,,ii  #aag? ,,congress  #b;d ,session   
,s4 #ecdj  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,decemb] #ba1 #bjbb,mr4
 ,toomey introduc$ ! foll[+ bill2 :i* 0 
read twice & ref]r$ to ! ,committee on  
,bank+1 ,h\s+1 & ,urban ,affairs  ,a    
,,bill  ,to provide a regulatory        
framework & consum] protections = !     
issuance ( paym5t /ableco9s1 & = o!r    
purposes4  #a4 ,%ort title ,?is ,act may
 be cit$ z ! ,/ableco9 ,transp>5cy (    
,res]ves & ,uni=m ,safe ,transactions   
,act ( #bjbb or ! ,/ableco9 ,,tru/ ,act 
( #bjbb4  #b4 ,def9itions ,9 ?is ,act3  
7#a7 ,appropriate ,f$]al bank+ ag5cy ,! 
t]m appropriate ,f$]al bank+ ag5cy--    
7,a7 has ! mean+ giv5 ! t]m 9 section #c
 ( ! ,f$]al ,deposit ,insurance ,act    
7#ab ,u4,s4,c4 #ahac72 &  7,b7 includes 
! ,national ,cr$it ,union ,adm9i/ration4
  7#b7 ,deposit ,! t]m deposit has !    
mean+ giv5 ! t]m 9 section #c ( ! ,f$]al
 ,deposit ,insurance ,act 7#ab ,u4,s4,c4
 #ahac74  7#c7 ,digital asset ,! t]m    
digital asset means any digital         

repres5tation ( value t is record$ on a 
cryptographically secur$ di/ribut$ l$g]4
  7#d7 ,insur$ depository in/itution ,! 
t]m insur$ depository in/itution has !  
mean+ giv5 ! t]m 9 section #c ( ! ,f$]al
 ,deposit ,insurance ,act 7#ab ,u4,s4,c4
 #ahac74  7#e7 ,level #a high-quality   
liquid asset ,! t]m level #a            
high-quality liquid asset means an asset
 describ$ 9 section #bdi4bj7;a7 ( title 
#ab1 ,code ( ,f$]al ,regulations4  7#f7 
,money transmitt+ bus9ess ,! t]m money  
transmitt+ bus9ess has ! mean+ giv5 !   
t]m 9 section #eccj ( title #ca1 ,unit$ 
,/ates ,code4  7#g7 ,national limit$    
paym5t /ableco9 issu] ,! t]m national   
limit$ paym5t /ableco9 issu] means a    
p]son t-- 7,a7 issues paym5t /ableco9s2 
&  7,b7 receives a lic5se f1 & becomes  
subject to ! regulatory /&>ds e/abli%$  
by1 ! ,(fice ( ! ,comptroll] ( !        
,curr5cy "u section #ebdd;,a ( ! ,revis$
 ,/atutes1 z add$ by section #f ( ?is   
,act4  7#h7 ,non-depository tru/ company
 ,! t]m non-depository tru/ company     

means a tru/ company t does n receive   
deposits o!r ?an tru/ funds4  7#i7      
,paym5t /ableco9 ,! t]m paym5t /ableco9 
means a digital asset t-- 7,a7 is       
design$ to ma9ta9 a /able value relative
 to a fiat curr5cy or curr5cies2  7,b7  
is conv]tible directly to fiat curr5cy  
by ! issu]2  7,c7 is design$ to be      
widely us$ z a m$ium ( ex*ange2  7,d7 is
 issu$ by a c5traliz$ entity2  7,e7 does
 n inh]5tly pay int]e/ to ! hold]2 &    
7,f7 is record$ on a public di/ribut$   
l$g]4  7#aj7 ,paym5t /ableco9 issu] ,!  
t]m paym5t /ableco9 issu] means a p]son 
t issues a paym5t /ableco9 "u section   
#c7;b7 ( ?is ,act4  7#aa7 ,regi/]$      
public acc\nt+ firm ,! t]m regi/]$      
public acc\nt+ firm has ! mean+ giv5 !  
t]m 9 section #b7;a7 ( ! ,s>banes-,oxley
 ,act ( #bjjb 7#ae ,u4,s4,c4 #gbja7;a774
  7#ab7 ,/ate bank+ sup]visor ,! t]m    
,/ate bank+ sup]visor means !           
commission]1 sup]9t5d5t1 or simil>      
(ficial ( a ,/ate :o is responsible = ! 
*>t]+1 regulation1 & exam9ation (       

