S.Amdt. 2326

Ms. Warren submitted amendment SA 2326 to the bill S. 1582. The purpose of this amendment is to hold applicants seeking to provide payment stablecoins accountable regarding national security and criminal history.

Here is what the amendment aims to add to the bill:

• A requirement for a report from the Director of National Intelligence evaluating national security considerations of granting an application, including an assessment of whether the applicant has a history, or presents a future risk, of facilitating fentanyl and other drug trafficking.

• A requirement that the Director of National Intelligence promptly furnish these reports and provide annual updates to primary Federal payment stablecoin regulators and State payment stablecoin regulators.

• A provision stating 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 laws relating to money laundering, countering the financing of terrorism, or sanctions, shall render the applicant unsafe or unsound.

• A mandate that such a conviction or civil penalty serves as a mandatory basis for revocation of registration.

• A rule stating that a permitted payment stablecoin issuer must liquidate reserve assets and redeem coins not later than 180 days after a revocation decision, with regulators having the authority to prescribe rules for these procedures.