S.Amdt. 2291

Mr. Reed submitted amendment SA 2291 to the bill S. 1582, which provides for the regulation of payment stablecoins.

Changes to the Bill

The amendment aims to change the bill by striking section 4(a)(4)(A)(i)(II) and inserting new text.

The new text adds minimum capital requirements and operating expenses.

These requirements must be no less stringent than the rules that apply to:

• Institutions chartered under the Special Purpose Depository Institutions Act in Wyoming
• Companies approved to issue payment stablecoins under the New York Financial Services Law and its virtual currency regulation