Moratorium on endogenously collateralized stablecoins

(a) Moratorium During the 2-year period beginning on the date of enactment of this Act, it shall be unlawful to issue an endogenously collateralized stablecoin not in existence on the date of enactment of this Act. (b) Endogenously collateralized stablecoin defined In this section, the term endogenously collateralized stablecoin means any digital asset— (1) in which its issuer has represented will be converted, redeemed, or repurchased for a fixed amount of monetary value; and (2) that relies solely on the value of another digital asset created or maintained by the same originator to maintain the fixed price.

(a) Moratorium During the 2-year period beginning on the date of enactment of this Act, it shall be unlawful to issue an endogenously collateralized stablecoin not in existence on the date of enactment of this Act. (b) Endogenously collateralized stablecoin defined In this section, the term endogenously collateralized stablecoin means any digital asset— (1) in which its issuer has represented will be converted, redeemed, or repurchased for a fixed amount of monetary value; and (2) that relies solely on the value of another digital asset created or maintained by the same originator to maintain the fixed price.