S.Amdt. 2349

This amendment, submitted by Mr. Merkley alongside several other officials, targets the bill S. 1582 regarding payment stablecoins. As folks who care about accountability and keeping our elected leaders honest, we need to know what this changes.

The amendment aims to add rules about what the Board can do, prevent corruption involving payment stablecoins, and update financial disclosure reports. Specifically, it strikes section 4(i) of the bill and adds new rules that restrict certain government officials from being involved with payment stablecoins.

Here is what the amendment adds to the bill in plain terms:

• Rules of Construction: It ensures the Act does not expand the Board's authority to make services directly available to the public.

• Preventing Payment Stablecoin Corruption: It bans certain officials—including the President, Vice President, Members of Congress, Senate-confirmed appointees, and special Government employees associated with the Executive Office of the President, as well as their spouses and children—from directly or indirectly owning, controlling, promoting for value, or affiliating with any payment stablecoin issuer or safekeeping entity.

• Former Employees: It applies similar bans to covered former special Government employees for a 1-year period after their service ends.

• Transition and Enforcement: Individuals have 90 days from enactment to fix any violations. After 90 days, violations can lead to up to 5 years in prison and heavy fines. It also sets a 15-year statute of limitations for prosecution.

• Financial Disclosure Reports: It requires reporting individuals, along with their spouses and children, to disclose any direct or indirect ownership, control, promotion, or affiliation with payment stablecoin issuers or safekeeping entities on their financial disclosure reports.