S. 5340 · 117th Congress
Stablecoin Transparency of Reserves and Uniform Safe Transactions Act of 2022
- Stage
- In committee
- Sponsor
- Pat Toomey
- Introduced
- 2022-12-21
- Latest action
- 2022-12-21 · Introduced in Senate
Summary
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.