US SB3907

Foreign payment stablecoin issuers with more than $50 billion in consolidated total outstanding issuance must prepare annual financial statements in accordance with generally accepted accounting principles, including disclosure of related party transactions

These large foreign issuers must engage a registered public accounting firm to conduct annual audits meeting all Public Company Accounting Oversight Board standards for auditor independence, internal controls, and related party transactions

The requirements apply only to foreign issuers not already subject to SEC reporting requirements under sections 13(a) or 15(d) of the Securities and Exchange Act of 1934

The bill does not alter or expand the jurisdiction of the Public Company Accounting Oversight Board over permitted payment stablecoin issuers or registered public accounting firms

Introduced February 24, 2026 by Senator Reed and referred to the Committee on Banking, Housing, and Urban Affairs