S.Amdt. 2330

As folks who put these officials in office, we need to know what they are trying to change. Amendment SA 2330, submitted by Ms. Warren, aims to change section 4(a)(3) of the bill relating to the regulation of payment stablecoins.

What It Aims to Change and Add

This amendment strikes the original section 4(a)(3) and inserts new rules regarding corporate responsibility, financial disclosures, and audits for stablecoin issuers. Specifically, it aims to add the following requirements:

• Primary Federal payment stablecoin regulators jointly, and each State payment stablecoin regulator individually, must prescribe financial reporting and auditing requirements for permitted payment stablecoin issuers that are substantially similar to those required under titles III and IV of the Sarbanes-Oxley Act of 2002.
• Top executives, such as the chief executive officer and chief financial officer, must provide a written statement certifying that their reports fully comply with requirements and fairly present the financial condition and operations of the issuer.
• Issuers must provide monthly disclosures of their reserve asset composition, measured as of the last day of the month and on an average basis for the entire month.
• Issuers must undergo an annual audit.
• Criminal penalties are established for anyone who certifies a statement knowing the accompanying report does not meet the requirements, carrying a fine of not more than $1,000,000, imprisonment for not more than 10 years, or both.