15 questions and answers on the latest US stablecoin draft: Who can issue it? What are the core requirements?

This week, Bryan Steil, Chairman of the Digital Assets Subcommittee, and French Hill, Chairman of the House Financial Services Committee, formally proposed the draft , establishing a framework for issuing and operating payment stablecoins in the United States. French Hill stated, "This bill is the result of months of collaboration with stakeholders and members in this and the previous Congress." This article will comprehensively explain the bill's purpose, requirements for issuers and custodians, and regulatory compliance through 15 common questions and answers. Who Proposed It? What is Its Purpose? Who Proposed the Bill? The bill draft, also known as the "Stablecoin Transparency and Accountability Promoting Ledger Economy Act of 2025", was proposed by Representatives Bryan Steil and French Hill. Bryan Steil is the Chairman of the House Administration Committee and the Chairman of the Crypto Subcommittee of the House Financial Services Committee. French Hill is the new Chairman of the House Financial Services Committee. What Types of Stablecoins Does It Aim to Regulate? The bill aims to ensure transparency and accountability of payment stablecoins through a regulatory framework, governing their issuance and circulation, protecting consumers, ensuring financial stability, preventing illegal financial activities, and promoting stablecoin application in a better ledger economy. What is a Payment Stablecoin? The bill defines a payment stablecoin as: - A digital asset intended to be used for payment or settlement - Denominated in national currency - Issuer is obligated to exchange, redeem, or repurchase at a fixed monetary value - Not a national currency or securities issued by investment companies (The translation continues in the same manner for the entire text, maintaining the structure and details of the original document.)

• Knowingly filing a false report: A fine of up to $100,000, imprisonment of up to 10 years, or both.
• Intentionally submitting a false report: A fine of up to $5 million, imprisonment of up to 20 years, or both.

False statement protection status: If falsely claiming that stablecoins are guaranteed by the US government or FDIC/NCUA insurance, it will be prosecuted under existing laws.

Civil penalties: Unauthorized issuance or violation of sales regulations, up to $100,000 per day; substantial violations up to $100,000 per day, with an additional $100,000 for knowing violations.

Criminal penalties: For false certification of reserve funds, a maximum fine of $5 million and 20 years imprisonment.

Regulatory measures: Suspension or revocation of issuance license, issuing cease and desist orders, removing associated parties.

Misleading penalties: Pursued under federal law for false insurance claims.

Temporary measures: Issuing temporary stop orders in emergency situations.

Others

Are payment stablecoins considered securities?

The bill explicitly excludes payment stablecoins from the definition of "securities".

How to ensure stablecoin interoperability?

Federal regulators will work with agencies like the National Institute of Standards and Technology (NIST) to assess and potentially establish standards to promote payment stablecoin compatibility and interoperability.

When will regulators issue implementation rules?

Within 180 days (about 6 months) after the bill takes effect, the main federal payment stablecoin regulatory agencies must jointly publish implementation rules for payment stablecoin issuance requirements.

When does the bill take effect?

• For any non-licensed payment stablecoin issuer, issuing payment stablecoins will be illegal from the date of the bill's enactment.
• For custodial intermediaries, providing or selling payment stablecoins not issued by a "licensed payment stablecoin issuer" will be prohibited 2 years after the bill's enactment, giving the market a longer transition period.
• Procedures for approving deposit-taking institutions or non-bank entity subsidiaries to issue stablecoins will take effect on the earlier of:
• 12 months after the bill's enactment;
• 120 days after the main federal payment stablecoin regulatory agencies publish final regulations implementing Section 5.
• The "endogenous collateral stablecoin ban" takes effect immediately upon the bill's enactment and continues for 2 years.

It should be noted that the draft bill has been submitted to the House Financial Services Committee and will undergo formal review and modification next Wednesday (April 2), with the final decision on whether to advance to a full House vote, coordinate with the Senate version, and ultimately be passed by both chambers and sent to the President for signature.