S.Amdt. 2254

As your legislative analyst, I want to keep you informed on what our officials are trying to change so we can hold them accountable. Mr. Reed submitted amendment SA 2254 to be proposed for the bill S. 1582, which is about regulating payment stablecoins.

Here is what this amendment aims to add and change:

• It adds a new section called Sanctions Enforcement.

• It changes the rules so that any payment stablecoin priced in U.S. dollars is considered property under U.S. jurisdiction, no matter where it is located, for the purpose of sanctions and enforcement actions.

• It adds new authority regarding digital asset platforms under the International Emergency Economic Powers Act.

• It states that any digital asset platform in the world is under U.S. jurisdiction if the Secretary of the Treasury decides the platform is doing business in interstate commerce by performing digital asset platform functions.

• It defines a digital asset platform as any person the Secretary determines helps exchange, buy, sell, hold, transfer, issue, or lend digital assets, makes services available for digital asset transactions, or controls someone doing those activities.