Amendment · S.Amdt. 2264· Senate(119-SAMDT-2264)

S.Amdt. 2264

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

As your analyst, I am here to break down what Mr. Reed's amendment (SA 2264) tries to change in the bill about payment stablecoins (S. 1582). Common sense tells us we need to keep a close eye on who is running and owning these financial products so we can hold them accountable.

Here is what the amendment aims to change and add:

It adds Principal Shareholders right alongside officers and directors in section 4(f) of the bill.
It defines a Principal Shareholder as anyone who controls more than 5 percent of a class of equity securities of a payment stablecoin issuer.
It updates section 5(c)(2) so that being convicted of any crime involving dishonesty or breach of trust is added to the rules.