Amendment · S.Amdt. 2263· Senate(119-SAMDT-2263)

S.Amdt. 2263

Age: 77 years

Rhode Island

Introduced: 5/21/2025
Sponsored by: John Reed
Cosponsors: None

Changes bill: 119-S-1582 — GENIUS Act

Introduced
Pending Consideration
Failed

This amendment was never taken up, and the bill finished without it. It was never voted on.

What this amendment would do

Mr. Reed submitted amendment SA 2263 to the bill S. 1582, which provides for the regulation of payment stablecoins. If we want to hold folks accountable and make sure things are done right, this amendment makes a few specific changes to the text of the bill.

What It Changes and Adds

In section 2(13), it adds the phrase , or agent for,'' right after controlling stockholder of''.
In section 6(b)(3), it replaces the phrase ``all such permitted payment stablecoin issuers'' with a much longer list that includes permitted payment stablecoin issuers, any insured depository institution, any savings association, any Farm Credit System institution, any appropriate Federal banking agency, the Federal Housing Finance Agency, any Federal Home Loan Bank, or the Bureau of Consumer Financial Protection.
In section 6(b)(3)(A), it strikes ``; or'' and inserts a semicolon.
In section 6(b)(3)(B), it strikes the period and inserts a semicolon.
At the end of section 6(b)(3), it adds two new items: that the institution-affiliated party has participated in any unsafe or unsound practice, or that the institution-affiliated party has breached any fiduciary duty.