S.Amdt. 2325

This amendment, submitted by Ms. Warren, aims to add important national security safeguards and accountability measures to the bill regarding the regulation of payment stablecoins. If we want to make sure our financial system is not being abused, our elected officials need to know who is handling our money.

Here is what the amendment changes and adds to the bill:

• It requires a report from the Director of National Intelligence that evaluates national security considerations for a stablecoin application, specifically assessing whether the applicant has a history or future risk of facilitating sanctions evasion.
• It mandates that the Director of National Intelligence furnish these reports and annual updates to primary Federal and State payment stablecoin regulators.
• It establishes that a criminal conviction or civil penalty against the applicant—or any person owning more than 5 percent of the applicant—for failing to comply with money laundering, terrorist financing, or sanctions laws makes the applicant unsafe or unsound.
• It makes this type of conviction or penalty a mandatory basis for revoking the registration under section 6(b)(1).
• It requires the permitted payment stablecoin issuer to liquidate reserve assets and redeem coins within 180 days after a revocation decision, with regulators holding the authority to set the rules for these procedures.