S. 3907

119 S3907 IS: Foreign Stablecoin Transparency Act
 U.S. Senate
 2026-02-24
 text/xml
 EN
 Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.
 II  119th CONGRESS  2d Session  S. 3907  IN THE SENATE OF THE UNITED STATES   February 24, 2026   Mr. Reed  introduced the following bill; which was read twice and referred to the  Committee on Banking, Housing, and Urban Affairs    A BILL
To amend the GENIUS Act to require foreign payment stablecoin issuers to undergo an annual audit similar to United States payment stablecoin issuers, and for other purposes.
1.
Short title
This Act may be cited as the   Foreign Stablecoin Transparency Act  .
2.
Amendments to foreign payment stablecoin issuer exception
Section 18 of the GENIUS Act ( 12 U.S.C. 5916 ) is amended—
(1)
in subsection (a), by adding at the end the following:
(5)
If the foreign payment stablecoin issuer has more than $50,000,000,000 in consolidated total outstanding issuance and is not subject to the reporting requirements under section 13(a) or 15(d) of the Securities and Exchange Act of 1934 ( 15 U.S.C. 78m , 78o(d)), the foreign payment stablecoin issuer—
(A)
prepares, in accordance with generally accepted accounting principles, an annual financial statement, which includes the disclosure of any related party transactions, as defined by such generally accepted accounting principles; and
(B)
engages a registered public accounting firm to perform an audit of the annual financial statement under subparagraph (A) that is conducted in accordance with all applicable auditing standards established by the Public Company Accounting Oversight Board, including those relating to auditor independence, internal controls, and related party transactions.
 ; and
(2)
by adding at the end the following:
(e)
Rule of construction
Nothing in this section shall be construed to limit, alter, or expand the jurisdiction of the Public Company Accounting Oversight Board over permitted payment stablecoin issuers or registered public accounting firms.
 .