depository in/itutions1 tru/ companies1 
money transmitt+ bus9esses1 & simil>    
entities )9 ! ,/ate4  #c4 ,issuance (   
paym5t /ableco9s  7a7 ,9 g5]al ,except z
 provid$ 9 subsection 7b71 x %all be    
unlawful = any p]son to issue a paym5t  
/ableco94  7b7 ,exceptions ,subsection  
7a7 %all n apply to-- 7#a7 a money      
transmitt+ bus9ess1 a non-depository    
tru/ company1 or any o!r p]son t is     
au?oriz$ by a ,/ate bank+ sup]visor to  
issue paym5t /ableco9s2  7#b7 a national
 limit$ paym5t /ableco9 issu]2  7#c7 a  
depository in/itution1 z def9$ 9 section
 #ai7;b77#a7 ( ! ,f$]al ,res]ve ,act    
7#ab ,u4,s4,c #dfa7;b77#a772 or  7#d7 a 
national tru/ bank4  7c7 ,jo9t          
sup]vision  7#a7 ,9 g5]al ,if a p]son is
 au?oriz$ by ! appropriate ,f$]al bank+ 
ag5cy & ! applicable ,/ate bank+        
sup]visor to issue paym5t /ableco9s1 !  
p]son %all be jo9tly sup]vis$ by !      
appropriate ,f$]al bank+ ag5cy & ! ,/ate
 bank+ sup]visor4  7#b7 ,depository     
in/itutions ,a depository in/itution    

describ$ 9 subsection 7b77#c7-- 7,a7 may
 become a memb] bank ( ! ,f$]al ,res]ve 
,sy/em or obta9 deposit or %>e          
insurance2 &  7,b7 %all n be requir$ to 
satisfy subp>agraph 7,a7 z a condition  
to op]ate4  7d7 ,injunctive relief ,!   
,comptroll] ( ! ,curr5cy may br+ an     
action 9 ! appropriate di/rict c\rt ( ! 
,unit$ ,/ates or ! c\rt ( any t]ritory (
 ! ,unit$ ,/ates = ! en=cem5t ( ?is     
section & su* c\rts %all h jurisdiction 
& p[] to ord] & require compliance h]e)1
 includ+ ?r\gh injunctive relief4  7e7  
,f$]al res]ve acc\nts & s]vices ,ea*    
,f$]al ,res]ve bank %all1 ^u application
 f a national limit$ paym5t /ableco9    
issu] or a paym5t /ableco9 issu] t only 
engages 9 ! bus9ess ( issu+ & r$eem+    
paym5t /ableco9s & engag+ 9 activities  
incid5tal to su* issuance or r$emption--
 7#a7 e/abli% & ma9ta9 an acc\nt = !    
paym5t /ableco9 issu]2 &  7#b7 provide  
to ! paym5t /ableco9 issu]-- 7,a7 !     
s]vices li/$ 9 section #aa;,a7b7 ( !    
,f$]al ,res]ve ,act 7#ab ,u4,s4,c4      

#bdh;a7b772 &  7,b7 a deposit acc\nt 9  
accordance ) ! fir/ undesignat$ p>agraph
 ( section #ac ( ! ,f$]al ,res]ve ,act  
7#ab ,u4,s4,c4 #cdb74  #d4 ,disclosures1
 r$emption policies1 atte/ations1 &     
p]missible assets = paym5t /ableco9     
issu]s  7a7 ,9 g5]al ,any p]son describ$
 9 section #c7;b7 t issues a paym5t     
/ableco9 %all-- 7#a7 publicly disclose !
 assets back+ ! paym5t /ableco9 on a    
mon?ly basis2  7#b7 adopt & publicly    
disclose policies = r$eem+ ! paym5t     
/ableco91 includ+ :e!r r$emption reque/s
 w be met on dem& or ) a "t lag2  7#c7  
und]go qu>t]ly atte/ations by a regi/]$ 
public acc\nt+ firm & publicly disclose 
! results2 &  7#d7 atte/ t ! assets     
back+ ! paym5t /ableco9 d n mat]ially   
div]ge f ^? disclos$4  7b7 ,fil+ (      
disclosures ,disclosures describ$ 9     
subsection 7a7 %all-- 7#a7 be fil$ ) !  
,secret>y ( ! ,treasury2 &  7#b7 made   
publicly available on a ,dep>tm5t ( !   
,treasury website on a =m :i* %all      
include an executive summ>y n long] ?an 

