,,ii  #aaith ,,congress  #b;d ,session  
,s4 #cijg  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,february #bd1 
#bjbf,mr4 ,reed introduced the following
 bill2 which was read twice and referred
 to the ,committee on ,banking1         
,housing1 and ,urban ,affairs  ,a ,,bill
  ,to amend the ,,genius ,act to require
 foreign payment stablecoin issuers to  
undergo an annual audit similar to      
,united ,states payment stablecoin      
issuers1 and for other purposes4  #a4   
,short title ,this ,act may be cited as 
the ,foreign ,stablecoin ,transparency  
,act4  #b4 ,amendments to foreign       
payment stablecoin issuer exception     
,section #ah of the ,,genius ,act 7#ab  
,u4,s4,c4 #eiaf7 is amended-- 7#a7 in   
subsection 7a71 by adding at the end the
 following3  7#e7 ,if the foreign       
payment stablecoin issuer has more than 
#ej1jjj1jjj1jjj in consolidated total   
outstanding issuance and is not subject 
to the reporting requirements under     
section #ac7;a7 or #ae7;d7 of the       

,securities and ,exchange ,act of #aicd 
7#ae ,u4,s4,c4 #ghm1 #gho7d771 the      
foreign payment stablecoin issuer-- 7,a7
 prepares1 in accordance with generally 
accepted accounting principles1 an      
annual financial statement1 which       
includes the disclosure of any related  
party transactions1 as defined by such  
generally accepted accounting           
principles2 and  7,b7 engages a         
registered public accounting firm to    
perform an audit of the annual financial
 statement under subparagraph 7,a7 that 
is conducted in accordance with all     
applicable auditing standards           
established by the ,public ,company     
,accounting ,oversight ,board1 including
 those relating to auditor independence1
 internal controls1 and related party   
transactions4  2 and  7#b7 by adding at 
the end the following3  7e7 ,rule of    
construction ,nothing in this section   
shall be construed to limit1 alter1 or  
expand the jurisdiction of the ,public  
,company ,accounting ,oversight ,board  

over permitted payment stablecoin       
issuers or registered public accounting 
firms4  4