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.

# Summary of S 3907 **What the Bill Would Do** This bill would amend the GENIUS Act (a previous law regulating stablecoins—digital currencies designed to maintain a stable value) to require foreign companies that issue payment stablecoins to undergo annual audits, similar to requirements already in place for U.S.-based stablecoin issuers. Stablecoins are cryptocurrencies typically backed by traditional assets like dollars or government bonds, and they're increasingly used for payments and transfers. **Who It Affects and Key Provisions** The bill primarily targets foreign stablecoin companies operating in or with access to U.S. markets.

By extending audit requirements to foreign issuers, it aims to create a level playing field and ensure consumer protection standards are consistent regardless of where a stablecoin company is based. The specific audit requirements and enforcement mechanisms would need to be detailed in the bill's full text. **Current Status** S 3907 was introduced by Senator Jack Reed (D-RI) in the 119th Congress and is currently in committee, meaning it has not yet been debated or voted on by the full Senate. The bill has not yet advanced further in the legislative process.