John Reed (D-RI)
Foreign Stablecoin Transparency Act
A Democratic bill with no cosponsors
Last activity — Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (Sponsor introductory remarks on measure: CR S653-654)
In committee
Introduced and handed to a committee in the chamber it started in.
The committee holds it, and most bills are never heard from again. A hearing or a committee vote would be news; silence is the usual outcome, and it kills the bill without anyone voting against it.
Its path through Congress
- Introduced
- In Committee
What this bill would do
This bill, known as the "Foreign Stablecoin Transparency Act," proposes amendments to the GENIUS Act. It targets foreign payment stablecoin issuers that have more than $50,000,000,000 in consolidated total outstanding issuance. These specific issuers would be required to prepare an annual financial statement following generally accepted accounting principles. Additionally, they must engage a registered public accounting firm to conduct an audit of those statements. The audit must follow standards set by the Public Company Accounting Oversight Board.
Yes· 3 of 4
- Scored +5
Does this give people more protection from unfair business practices?
The bill enhances consumer protection by requiring transparency and audits for massive foreign stablecoin issuers.
- Scored +4
Does this make what the government does easier for the public to see?
The bill increases transparency by requiring large issuers to disclose financial statements and undergo audits.
- Scored +3
Does this give the federal government more power?
The bill expands federal oversight of foreign stablecoin issuers through mandatory audit requirements.
The opposite
No question was scored the opposite.
Who it would affect, and how
Potential Positive Impacts for People
-
Increased Transparency for Large Issuers: Foreign payment stablecoin issuers with more than $50,000,000,000 in outstanding issuance would be required to prepare annual financial statements that include disclosures of related party transactions (Section 2).
-
Verification of Financial Health: By requiring these large issuers to engage a registered public accounting firm to perform an audit, the bill ensures financial statements are reviewed under applicable auditing standards (Section 2).
Potential Negative Impacts for People
- No negative impacts are explicitly stated in the provided text.
Groups and Interests Ranking
Every group the model scored this bill for, from -10 to +10. Tap or hover a score for the reason it gave.
- Governance And Ideology
- Does this make what the government does easier for the public to see? — The bill increases transparency by requiring large issuers to disclose financial statements and undergo audits. Does this give the federal government more power? — The bill expands federal oversight of foreign stablecoin issuers through mandatory audit requirements.
- Economy And Finance
- Does this give people more protection from unfair business practices? — The bill enhances consumer protection by requiring transparency and audits for massive foreign stablecoin issuers.
- Education And Technology
- Does this put more rules on large technology companies? — The bill adds regulatory and auditing requirements for large digital asset issuers.
- 2/24/2026
- Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (Sponsor introductory remarks on measure: CR S653-654)
- Introduced in Senate