S.Amdt. 2234

SA 2234. Mr. SCHIFF 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:
At the appropriate place, insert the following:

SEC. [___]. PUBLIC OFFICIAL CERTIFICATION REQUIREMENT.

(a) Definitions.--In this section--
(1) the term ``public official'' means any individual
described in section 13103(f) of title 5, United States Code;
and
(2) the term ``special Government employee'' has the
meaning given that term in section 202(a) of title 18, United
States Code.
(b) Requirement.--A permitted payment stablecoin issuer
shall ensure that no public official shall profit from the
issuance of payment stablecoins of the permitted payment
stablecoin issuer.
(c) Certification.--
(1) Initial certification.--To receive approval as a
permitted payment stablecoin issuer under section 5, each
payment stablecoin issuer applicant shall submit to the
Director of the Office of Government Ethics and the primary
Federal payment stablecoin regulator of the permitted payment
stablecoin issuer, or, in the case of a State qualified
payment stablecoin issuer, the State payment stablecoin
regulator of the permitted payment stablecoin issuer, a
certification that no public official has a financial
interest related to a particular matter in which the public
official participates personally and substantially as a
Government officer or employee, including as a special
Government employee, from the issuance of payment stablecoins
of the permitted payment stablecoin issuer.
(2) Recertification.--Not later than the 180 days after the
approval of an application under section 5 or 90 days after
the issuance of the first payment stablecoin by a permitted
payment stablecoin issuer, whichever is earlier, and on a
quarterly basis thereafter, each permitted stablecoin issuer
shall submit a certification to the Director of the Office of
Government Ethics and the primary Federal payment stablecoin
regulator of the permitted payment stablecoin issuer, or, in
the case of a State qualified payment stablecoin issuer, the
State payment stablecoin regulator of the permitted payment
stablecoin issuer, a certification that no public official
has a financial interest related to a particular matter in
which the public official participates personally and
substantially as a Government officer or employee, including
as a special Government employee, from the issuance of
payment stablecoins of the permitted payment stablecoin
issuer.
(3) Public disclosure.--The Director of the Office of
Government Ethics shall make the certifications submitted
under paragraphs (1) and (2) publicly available through
databases maintained on the official website of the Office of
Government Ethics.
(d) Penalties.--
(1) Approval revocation.--The primary Federal payment
stablecoin regulator or State payment stablecoin regulator of
a permitted payment stablecoin issuer that does not submit a
certification pursuant to subsection (c) shall revoke the
approval of the payment stablecoin issuer under section 5.
(2) Criminal penalty.--
(A) In general.--Any person that submits a certification
pursuant to subsection (c) that is false shall be subject to
the criminal penalties set forth under section 1001 of title
18, United States Code.
(B) Referral to attorney general.--If a Federal payment
stablecoin regulator or State payment stablecoin regulator
has reason to believe that any person has violated subsection
(c), the applicable regulator shall refer the matter to the
Attorney General or to the attorney general of the host State
of the payment stablecoin issuer.
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