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Trey Hollingsworth

Trey Hollingsworth (R)

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Crypto bill sponsorship

Rep. Trey Hollingsworth has put out 1 crypto bill.

Stablecoin Transparency Act

H.R. 7328

117th Congress

Sponsored
Bill pending

This bill requires a stablecoin issuer to hold all reserves associated with each fiat currency-backed stablecoin they issue in (1) certain government securities; (2) fully collateralized security repurchase agreements, and (3) U.S. dollars or other nondigital currency. A fiat currency-backed stablecoin is a digital asset backed by a nondigital currency and is redeemable on a one-to-one basis in that currency.

Each stablecoin issuer must publish monthly on their website a report on the reserves held by the issuer that has been audited by a third party.

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