(2) REPORT.—Not later than 365 days after the 
date of enactment of this Act, the Secretary shall pro-
vide the Committee on Financial Services of the 
House of Representatives and the Committee on 
Banking, Housing, and Urban Affairs of the Senate 
a report containing all findings made in carrying out 
the study under paragraph (1), including an analysis 
of— 
(A) the impact of payment stablecoins on 
the cost of domestic and cross-border payments 
and remittances; 
(B) the role of payment stablecoins in pro-
viding access to a stable currency in the Global 
South; 
(C) the use of payment stablecoins by popu-
lations in the Global South to mitigate exposure 
to the effects of inflation; 
(D) the extent to which payment stablecoin 
adoption reinforces the role of the United States 
dollar as the world’s reserve currency; and 
(E) the extent to which payment stablecoins 
may expand demand for United States Treasury 
securities and reduce the cost of United States 
Government borrowing. 
VerDate Sep 11 2014 
21:18 May 06, 2025
Jkt 059200
PO 00000
Frm 00071
Fmt 6652
Sfmt 6203
E:\BILLS\H2392.RH
H2392
ssavage on LAPJG3WLY3PROD with BILLS
SEC. 13. REPORT ON RULEMAKING STATUS. 
Not later than 6 months after the date of enactment 
of this Act, the primary Federal payment stablecoin regu-
lators shall provide a status update on the development of 
the rulemaking under this Act to the Committee on Finan-
cial Services of the House of Representatives and the Com-
mittee on Banking, Housing, and Urban Affairs of the Sen-
ate. 
SEC. 14. AUTHORITY OF BANKING INSTITUTIONS. 
(a) RULE OF CONSTRUCTION.—Nothing in this Act 
may be construed to limit the authority of a depository in-
stitution, national bank, Federal credit union, State credit 
union, or trust company to engage in activities permissible 
pursuant to applicable State and Federal law, including— 
(1) accepting or receiving deposits and issuing 
digital assets that represent deposits; 
(2) utilizing a distributed ledger for the books 
and records of the entity and to affect intrabank 
transfers; and 
(3) providing custodial services for payment 
stablecoins, private keys of payment stablecoins, or re-
serves backing payment stablecoins. 
(b) REGULATORY REVIEW.—The primary Federal 
payment stablecoin regulators shall review all existing regu-
lations and guidance and, if necessary, amend such regula-
tions or guidance or issue new regulations or guidance to 
VerDate Sep 11 2014 
21:18 May 06, 2025
Jkt 059200
PO 00000
Frm 00072
Fmt 6652
Sfmt 6203
E:\BILLS\H2392.RH
H2392
ssavage on LAPJG3WLY3PROD with BILLS
clarify that regulated entities can engage in the payment 
stablecoin activities contemplated in, and in accordance 
with, this Act. 
(c) TREATMENT OF CUSTODY ACTIVITIES.—The ap-
propriate Federal banking agency, the National Credit 
Union Administration (in the case of a credit union), and 
the Securities and Exchange Commission may not require 
a depository institution, national bank, Federal credit 
union, State credit union, or trust company, or any affil-
iate thereof (the ‘‘entity’’)— 
(1) to include assets held in custody that are not 
owned by the entity as a liability on the financial 
statement or balance sheet of the entity, including 
payment stablecoin custody or safekeeping services; 
(2) to hold regulatory capital against assets, in-
cluding reserves backing such assets described in sec-
tion 4(a)(1)(A), in custody or safekeeping, except as 
necessary to mitigate against operational risks inher-
ent with the custody or safekeeping services, as deter-
mined by— 
(A) the appropriate Federal banking agen-
cy; 
(B) the National Credit Union Administra-
tion (in the case of a credit union); 
VerDate Sep 11 2014 
21:18 May 06, 2025
Jkt 059200
PO 00000
Frm 00073
Fmt 6652
Sfmt 6203
E:\BILLS\H2392.RH
H2392
ssavage on LAPJG3WLY3PROD with BILLS
(C) a State bank supervisor (as defined in 
section 3 of the Federal Deposit Insurance Act 
(12 U.S.C. 1813)); or 
(D) a State credit union supervisor (as de-
fined in section 6003 of the Anti-Money Laun-
dering Act of 2020 (31 U.S.C. 5311 note)); and 
(3) to recognize a liability for any obligations re-
lated to activities or services performed with respect 
to digital assets that the entity does not own if that 
liability would exceed the expense recognized in the 
income statement as a result of the corresponding ob-
ligation. 
(d) DEPOSITORY INSTITUTION DEFINED.—In this sec-
tion, the term ‘‘depository institution’’ has the meaning 
given that term in section 3 of the Federal Deposit Insur-
ance Act (12 U.S.C. 1813). 
SEC. 
15. 
AMENDMENTS 
TO 
CLARIFY 
THAT 
PAYMENT 
STABLECOINS ARE NOT SECURITIES. 
(a) INVESTMENT ADVISERS ACT OF 1940.—Section 
202(a)(18) of the Investment Advisers Act of 1940 (15 
U.S.C. 80b–2(a)(18)) is amended by adding at the end the 
following: ‘‘The term ‘security’ does not include a payment 
stablecoin issued by a permitted payment stablecoin issuer, 
as such terms are defined, respectively, in section 2 of the 
STABLE Act of 2025.’’. 
VerDate Sep 11 2014 
21:18 May 06, 2025
Jkt 059200
PO 00000
Frm 00074
Fmt 6652
Sfmt 6203
E:\BILLS\H2392.RH
H2392
ssavage on LAPJG3WLY3PROD with BILLS
(b) INVESTMENT COMPANY ACT OF 1940.—The Invest-
ment Company Act of 1940 is amended— 
(1) in section 2(a)(36) (15 U.S.C. 80a–2(a)(36)), 
by adding at the end the following: ‘‘The term ‘secu-
rity’ does not include a payment stablecoin issued by 
a permitted payment stablecoin issuer, as such terms 
are defined, respectively, in section 2 of the STABLE 
Act of 2025.’’; and 
(2) in section 3(c) (15 U.S.C. 80a–3(c)), by add-
ing at the end the following: 
‘‘(15) Any permitted payment stablecoin issuer, 
as such term is defined in section 2 of the STABLE 
Act of 2025.’’. 
(c) SECURITIES ACT OF 1933.—Section 2(a)(1) of the 
Securities Act of 1933 (15 U.S.C. 77b(a)(1)) is amended 
by adding at the end the following: ‘‘The term ‘security’ 
does not include a payment stablecoin issued by a permitted 
payment stablecoin issuer, as such terms are defined, re-
spectively, in section 2 of the STABLE Act of 2025.’’. 
(d) SECURITIES EXCHANGE ACT OF 1934.—Section 
3(a)(10) of the Securities Exchange Act of 1934 (15 U.S.C. 
78c(a)(10)) is amended by adding at the end the following: 
‘‘The term ‘security’ does not include a payment stablecoin 
issued by a permitted payment stablecoin issuer, as such 
VerDate Sep 11 2014 
21:18 May 06, 2025
Jkt 059200
PO 00000
Frm 00075
Fmt 6652
Sfmt 6203
E:\BILLS\H2392.RH
H2392
ssavage on LAPJG3WLY3PROD with BILLS