Amendment · S.Amdt. 2300· Senate(119-SAMDT-2300)

S.Amdt. 2300

Age: 68 years

Michigan

Introduced: 6/5/2025
Sponsored by: Gary Peters
Cosponsors: None

Changes bill: 119-S-1582 — GENIUS Act

Introduced
Pending Consideration
Failed

This amendment was never taken up, and the bill finished without it. It was never voted on.

What this amendment would do

Mr. Peters submitted amendment SA 2300 to the bill S. 1582, which is about the regulation of payment stablecoins.

Purpose and Changes

The amendment requires the Board of Governors of the Federal Reserve System, working with other financial regulators, to set up a messaging network for stablecoin transactions that is similar to the Society for Worldwide Interbank Financial Telecommunications.

After this network is established, the Federal Reserve must send a proposal that includes the network to Congress.

The Federal Reserve and other relevant regulators can only put the network into action after Congress passes a law to approve the proposal.

The Act and its amendments will officially take effect on the date that the approved network is fully put in place and working.