Clarity for Payment Stablecoins Act of 2023

[AI summary unavailable — showing source text] Clarity for Payment Stablecoins Act of 2023 This bill establishes a regulatory framework for payment stablecoins (digital assets which an issuer must redeem for a fixed monetary value). Only permitted issuers are allowed to issue a payment stablecoin for use by U.S. persons. Permitted issuers must be a subsidiary of an insured depository institution, a federal-qualified nonbank payment stablecoin issuer, or a state-qualified payment stablecoin issuer. In general, permitted issuers must be regulated by the appropriate federal regulator, however, state-qualified issuers must be regulated by an appropriate state regulator. Permitted issuers must maintain reserves backing the stablecoin on a one-to-one basis using assets as outlined by the bill, such as U.S. coins and currency or other assets regulators determine appropriate. Permitted issuers must also publicly disclose their redemption policy, establish redemption procedures, and publish on their website every month the details of the issuer's reserves. The bill sets forth requirements for (1) the rehypothecation, or reusing, of such reserves; (2) providing custodial or safekeeping services for stablecoins or private keys; and (3) su…