S.Amdt. 2328

As folks working for you here in Congress, we need to keep a close eye on how these financial rules protect our everyday lives. This amendment, put forward by Ms. Warren, aims to add important national security checks to the payment stablecoin bill.

Here is what the amendment changes and adds:

• Requires a report from the Director of National Intelligence to evaluate national security considerations for applicants, checking for any history or future risk of facilitating sanctions evasion, drug trafficking like fentanyl, unlawful payments to Iran or North Korea, or the transfer of child sexual abuse material.

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

• Makes a criminal conviction or civil penalty for violating money laundering, terrorist financing, or sanctions laws—applicable to the applicant or anyone owning more than 5 percent of the applicant—a mandatory basis for revoking registration because it renders the applicant unsafe or unsound.

• Requires the permitted payment stablecoin issuer to liquidate reserve assets and redeem coins within 180 days after a revocation decision, giving regulators the authority to set the rules for this process.