Section 1 Short title
This Act may be cited as the “Foreign Stablecoin Transparency Act”.
Foreign Stablecoin Transparency Act
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.
Sec. 2 Amendments to foreign payment stablecoin issuer exception
Section 18 of the GENIUS Act (12 U.S.C. 5916) is amended—
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.”
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.”