S.Amdt. 2243

• This amendment treats permitted payment stablecoin issuers just like insured depository institutions.

• It makes sure these issuers have to follow the same rules as traditional banks when it comes to filing a charter, submitting suspicious activity reports, reporting large transactions under the Bank Secrecy Act, meeting regulatory capital standards, and undergoing audits.

Purpose of the Amendment

• The purpose is to hold stablecoin issuers to the same accountability standards as regular banks for these specific requirements.