Fiat-Based Stablecoins 311. Department of Treasury regulation of digital asset fiat-based stablecoins Subchapter I of chapter 51 of subtitle IV of title 31, United States Code is amended by adding at the end the following: 5104. Department of Treasury regulation of digital asset fiat-based stablecoins (a) In general Beginning on the date of the enactment of this section, no person may issue, use, or permit to be used a digital asset fiat-based stablecoin that is not approved by the Secretary of the Treasury under subsection (b). (b) Applications (1) In general Not later than 90 days after the date of the enactment of this section, the Secretary of the Treasury shall establish an application process under which the Secretary may approve or disapprove a person wishing to issue a digital asset fiat-based stablecoin, under such terms and conditions as the Secretary determines necessary and appropriate. (2) Consultation In carrying out paragraph (1), the Secretary of the Treasury shall, in considering applications for digital asset fiat-based stablecoins, consult with— (A) the Board of Governors of the Federal Reserve System