S.Amdt. 2270

Here is the rundown on what this amendment is all about. It is amendment SA 2270, introduced by Mr. Merkley and a group of other Senators, and it targets the bill S. 1582 regarding payment stablecoins.

The amendment aims to change the bill by striking section 4(i) and adding rules about construction, preventing payment stablecoin corruption, and updating financial disclosure reports. Common sense tells us that the people we vote into office shouldn't be using their high-ranking positions to personally cash in on new financial products like payment stablecoins.

Here is what the amendment specifically aims to change or add:

• Clarifies that nothing in the Act expands the authority of the Board regarding the services it can make directly available to the public.
• Bans the President, the Vice President, Members of Congress, Senate-confirmed officials, and certain special Government employees—along with their spouses and children—from directly or indirectly owning, controlling, promoting for value, or affiliating with any payment stablecoin issuer or safekeeping entity.
• Gives individuals 90 days from the enactment date to get into compliance if they are currently violating the ban.
• Makes violations punishable by up to 5 years in prison and fines up to 3 times the monetary value of the earnings, with a 15-year statute of limitations, and explicitly states the violation is not an official act.
• Requires covered individuals to include statements in their financial disclosure reports regarding any direct or indirect involvement with payment stablecoin issuers or custodial services.