarity, or reduced risk created by the bill.
Who Bears the Burden and How
federal implementing agencies, financial institutions, investors, and borrowers may take on implementation duties, reporting obligations, compliance costs, or oversight responsibilities.
Key Provisions
- Section HFFC7ED46B529454C9DEBC21F4C2183F1: 1. Short title This Act may be cited as the Clarity for Payment Stablecoins Act of 2023.
- Section HF92A88ED35FA4DE8BE11F672AF9BFDD8: 2. Definitions In this Act: The term Bank Secrecy Act means— section 21 of the Federal Deposit Insurance Act (12 U.S.C. 1829b); chapter 2 of title I of Public...
- Section H5381C3AD9FA44282A65C824527760056: 3. Limitation on who may issue a payment stablecoin It shall be unlawful for any person other than a permitted payment stablecoin issuer to issue a payment...
- Section H821849403B974E55B0DED833F455CAAE: 4. Requirements for issuing payment stablecoins Permitted payment stablecoin issuers shall— maintain reserves backing the issuer’s payment stablecoins...
- Section H5652CEDB6E5E43D6B3719DF1B62C8350: 5. Approval of subsidiaries of insured depository institutions and Federal qualified nonbank payment stablecoin issuers Any insured depository institution that...
Evidence Chain:
This summary is generated from the full bill text using AI analysis. Expand "Detailed Analysis" below for identified beneficiaries/burden bearers with clause-level evidence links.
At a Glance
What This Bill Does
This bill, To provide for the regulation of payment stablecoins, and for other purposes., changes federal law or congressional policy affecting financial institutions, investors, and borrowers.
Key Policy Areas
Finance, Labor, Technology
Primary Purpose
This bill, To provide for the regulation of payment stablecoins, and for other purposes., changes federal law or congressional policy affecting financial institutions, investors, and borrowers.
Policy Domains
Whole bill
Identified Gains
- financial institutions, investors, and borrowers
Identified Costs
- federal implementing agencies
- financial institutions, investors, and borrowers
Sponsors
Legislative Progress
ReportedAdditional sponsor: Mr. Torres of New York
Reported with an amendment, committed to the Committee of the …
Mr. McHenry introduced the following bill; which was referred to …
Impact analysis is available but no clear stakeholder effects identified. View clause-level analysis →
Bill Structure & Actor Mappings
Who is "The Secretary" in each section?
- "the_commission"
- → The commission identified in the operative section
- "secretary_of_treasury"
- → Secretary of the Treasury
Key Definitions
Terms defined in this bill
any digital asset— in which its originator has represented will be converted, redeemed, or repurchased for a fixed amount of monetary value
an entity that— is legally established and approved to issue payment stablecoins by a State payment stablecoin regulator
We use a combination of our own taxonomy and classification in addition to large language models to assess meaning and potential beneficiaries. High confidence means strong textual evidence. Always verify with the original bill text.
Learn more about our methodology