S.Amdt. 2290

Mr. Reed submitted amendment SA 2290 to the bill S. 1582, which is about regulating payment stablecoins. If we want to hold officials accountable and look out for everyday people, we need to know what changes are being made to the rules.

This amendment changes section 6(b)(1) of the bill. It adds clear rules about how the primary Federal payment stablecoin regulator can suspend or revoke a registration for certain stablecoin issuers.

• The amendment gives the regulator the power to suspend or revoke a registration after a hearing for reasons like breaking the law, showing good cause, or failing to pay a court judgment to a claimant or creditor within 30 days.
• It defines good cause as when a registrant defaults on financial obligations, is likely to default, or engages in unlawful, dishonest, wrongful, or inequitable conduct that could harm the public.
• It requires the regulator to give the registrant at least 10 days' written notice by registered or certified mail before holding a suspension or revocation hearing.
• It allows the regulator to seek a preliminary injunction to stop a registrant from continuing to break the law if it is determined to be in the public interest.