,i  #aag? ,,congress  #b;d ,session  ,h4
 ,r4 #hdih  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,july #bf1 #bjbb,mr4  
,holl+swor? introduc$ ! foll[+ bill2 :i*
 0 ref]r$ to ! ,committee on ,f9ancial  
,s]vices  ,a ,,bill  ,to e/abli% report+
 requirem5ts = p]sons :o issue fiat     
curr5cy-back$ /ableco9s1 & = o!r        
purposes4  #a4 ,fiat curr5cy-back$      
/ableco9s  7a7 ,9 g5]al ,! t]m fiat     
curr5cy-back$ /ableco9 means a fiat     
curr5cy-back$ digital asset-- 7#a7 t    
ma9ta9s price /ability by back+ ! value 
( su* digital asset to a non-digital    
curr5cy t is d5om9at$ 9 ! same curr5cy z
 su* digital asset is issu$2 &  7#b7 is 
r$eemable on a "o-to-"o basis 9 !       
d5om9at$ curr5cy to :i* ! digital asset 
is back$4  7b7 ,treatm5t z a security or
 commodity ,a fait curr5cy-bas$ /ableco9
 is n a security 7)9 ! mean+ giv5 ! t]m 
9 section #c ( ! ,securities ,ex*ange   
,act ( #aicd7 or a commodity 7)9 ! mean+
 giv5 ! t]m 9 section #a;a ( !          
,commodity ,ex*ange ,act7 & may n be    

regulat$ z su* by ! ,securities ,ex*ange
 ,commission or ! ,commodity ,futures   
,trad+ ,commission4  #b4 ,/ableco9 issu]
 requirem5ts  7a7 ,def9itions ,9 ?is    
section3 7#a7 ,fiat curr5cy-back$       
/ableco9 ,! t]m fiat curr5cy-back$      
/ableco9 means a fiat curr5cy-back$     
digital asset-- 7,a7 t ma9ta9s price    
/ability by back+ ! value ( su* digital 
asset to a non-digital curr5cy t is     
d5om9at$ 9 ! same curr5cy z su* digital 
asset is issu$2 &  7,b7 is r$eemable on 
a "o-to-"o basis 9 ! d5om9at$ curr5cy to
 :i* ! digital asset is back$4  7#b7    
,/ableco9 issu] ,! t]m /ableco9 issu]   
means a p]son t issues a fiat           
curr5cy-back$ /ableco94  7b7 ,res]ves   
,ea* /ableco9 issu] %all hold all       
res]ves associat$ ) ea* fiat            
curr5cy-back$ /ableco9 issu$ by su*     
/ableco9 issu] 9-- 7#a7 gov]nm5t        
securities t mature n m ?an #ab mon?s2  
7#b7 fully collat]aliz$ security        
repur*ase agreem5ts2 &  7#c7 ,unit$     
,/ates doll>s or any o!r non-digital    

curr5cy4  7c7 ,res]ve reports ,ea*      
/ableco9 issu] %all1 n lat] ?an #cj days
 aft] ! date ( ! enactm5t ( ?is ,act & e
 #cj days !reaft]1 publi% on ! website (
 su* /ableco9 issu]1 a report on !      
res]ves held by su* /ableco9 issu] t has
 be5 audit$ by a ?ird-p>ty auditor4