#a page 9 l5g?4  7c7 ,rulemak+ ,!       
,secret>y ( ! ,treasury may promulgate  
regulations "u section #eec ( title #e1 
,unit$ ,/ates ,code1 to develop a       
template =m = ensur+ t ! disclosures    
describ$ 9 subsection 7a7 are complete1 
cle>1 & und]/&able4  7d7 ,p]missible    
assets ,paym5t /ableco9s issu$ by a     
paym5t /ableco9 issu] %all be back$ by  
assets-- 7#a7 ) a m>ket value equal to n
 less ?an #ajj p]c5t ( ! p> value ( !   
paym5t /ableco9s out/&+2 &  7#b7 t are--
 7,a7 level #a high-quality liquid      
assets1 d5om9at$ 9 ,unit$ ,/ates doll>s2
  7,b7 ,unit$ ,/ates co9s & curr5cy1 z  
describ$ 9 section #eajc ( title #ca1   
,unit$ ,/ates ,code2 &  7,c7 any deposit
 ) an insur$ depository in/itution4  #e4
 ,equal treatm5t = depository           
in/itutions  7a7 ,national bank+        
associations ,section #eacf ( ! ,revis$ 
,/atutes 7#ab ,u4,s4,c4 #bd7 is am5d$ by
 add+ at ! end ! foll[+3  ,twelf?4 ,to  
issue paym5t /ableco9s4  4  7b7         
,segregation ,a depository in/itution1 z

 def9$ 9 section #ai7;b77#a7 ( ! ,f$]al 
,res]ve ,act 7#ab ,u4,s4,c4             
#dfa7;b77#a77-- 7#a7 may segregate into 
a sep>ate legal entity ! issuance (     
paym5t /ableco9s & managem5t ( su*      
paym5t /ableco9 res]ve assets f o!r     
activities2 &  7#b7 t elects to         
segregate "u p>agraph 7#a71 or :i* only 
issues paym5t /ableco9s or manages      
paym5t /ableco9 res]ve assets-- 7,a7    
%all be subject to ! same tailor$       
regulatory /&>ds z a national limit$    
paym5t /ableco9 issu] = t activity2 &   
7,b7 %all rema9 subject to regulation1  
exam9ation1 & sup]vision by ! same      
regulator z ! depository in/itution4    
#f4 ,national limit$ paym5t /ableco9    
issu]s ,! ,revis$ ,/atutes are am5d$ by 
ins]t+ aft] section #ebdd 7#ab ,u4,s4,c4
 #dc7 ! foll[+3  #ebdd;,a4 ,national    
limit$ paym5t /ableco9 issu]s  7a7      
,application ,an entity may submit to ! 
,comptroll] ( ! ,curr5cy an application 
= a national limit$ paym5t /ableco9     
issu] lic5se4  7b7 ,au?ority ,a lic5se =

 a national limit$ paym5t /ableco9 issu]
 %all au?orize ! national limit$ paym5t 
/ableco9 issu] to issue & r$eem paym5t  
/ableco9s & engage 9 any activities     
incid5tal to su* issuance or r$emption1 
includ+ mak+ a m>ket 9 su* paym5t       
/ableco9 & hold+ & manag+ ! res]ve      
assets ( su* paym5t /ableco9s4  7c7     
,limitation on o!r activities ,a        
national limit$ paym5t /ableco9 issu]   
%all n engage 9 any activities1 su* z   
mak+ loans or o!r ext5sions ( cr$it1 o!r
 ?an ^? au?oriz$ by subsection 7b74  7d7
 ,review  7#a7 ,9 g5]al ,except z       
provid$ 9 p>agraph 7#b71 ! ,comptroll] (
 ! ,curr5cy %all grant applications =   
national limit$ paym5t /ableco9 issu]   
lic5ses n lat] ?an #ij days aft] ! date 
on :i* ! application is submitt$4  7#b7 
,consid]ations  7,a7 ,9 g5]al ,!        
,comptroll] ( ! ,curr5cy may d5y an     
application = a lic5se "u ?is subsection
 only if ! ,comptroll] det]m9es t !     
activities ( ! applicant w\ld be unsafe 
or uns\nd bas$ on ! factors describ$ 9  

