S.Amdt. 2225

SA 2225. Mr. REED submitted an amendment intended to be proposed by
him to the bill S. 1582, to provide for the regulation of payment
stablecoins, and for other purposes; which was ordered to lie on the
table; as follows:

In section 3, strike subsection (b) and insert the
following:
(b) Prohibition on Offers or Sales.--It shall be unlawful
for any person to offer or sell a payment stablecoin through
the use of any medium or by any means of access in interstate
commerce in the United States or to offer or sell a payment
stablecoin to a United States person living in the United
States unless such payment stablecoin is issued by a
permitted payment stablecoin issuer.
In section 3, strike subsection (c) and insert the
following:
(c) Safe Harbors.--
(1) By the board.--The Board shall issue regulations to
safe harbor the offer or sale of payment stablecoins that
were issued by a foreign payment stablecoin issuer that is
subject to requirements in the issuer's home country that are
determined by the Board to be comparable with the
requirements applicable to permitted payment stablecoin
issuers under this Act and regulations thereunder.
(2) By the primary federal payment stablecoin regulators.--
The primary Federal payment stablecoin regulators may jointly
issue regulations providing safe harbors from the prohibition
under subsection (b) that are consistent with the purposes of
this Act.
In section 3(f)(1), insert ``or (b)'' after ``knowingly
participates in a violation of subsection (a)''.
In section 3(f)(2), insert ``or (b)'' after ``knowingly
violated subsection (a)''.
In section 3(h)(1), insert ``or'' after the semicolon.
In section 3(h)(2), strike ``; or'' and insert a period.
In section 3(h), strike paragraph (3).
Strike section 18 and insert the following:

SEC. 18. USE OF SANCTIONS AUTHORITIES UNDER THE INTERNATIONAL
EMERGENCY ECONOMIC POWERS ACT WITH RESPECT TO
BLOCKCHAIN-ENABLED SMART CONTRACTS.

Section 203 of the International Emergency Economic Powers
Act (50 U.S.C. 1702) is amended--
(1) in subsection (a), by adding at the end the following:
``(4) The President may exercise the authorities granted by
this subsection with respect to blockchain-enabled smart
contracts, or other similar technology, without regard to
whether such contracts operate autonomously, can be modified,
or are owned.''; and
(2) by adding at the end the following:
``(d) In this section:
``(1) The term `interest' includes any interest of any
nature whatsoever, direct or indirect, present, future, or
contingent, and legal, equitable, or beneficial, or
otherwise, without regard to whether such interest is legally
cognizable.
``(2) The terms `person' and `national' include--
``(A) any individual;
``(B) any entity, association, group, or other
organization; and
``(C) any body of persons joined by common purpose or
interest.
``(3) The term `property' includes--
``(A) property of any nature whatsoever, real, personal, or
mixed, tangible or intangible, even if such property is
abandoned or ownerless;
``(B) services of any nature whatsoever; and
``(C) contracts of any nature whatsoever.''.
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