H.R. 8498House117th Congress (2021-2023)In Committee

To establish reporting requirements for persons who issue fiat currency-backed stablecoins, and for other purposes.

AI-Generated Summary

Updated February 8, 2026 at 4:53 PM UTC

The bill creates reporting and reserve‑holding rules for issuers of fiat currency‑backed stablecoins and clarifies that these stablecoins are not securities or commodities. It defines the term, sets limits on the types of assets issuers must keep as reserves, and requires regular public disclosure of those reserves. The rules apply to any person or entity that issues a stablecoin pegged one‑to‑one to a fiat currency, affecting both issuers and users of such digital assets.

Key Provisions

Defines “fiat currency‑backed stablecoin” as a digital asset that maintains price stability by being backed one‑to‑one by a non‑digital fiat currency and is redeemable in that currency.
States that fiat‑backed stablecoins are not securities or commodities and therefore are not subject to regulation by the SEC or CFTC.
Requires stablecoin issuers to hold all reserves in U.S. government securities maturing within 12 months, fully collateralized security repurchase agreements, or U.S. dollars or other non‑digital currencies.
Mandates that issuers publish an audited reserve report on their website within 30 days of the law’s enactment and every 30 days thereafter.

Legislative Activity

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HouseIntro Referral Latest Action

Referred to the House Committee on Financial Services.

Financial Services Committee

July 26, 2022

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HouseIntro Referral

Introduced in House

July 26, 2022

HouseIntro Referral

Referred to the House Committee on Financial Services.

Financial Services Committee

July 26, 2022

Bill Text

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Introduced in HouseIssued July 26, 2022

117th CONGRESS

2d Session

H. R. 8498

IN THE HOUSE OF REPRESENTATIVES

July 26, 2022

Mr. Hollingsworth introduced the following bill; which was referred to the Committee on Financial Services

A BILL

To establish reporting requirements for persons who issue fiat currency-backed stablecoins, and for other purposes.

Fiat currency-backed stablecoins

(a)

In general

The term fiat currency-backed stablecoin means a fiat currency-backed digital asset—

(1)

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 issued; and

(2)

is redeemable on a one-to-one basis in the denominated currency to which the digital asset is backed.

(b)

Treatment as a security or commodity

A fait currency-based stablecoin is not a security (within the meaning given the term in section 3 of the Securities Exchange Act of 1934) or a commodity (within the meaning given the term in section 1a of the Commodity Exchange Act) and may not be regulated as such by the Securities Exchange Commission or the Commodity Futures Trading Commission.

Stablecoin issuer requirements

(a)

Definitions

In this section:

(1)

Fiat currency-backed stablecoin

The term fiat currency-backed stablecoin means a fiat currency-backed digital asset—

(A)

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 issued; and

(B)

is redeemable on a one-to-one basis in the denominated currency to which the digital asset is backed.

(2)

Stablecoin issuer

The term stablecoin issuer means a person that issues a fiat currency-backed stablecoin.

(b)

Reserves

Each stablecoin issuer shall hold all reserves associated with each fiat currency-backed stablecoin issued by such stablecoin issuer in—

(1)

government securities that mature not more than 12 months;

(2)

fully collateralized security repurchase agreements; and

(3)

United States dollars or any other non-digital currency.

(c)

Reserve reports

Each stablecoin issuer shall, not later than 30 days after the date of the enactment of this Act and every 30 days thereafter, publish on the website of such stablecoin issuer, a report on the reserves held by such stablecoin issuer that has been audited by a third-party auditor.