subp>agraph 7,b74  7,b7 ,factors ,!     
factors describ$ 9 ?is subp>agraph are z
 foll[s3 7i7 ,! f9ancial condition &    
bus9ess plan ( ! applicant4  7ii7 ,!    
g5]al "* & fitness ( ! managem5t ( !    
applicant4  7iii7 ,! risks pres5t$ & !  
pot5tial b5efits t c\ld be deliv]$ to   
consum]s4  7#c7 ,default ,if !          
,comptroll] ( ! ,curr5cy fails to       
approve or d5y an application be=e !    
expiration ( ! #ij-;day p]iod "u        
p>agraph 7#a71 ! application %all be    
deem$ to h be5 approv$4  7#d7 ,response 
,if ! ,comptroll] ( ! ,curr5cy d5ies an 
application "u ?is section1 !           
,comptroll] %all respond to ! applicant 
) a detail$ writt5 explanation = su*    
d5ial4  7e7 ,corporate gov]nance ,a     
national limit$ paym5t /ableco9 issu]   
may elect1 by designat+ 9 ! bylaws ( !  
issu]1 to foll[ ! corporate gov]nance   
provisions (-- 7#a7 ! law ( ! ,/ate 9   
:i* ! issu] is incorporat$2  7#b7 ! law 
( ! ,/ate 9 :i* ! ma9 (fice ( ! issu] is
 locat$2  7#c7 *apt] #a ( title #h ( !  

,delaw>e ,code2 or  7#d7 ! ,model       
,bus9ess ,corporation ,act4  7f7        
,sup]vision ,a lic5se = a national      
limit$ paym5t /ableco9 issu] %all p]mit 
sup]vision1 exam9ation1 & regulation by 
! ,comptroll] ( ! ,curr5cy ( only !     
legal entity t issues paym5t /ableco9s4 
7g7 ,regulations ,! ,(fice ( !          
,comptroll] ( ! ,curr5cy may e/abli%    
only ! foll[+ regulations1 9 accordance 
) section #eec ( title #e1 ,unit$ ,/ates
 ,code1 = national limit$ paym5t        
/ableco9 issu]s3 7#a7 ,capital          
requirem5ts :i* %all n exce$ #f mon?s ( 
op]at+ exp5ses4  7#b7 ,liquidity        
requirem5ts4  7#c7 ,gov]nance &         
risk-managem5t requirem5ts tailor$ to ! 
bus9ess model & risk pr(ile ( national  
limit$ paym5t /ableco9 issu]s4  7h7     
,en=cem5t ,if ! ,comptroll] ( ! ,curr5cy
 det]m9es t a national limit$ paym5t    
/ableco9 issu] has violat$ ! requirem5ts
 ( ?is subsection or any o!r applicable 
law 7includ+ regulations71 ! ,comptroll]
 ( ! ,curr5cy may issue a tempor>y ord] 

requir+ ! national limit$ paym5t        
/ableco9 issu]s to-- 7#a7 cease & desi/ 
f any su* violation2 &  7#b7 take       
affirmative action to prev5t or rem$y   
su* violation4  4  #g4 ,exemption f     
securities requirem5ts  7a7 ,securities 
7#a7 ,securities act ( #aicc ,section   
#b7;a77#a7 ( ! ,securities ,act ( #aicc 
7#ae ,u4,s4,c4 #gg;b7a77#a77 is am5d$ by
 add+ at ! end ! foll[+3 ,! t]m security
 does n include a paym5t /ableco91 z t  
t]m is def9$ 9 section #b ( ! ,/ableco9 
,,tru/ ,act ( #bjbb44  7#b7 ,securities 
ex*ange act ( #aicd ,section #c7;a77#aj7
 ( ! ,securities ,ex*ange ,act ( #aicd  
7#ae ,u4,s4,c4 #gh;c7a77#aj77 is am5d$  
by add+ be=e ! p]iod at ! end ! foll[+3 
1 & %all also n include a paym5t        
/ableco91 z t t]m is def9$ 9 section #b 
( ! ,/ableco9 ,,tru/ ,act ( #bjbb4  7#c7
 ,inve/m5t company act ( #aidj ,section 
#b7;a77#cf7 ( ! ,inve/m5t ,company ,act 
( #aidj 7#ae ,u4,s4,c4                  
#hj;a-#b7;a77#cf77 is am5d$ by add+ at !
 end ! foll[+3 ,! t]m security does n   

