S.Amdt. 2225

This amendment, submitted by Mr. Reed to the bill S. 1582, focuses on the regulation of payment stablecoins and updates to the International Emergency Economic Powers Act. We need to hold our officials accountable by keeping a close eye on how they want to handle these financial rules and penalties. Here is what the amendment aims to change or add to the bill:

• Makes it unlawful for any person to offer or sell a payment stablecoin in interstate commerce in the United States, or to a U.S. person living in the U.S., unless a permitted payment stablecoin issuer issues it.

• Directs the Board to issue regulations for safe harbors regarding the offer or sale of payment stablecoins issued by foreign payment stablecoin issuers with home country requirements comparable to those under the Act.

• Allows primary Federal payment stablecoin regulators to jointly issue safe harbor regulations from the new sales prohibition.

• Updates violation references to include the newly added prohibition subsection alongside existing rules.

• Strikes a specific paragraph and adjusts punctuation within section 3(h).

• Replaces section 18 to allow the President to use sanctions authorities under the International Emergency Economic Powers Act regarding blockchain-enabled smart contracts or similar technology, regardless of whether they operate autonomously, can be modified, or are owned.

• Adds specific definitions for the terms interest, person, national, and property to Section 203 of the International Emergency Economic Powers Act.