,i  #aagth ,,congress  #b;d ,session    
,h4 ,r4 #gcbh  ,,in ,,the ,,house ,,of  
,,representatives  ,march #ca1 #bjbb,mr4
 ,hollingsworth introduced the following
 bill2 which was referred to the        
,committee on ,financial ,services  ,a  
,,bill  ,to establish reporting         
requirements for issuers of fiat        
currency-backed stablecoins1 and for    
other purposes4  #a4 ,short title ,this 
,act may be cited to as the ,stablecoin 
,transparency ,act4  #b4 ,stablecoin    
issuer requirements  7a7 ,definitions   
,in this section3 7#a7 ,fiat            
currency-backed stablecoin ,the term    
fiat currency-backed stablecoin means a 
fiat currency-backed digital asset--    
7,a7 that maintains price stability by  
backing the value of such digital asset 
to a non-digital currency that is       
denominated in the same currency as such
 digital asset is issued2 and  7,b7 is  
redeemable on a one-to-one basis in the 
denominated currency to which the       
digital asset is backed4  7#b7          

,stablecoin issuer ,the term stablecoin 
issuer means a person that issues a fiat
 currency-backed stablecoin4  7b7       
,reserves ,each stablecoin issuer shall 
hold all reserves associated with each  
fiat currency-backed stablecoin issued  
by such stablecoin issuer in-- 7#a7     
government securities that mature not   
more than #ab months2  7#b7 fully       
collateralized security repurchase      
agreements2 and  7#c7 ,united ,states   
dollars or any other non-digital        
currency4  7c7 ,reserve reports ,each   
stablecoin issuer shall1 not later than 
#cj days after the date of the enactment
 of this ,act and every #cj days        
thereafter1 publish on the website of   
such stablecoin issuer1 a report on the 
reserves held by such stablecoin issuer 
that has been audited by a third-party  
auditor4