S.Amdt. 2234

Here is the common-sense breakdown of this amendment proposed by Mr. Schiff to the bill dealing with payment stablecoins. As folks who want to hold our elected and appointed leaders accountable, this addition is all about making sure the people we vote for or put into office do not profit off of these new financial products.

What the Amendment Changes and Adds

• It adds a Public Official Certification Requirement to the bill.
• It requires permitted payment stablecoin issuers to ensure that no public official profits from the issuance of their payment stablecoins.
• It forces companies wanting to issue stablecoins to submit an initial certification to the Director of the Office of Government Ethics and their regulator, swearing that no public official has a financial interest from the issuance of the stablecoins tied to matters they participate in personally and substantially as a government officer or employee.
• It sets up recertification rules, requiring issuers to submit updated certifications either 180 days after approval or 90 days after issuing their first stablecoin, whichever is earlier, and then on a quarterly basis after that.
• It mandates public disclosure, meaning the Director of the Office of Government Ethics must make these certifications publicly available on their official website databases.
• It creates strict penalties, including approval revocation if an issuer fails to submit the required certifications, and criminal penalties (along with a referral to the Attorney General or a host State attorney general) for anyone who submits a false certification.