S.Amdt. 2253

MR. REED submitted amendment SA 2253 to the bill S. 1582, which provides for the regulation of payment stablecoins. Common sense tells us that when dealing with people's money, we need to hold officials and companies accountable. This amendment changes the bill by striking section 4(a)(10) and replacing it with strict rules on auditing and internal controls for payment stablecoin issuers.

The amendment aims to add clear responsibilities for the management of payment stablecoin issuers. Specifically, it requires them to prepare annual financial statements and a signed report from top executives detailing their responsibility for financial statements, internal controls, and safety and soundness laws.

Here is what the amendment specifically adds to the bill:

• Management Responsibility: Top executives must assess and report on the effectiveness of their internal controls and their compliance with safety and soundness laws.

• Independent Accountant Attestation: An independent public accountant must separately report on and attest to management's internal control assertions.

• Annual Independent Audits: Regulators must require issuers to have an annual independent audit of their financial statements.