S.Amdt. 2295

Mr. Hawley, along with Mr. Blumenthal, put forward this amendment to the payment stablecoins bill. To look out for the everyday people and keep big tech accountable, this change focuses on holding certain online services responsible for what they promote and handle regarding digital money.

Key Changes to the Bill

• Adds a Definition: The amendment adds a definition for an interactive computer service, which includes any system or service providing internet access that has parents, subsidiaries, and affiliates, and averages more than 25,000,000 monthly users or user accounts.

• Removes Liability Protection: It carves out an exception so these large online services lose their usual liability protection under the Communications Act of 1934 when they promote, market, or help transactions involving payment stablecoins under certain conditions.

• Conditions for Losing Protection: These companies can be held liable if they fail to take reasonable steps to prevent material misrepresentation, market manipulation, or illegal activity involving the asset, or if they materially edit or amplify digital asset investment content through things like algorithmic curation or boosting.