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New Digital Currency Rules: Increased Transparency and Security

This act introduces new rules for companies issuing digital currencies tied to traditional money, like the dollar. The goal is to enhance the security and transparency of these currencies, potentially impacting the stability of your digital savings. Companies will be required to regularly disclose the assets they hold to back the value of these currencies.
Key points
Companies issuing digital currencies (stablecoins) must hold their reserves in safe assets like government securities or US dollars.
Stablecoin issuers will need to publish audited reports on their reserves every 30 days, increasing transparency and trust.
The aim is to protect the value of digital currencies, ensuring they are always redeemable one-to-one for traditional money.
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Expired
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Additional Information
Print number: 117_HR_7328
Sponsor: Rep. Hollingsworth, Trey [R-IN-9]
Process start date: 2022-03-31
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Stablecoin Transparency Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_7328.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2022-03-31.

What are the main provisions?

Key points include:

  • Companies issuing digital currencies (stablecoins) must hold their reserves in safe assets like government securities or US dollars.
  • Stablecoin issuers will need to publish audited reports on their reserves every 30 days, increasing transparency and trust.
  • The aim is to protect the value of digital currencies, ensuring they are always redeemable one-to-one for traditional money.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Hollingsworth, Trey [R-IN-9].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Financial Services.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-28.

CATEGORIES

Economy