# 117-hr-8498: To establish reporting requirements for persons who issue fiat currency-backed stablecoins, and for other purposes.

117-hr-8498, To establish reporting requirements for persons who issue fiat currency-backed stablecoins, and for other purposes., is a 117th Congress bill sponsored by Rep. Hollingsworth, Trey [R-IN-9] (R-IN); status Referred to the House Committee on Financial Services. (as of 2025-11-18).

- Canonical: https://policyrisk.com/legislation/117-hr-8498
- As of: 2025-11-18
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Bill: 117-hr-8498
- Congress: 117
- Title: To establish reporting requirements for persons who issue fiat currency-backed stablecoins, and for other purposes.
- Status: Referred to the House Committee on Financial Services.
- Introduced: 2022-07-26
- Sponsor: Rep. Hollingsworth, Trey [R-IN-9] (R-IN)
- Cosponsors: 0
- Policy area: Finance and Financial Sector
- Touches household money: no
- Last recorded action: 2025-11-18

## Summary

This bill addresses the regulatory treatment of fiat currency-backed stablecoins. The bill defines these as digital assets that (1) maintain price stability by backing the value with a nondigital currency, and (2) can be redeemed in that currency on a one-to-one basis. Under the bill, the Securities and Exchange Commission and the Commodity Futures Trading Commission are prohibited from regulating fiat currency-backed stablecoins. The bill requires stablecoin issuers to hold all associated reserves in (1) government securities that mature in not more than 12 months, (2) fully collateralized security repurchase agreements, and (3) U.S. dollars or other nondigital currency.

## Related bills

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- 117-hr-1193: Cardiovascular Advances in Research and Opportunities Legacy Act
- 117-hr-5142: To award posthumously a Congressional Gold Medal, in commemoration to the servicemembers who perished in Afghanistan on August 26, 2021, during the evacuation…
- 117-hr-6899: Russia and Belarus SDR Exchange Prohibition Act of 2022
- 117-hr-310: To posthumously award the Congressional Gold Medal, collectively, to Glen Doherty, Tyrone Woods, J. Christopher Stevens, and Sean Smith, in recognition of thei…
- 117-hr-8876: Jackie Walorski Maternal and Child Home Visiting Reauthorization Act of 2022

## Sources
- [117-hr-8498 on Congress.gov](https://www.congress.gov/bill/117th-congress/house-bill/8498)

## Related
- [117-hr-1448: PAWS for Veterans Therapy Act](https://policyrisk.com/legislation/117-hr-1448)
- [117-hr-1193: Cardiovascular Advances in Research and Opportunities Legacy Act](https://policyrisk.com/legislation/117-hr-1193)
- [117-hr-5142: To award posthumously a Congressional Gold Medal, in commemoration to the servi…](https://policyrisk.com/legislation/117-hr-5142)
- [117-hr-6899: Russia and Belarus SDR Exchange Prohibition Act of 2022](https://policyrisk.com/legislation/117-hr-6899)
- [117-hr-310: To posthumously award the Congressional Gold Medal, collectively, to Glen Doher…](https://policyrisk.com/legislation/117-hr-310)
- [117-hr-8876: Jackie Walorski Maternal and Child Home Visiting Reauthorization Act of 2022](https://policyrisk.com/legislation/117-hr-8876)
- [All bills in Congress](https://policyrisk.com/legislation)

Source: PRIA, https://policyrisk.com/legislation/117-hr-8498 (as of 2025-11-18).