S 5340 · 117th Congress · Finance and Financial Sector

Stablecoin TRUST Act of 2022

Introduced 2022-12-21· Sponsored by Sen. Toomey, Patrick [R-PA]· Senate

Bill Progress

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Introduced
2
Committee
3
Senate Vote
4
House
5
Enacted
Latest: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.(2022-12-21)

Plain Language Summary

[AI summary unavailable — showing source text] Stablecoin Transparency of Reserves and Uniform Safe Transactions Act of 2022 or the Stablecoin TRUST Act of 2022 This bill establishes a regulatory framework for payment stablecoins (digital assets which an issuer must directly convert to fiat currency). Specifically, the bill only allows the following entities to issue stablecoins a money transmitting business, a non-depository trust company, or any other person that is authorized by a state banking supervisor to issue payment stablecoins; a national limited payment stablecoin issuer; a depository institution; or a national trust bank.…

Summarized by Claude AI · Non-partisan · For informational purposes only