include a paym5t /ableco91 z t t]m is   
def9$ 9 section #b ( ! ,/ableco9 ,,tru/ 
,act ( #bjbb44  7#d7 ,inve/m5t advis]s  
act ( #aidj ,section #bjb7;a77#ah7 ( !  
,inve/m5t ,advis]s ,act ( #aidj 7#ae    
,u4,s4,c4 #hj;b-#b7;a77#ah77 is am5d$ by
 add+ at ! end ! foll[+3 ,! t]m security
 does n include a paym5t /ableco91 z t  
t]m is def9$ 9 section #b ( ! ,/ableco9 
,,tru/ ,act ( #bjbb44  7b7 ,inve/m5t    
company ,section #c7;c7 ( ! ,inve/m5t   
,company ,act ( #aidj 7#ae ,u4,s4,c4    
#hj;a-#c7;c77 is am5d$ by add+ at ! end 
! foll[+3  7#ae7 ,any paym5t /ableco9   
issu]1 z t t]m is def9$ 9 section #b ( !
 ,/ableco9 ,,tru/ ,act ( #bjbb4  4  7c7 
,inve/m5t advis] ,section #bjb7;a77#aa7 
( ! ,inve/m5t ,advis]s ,act ( #aidj 7#ae
 ,u4,s4,c4 #hj;b-#b7;a77#aa77 is am5d$--
 7#a7 by /rik+ 22 7,g7 & ins]t+ 2 7,g72 
7#b7 by /rik+ or 7,h7 & ins]t+ 7,h72 &  
7#c7 by ins]t+ 2 or 7,i7 any paym5t     
/ableco9 issu]1 def9$ 9 section #b ( !  
,/ableco9 ,,tru/ ,act ( #bjbb be=e !    
p]iod at ! end4  #h4 ,privacy           

protections = digital assets & paym5t   
/ableco9 us]s  7a7 ,exemption f report+ 
requirem5ts ,! ,secret>y ( ! ,treasury  
may n collect or m&ate ! collection (   
nonpublic in=mation ab\t digital asset  
transactions unless ! in=mation is--    
7#a7 p>ticul>ly describ$ 9 a se>* w>rant
 grant$ by a judge ^u a f9d+ ( probable 
cause t #a or m ( ! p>ticipants to !    
transaction committ$ or is committ+ a   
crime2 or  7#b7 volunt>ily provid$ by a 
cu/om] ( a f9ancial in/itution1 bus9ess1
 or o!r ?ird p>ty & held = a legitimate 
bus9ess purpose by t f9ancial           
in/itution1 bus9ess1 or ?ird p>ty4  7b7 
,applicability ( o!r laws ,a national   
limit$ paym5t /ableco9 issu] %all be    
subject to title ,v ( !                 
,gramm-,lea*-,bliley ,act 7#ae ,u4,s4,c4
 #fhja et seq474  7c7 ,rule (           
con/ruction ,no?+ 9 ?is section may be  
con/ru$ to limit-- 7#a7 any duty to     
report taxable income2  7#b7 any duty to
 disclose =eign acc\nt own]%ip2 or  7#c7
 ! ability ( ! ,int]nal ,rev5ue ,s]vice 

to conduct inve/igations pursuant to a  
w>rant or o!r regul> legal process4  #i4
 ,treatm5t ( insolv5t paym5t /ableco9   
issu]s ,9 any insolv5cy proce$+1 includ+
 any proce$+ "u title #aa1 ,unit$ ,/ates
 ,code1 or any insolv5cy proce$+ by an  
appropriate ,f$]al bank+ ag5cy or a     
,/ate bank+ sup]visor ) respect to a    
paym5t /ableco9 issu]1 a claim ( a p]son
 hold+ paym5t /ableco9s issu$ by !      
paym5t /ableco9 issu] %all h priority   
ov] all o!r claims aga9/ ! paym5t       
/ableco9 issu]4  #aj4 ,rules (          
con/ruction  7a7 ,applicability to o!r  
in/rum5ts ,no?+ 9 sections #b ?r\gh #f  
may be con/ru$ z re/rict+ activities    
involv+ in/rum5ts o!r ?an paym5t        
/ableco9s4  7b7 ,relation to ,/ate &    
,f$]al au?ority ,no?+ 9 ?is ,act may be 
con/ru$ z-- 7#a7 prev5t+ a ,/ate bank+  
sup]visor f impos+ additional or /rict] 
regulatory /&>ds on a p]son lic5s$ by ! 
,/ate bank+ sup]visor to issue paym5t   
/ableco9s2  7#b7 sup]s$+ any requirem5t 
( ,/ate law relat+ to money transmitt+  

bus9esses op]at+ 9 t ,/ate1 o!r ?an =   
paym5t /ableco9 issu]s2 or  7#c7 limit+ 
! au?ority ( an insur$ depository       
in/itution to engage 9 activities       
p]missible pursuant to applicable ,/ate 
& ,f$]al law1 includ+ accept+ or receiv+
 deposits & issu+ digital assets t      
repres5t deposits4