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HR8548Rep. Kamlager-Dove, Sydney [D-CA-37] (D-CA)
introduced
S3907119th CongressWALLET
Foreign Stablecoin Transparency Act
Sponsored By: Senator Sen. Reed, Jack [D-RI]
Introduced
Summary
Greater financial transparency for very large foreign payment stablecoin issuers is the main goal. The bill would make those issuers produce audited, GAAP financial statements and disclose related party transactions.
Show full summary
- Large foreign payment stablecoin issuers: If a foreign payment stablecoin issuer has more than $50 billion in consolidated total outstanding issuance and is not subject to reporting under section 13(a) or 15(d) of the Securities Exchange Act of 1934, the bill would require an annual financial statement prepared in accordance with generally accepted accounting principles and disclosure of related party transactions.
- Registered public accounting firms: Those financial statements must be audited by a registered public accounting firm under auditing standards set by the Public Company Accounting Oversight Board (PCAOB), including standards on auditor independence, internal controls, and related party transactions.
- Oversight clarity: The bill adds a rule of construction stating that nothing in this section limits, alters, or expands the PCAOB's jurisdiction over permitted payment stablecoin issuers or registered public accounting firms.
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Bill Overview
Analyzed Economic Effects
1 provisions identified: 0 benefits, 0 costs, 1 mixed.
Audit rules for huge foreign stablecoins
This bill would require a foreign payment stablecoin issuer with more than $50 billion in total outstanding issuance, and that is not subject to SEC reporting under sections 13(a) or 15(d), to prepare an annual financial statement under generally accepted accounting principles. The statement would have to disclose any related‑party transactions. The bill would also require the issuer to hire a registered public accounting firm to audit that statement under PCAOB auditing standards, including rules on auditor independence, internal controls, and related‑party transactions. The rule would take effect upon enactment and would include a clarification that it does not change PCAOB jurisdiction over these issuers or auditors.
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Sponsors & CoSponsors
Sponsor
Sen. Reed, Jack [D-RI]
RI • D
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
No roll call votes available for this bill.
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