S.Amdt. 2317

As folks who want to keep an eye on how our laws are written, we need to know what our elected officials are trying to change. This amendment, submitted by Ms. Warren, aims to change section 4(a) of the bill by striking paragraph (7) and replacing it with a specific list of rules.

The Purpose of the Amendment

The purpose of this amendment is to place strict limits on what a permitted payment stablecoin issuer is allowed to do. Instead of a broad set of rules, it spells out the exact activities these issuers can engage in.

What It Aims to Change or Add

• Issue payment stablecoins.

• Redeem payment stablecoins.

• Manage related reserves, which includes buying, selling, and holding reserve assets or providing custodial services for those assets, as long as it follows State and Federal law.

• Provide custodial or safekeeping services for payment stablecoins, required reserves, or private keys of payment stablecoins, consistent with the Act.

• Undertake other activities that directly support the activities listed above.