H.R. 4766 — Clarity for Payment Stablecoins Act of 2023

This bill establishes a regulatory framework for payment stablecoins (digital assets which an issuer must redeem for a fixed monetary value). Only permitted issuers are allowed to issue a payment stablecoin for use by U.S. persons. Permitted issuers must be a subsidiary of an insured depository institution, a federal-qualified nonbank payment stablecoin issuer, or a state-qualified payment stablecoin issuer. In general, permitted issuers must be regulated by the appropriate federal regulator, however, state-qualified issuers must be regulated by an appropriate state regulator. Permitted issuers must maintain reserves backing the stablecoin on a one-to-one basis using assets as outlined by...