The Treasury must study non-payment stablecoins and report in a year
What the document says“The Secretary of the Treasury, in consultation with the Board, the Comptroller, the Corporation, the Securities and Exchange Commission, and the Commodity Futures Trading Commission shall carry out a study of non-payment stablecoins, including endogenously collateralized payment stablecoins.”
Subsection (a). The report is due to the two named committees within 365 days of enactment, and may include a classified annex. Eight subjects are named for analysis: the categories of non-payment stablecoins including the benefits and risks of technological design features, the participants in non-payment stablecoin arrangements, their utilization and potential utilization, the nature of reserve compositions, the types of algorithms employed, governance structure including aspects of decentralization, the nature of public promotion and advertising, and the clarity and availability of consumer notices disclosures.
What the document actually says“The Secretary of the Treasury, in consultation with the Board, the Comptroller, the Corporation, the Securities and Exchange Commission, and the Commodity Futures Trading Commission shall carry out a study of non-payment stablecoins, including endogenously collateralized payment stablecoins.”
The Treasury must study coins this law does not cover. It works with five other bodies. One kind studied is a coin backed by another coin.
The report is due within a year. It looks at eight things. They include who uses these coins, what backs them, and how they are advertised.
No action is recorded against this proposal. That is not evidence that none has been taken, and nobody has yet read it against the record. See what the tracker does not yet cover.