S.Amdt. 2303

Strike and Add: The amendment strikes section 8(d) of the bill and adds a new section 8(d) and section 8(e).

Sanctions Authorities: It amends section 203(a)(1) of the International Emergency Economic Powers Act to add the authority to investigate, regulate, or prohibit any payment, transfer, or other transaction by any person, wherever located.

Involvement Conditions: This new authority applies to transactions involving any interest of a foreign country or a national thereof, and a payment stablecoin defined in the Guiding and Establishing National Innovation for U.S. Stablecoins Act.

Stablecoin Criteria: The payment stablecoin must be denominated in United States dollars, or its value must be supported or backed by certain assets purchased through a registered broker or dealer, or include specific funds, securities, coins, currency, or contracts and derivatives like repurchase agreements backed by a U.S. Treasury security.

Rule of Construction: It clarifies that nothing in the Act alters the existing authority of the President or the Secretary of the Treasury to block, restrict, or limit transactions involving payment stablecoins that reference or are denominated in U.S. dollars and are subject to U.S. jurisdiction.