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Foreign Stablecoin Transparency Act
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.
Summary
This bill amends the GENIUS Act to require foreign payment stablecoin issuers with more than $50 billion in outstanding issuance to undergo annual financial audits similar to U.S. payment stablecoin issuers. The requirement applies only to foreign issuers that are not already subject to Securities and Exchange Commission reporting requirements. Foreign stablecoin issuers must prepare annual financial statements in accordance with generally accepted accounting principles and hire a registered public accounting firm to conduct audits following Public Company Accounting Oversight Board standards. The bill includes provisions addressing auditor independence, internal controls, and related party transactions.
AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.
Sponsor (1)
- Sen. Reed, Jack [D-RI] (D-RI)
Actions (2)
- Feb 24, 2026 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (Sponsor introductory remarks on measure: CR S653-654) · senate
- Feb 24, 2026 Introduced in Senate
Similar bills (6)
Bills with similar text or summary — includes reintroductions across Congresses. Ranked by semantic similarity of the bill text (computed locally); a neutral discovery aid, not a claim the bills are duplicates.
Full text
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.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the “Foreign Stablecoin Transparency Act”.
SEC. 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.”. <all>
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