H. R. 4766, named the “Clarity for Payment Stablecoins Act of 2023,” aims to regulate payment stablecoins, which are digital assets designed to maintain a stable value. The bill outlines who can issue stablecoins, requiring them to back their coins with reserves like U.S. currency or Treasury...
Simple Explanation
The Clarity for Payment Stablecoins Act of 2023 is like a set of rules to make sure digital coins called stablecoins stay safe and fair, needing people who make these coins to keep enough money to back them up and get permission to do so. It also makes it clear that these coins are different from other money stuff like stocks, so they have their own special rules.