Federal regulators must report annually on the payment stablecoin industry
What the document says“Beginning on the date that is 1 year after the date of enactment of this Act, and annually thereafter, the primary Federal payment stablecoin regulators, in consultation with State payment stablecoin regulators, as necessary, shall submit to the Committee on Banking, Housing, and Urban Affairs of the Senate, the Committee on Financial Services of the House of Representatives, and the Director of the Office of Financial Research a report”
Subsection (a). The report is on the status of the payment stablecoin industry and may include a classified annex. Three subjects are named: a summary of trends in payment stablecoin activities, a summary of the number of applications for approval as a permitted payment stablecoin issuer under section 5 including aggregate approvals and rejections, and a description of the potential financial stability risks posed to the safety and soundness of the broader financial system.
What the document actually says“Beginning on the date that is 1 year after the date of enactment of this Act, and annually thereafter, the primary Federal payment stablecoin regulators, in consultation with State payment stablecoin regulators, as necessary, shall submit to the Committee on Banking, Housing, and Urban Affairs of the Senate, the Committee on Financial Services of the House of Representatives, and the Director of the Office of Financial Research a report”
The federal watchdogs must report each year. The first is due a year after the law passed. It goes to two groups in Congress and to a research office.
They must talk to state watchdogs where needed. The report covers three things. Those are trends, the count of requests, and risks to the system.
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