S.Amdt. 2226

The amendment, submitted by Mr. Reed as SA 2226 to the bill S. 1582, adds a private right of action against permitted payment stablecoin issuers and digital asset service providers.

It aims to allow any person who purchases, sells, trades, exchanges, transfers, or lends a payment stablecoin in interstate or foreign commerce to bring an action in the United States district court.

This court action can be brought against a permitted payment stablecoin issuer or a digital asset service provider if they deployed any fraudulent, manipulative, or deceptive device or contrivance related to the rules and regulations prescribed by the primary Federal payment stablecoin issuers for the protection of the public and people who transact in payment stablecoins.