1. Short title This Act may be cited as the Stablecoin Classification and Regulation Act of 2020 . 2. Findings Congress finds the following: (1) Article I, Section 8, Clause 5 of the United States Constitution provides that Congress shall have the power to coin money, regulate the value thereof, and of foreign coin, and fix the standard of weights and measures . (2) Section 2A of the Federal Reserve Act ( 12 U.S.C. 225a ) provides that the mandate of the Board of Governors of the Federal Reserve System is to promote effectively the goals of maximum employment, stable prices, and moderate long-term interest rates . (3) Section 21(a) of the Banking Act of 1933 ( 12 U.S.C. 378(a) ) provides in part that: (a) After the expiration of one year after [June 16, 1933] it shall be unlawful … (2) For any person, firm, corporation, association, business trust, or other similar organization to engage, to any extent whatever with others than his or its officers, agents or employees, in the business of receiving deposits subject to check or to repayment upon presentation of a pass book, certificate of deposit, or other evidence of debt, or upon request of the depositor, unless such person, firm, corporation, association, business trust, or other similar organization (A) shall be incorporated under, and authorized to engage in such business by, the laws of the United States or of any State, Territory, or District, and subjected, by the laws of the United States, or of the State, Territory, or District wherein located, to examination and regulation, or (B) shall be permitted by the United States, any State, territory, or district to engage in such business and shall be subjected by the laws of the United States, or such State, territory, or district to examination and regulations or, (C) shall submit to periodic examination by the banking authority of the State Territory, or District where such business is carried on and shall make and publish periodic reports of its condition, exhibiting in detail its resources and liabilities,