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The U.S. has published a draft bill on stablecoin regulation. Key provisions include:
• Introduction of the concept of a “payment stablecoin” with a 1:1 backing.
• Issuance is allowed only for U.S.-registered banks, depository institutions, and licensed non-bank entities.
• Reserves may include cash, bank deposits, U.S. Treasury bonds (with maturities up to 90 days), repo agreements (up to 7 days), and central bank deposits.
• Issuers must disclose information on reserves and redemption policies.
• Regulatory authorities: Federal Reserve, FDIC, and OCC.
• Mandatory independent audits of issuer reports.
• Licensing applications to be reviewed within 120 days.
• Prohibition on using stablecoin reserves for additional investments, except for liquidity management transactions.
• Mandatory monthly reports. Criminal liability and license revocation for knowingly providing false information.
• Application of the Bank Secrecy Act provisions.
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