S.Amdt. 2273

Mr. Cruz submitted amendment SA 2273 to the bill S. 1582. The purpose of this amendment is to add a section titled PROHIBITION ON RESTRICTING TRANSACTIONS USING SELF-CUSTODIAL SOFTWARE INTERFACES.

What it Aims to Change or Add

The amendment adds a new rule that stops certain government officials from getting in the way of everyday people. Specifically, it adds a prohibition stating that no covered official may prohibit, restrict, or otherwise impair the ability of a person to conduct a transaction under two conditions:

• The transaction is for that person's own and otherwise lawful purposes.
• The transaction uses self-custodial software interfaces.

The officials covered by this restriction include an appropriate Federal banking agency, the Board, the Comptroller, the Corporation, or a primary Federal payment stablecoin regulator.