S.Amdt. 2250

SA 2250. 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 4(a)(1), strike subparagraph (A) and insert the
following:
(A) maintain reserves backing the issuer's payment
stablecoins outstanding on an at least 1 to 1 basis, with
reserves comprising--
(i) United States coins and currency (including Federal
reserve notes);
(ii) funds held as insured demand deposits (or other
deposits that may be withdrawn upon request at any time) at
insured depository institutions or insured shares at insured
depository institutions, subject to limitations established
by the Corporation and the National Credit Union
Administration, respectively, to address safety and soundness
risks of such insured depository institutions; or
(iii) Treasury bills--

(I)(aa) with a remaining maturity of 93 days or less; or
(bb) issued with a maturity of 93 days or less; and
(II) with a weighted average maturity of not more than 30
days;

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