S. 3907 — Foreign Stablecoin Transparency Act

This section amends the foreign payment stablecoin issuer exception under Section 18 of the GENIUS Act (12 U.S.C. 5916) as follows: (1) requires a foreign payment stablecoin issuer with more than $50 billion in consolidated total outstanding issuance that is not subject to SEC periodic reporting requirements under Sections 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m(a), 78o(d)) to prepare an annual GAAP financial statement disclosing related party transactions and to obtain an audit of that statement by a PCAOB-registered public accounting firm conducted in accordance with PCAOB standards on auditor independence, internal controls, and related party transactions; and (2) adds a rule of construction clarifying that the section does not limit, alter, or expand PCAOB jurisdiction over permitted payment stablecoin issuers or registered public accounting firms.