To provide for the regulation of payment stablecoins, and for other purposes.
Sponsors
Legislative Progress
ReportedReported under authority of the order of the Senate of …
Mr. Hagerty (for himself, Mr. Scott of South Carolina, Mrs. …
Mr. Hagerty (for himself, Mr. Scott of South Carolina, Mrs. …
Summary
What This Bill Does
Creates federal regulatory structure for payment stablecoins including OCC oversight of federal qualified nonbank issuers, reserve requirements, and coordination between Federal Reserve, FDIC, and state regulators.
Who Benefits and How
Stablecoin users gain regulatory protections and reserve backing requirements. Financial system gains clarity on stablecoin integration. Issuers receive clear federal licensing pathway.
Who Bears the Burden and How
Stablecoin issuers must meet federal qualification requirements. OCC, Fed, and FDIC share oversight responsibilities. State qualified issuers remain under state regulation.
Key Provisions
- OCC regulates federal qualified nonbank payment stablecoin issuers
- Defines stablecoins as digital assets on cryptographically secured distributed ledgers
- Bank Secrecy Act compliance required
- Insured depository institutions may issue stablecoins
Evidence Chain:
This summary is derived from the structured analysis below. See "Detailed Analysis" for per-title beneficiaries/burden bearers with clause-level evidence links.
Primary Purpose
Establishes comprehensive federal regulatory framework for payment stablecoins
Policy Domains
Legislative Strategy
"Create regulatory clarity for stablecoin innovation within banking framework"
Bill Structure & Actor Mappings
Who is "The Secretary" in each section?
- "the_board"
- → Board of Governors of Federal Reserve
- "the_comptroller"
- → Office of the Comptroller of the Currency
- "the_corporation"
- → FDIC
Key Definitions
Terms defined in this bill
Any digital representation of value recorded on a cryptographically secured distributed ledger
Nonbank entity approved by OCC to issue payment stablecoins
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