S.Amdt. 2254

SA 2254. 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:

At the appropriate place, insert the following:

SEC. __. SANCTIONS ENFORCEMENT.

(a) Extraterritorial Jurisdiction.--For purposes of any
provision of law authorizing sanctions or sanctions
enforcement actions, a payment stablecoin denominated in
United States dollars, wherever located, shall be considered
property subject to the jurisdiction of the United States.
(b) Authorities Over Digital Asset Platforms.--Section 203
of the International Emergency Economic Powers Act (50 U.S.C.
1702) is amended by adding at the end the following:
``(d) Digital Asset Platforms.--
``(1) In general.--For the purposes of this section, any
digital asset platform, wherever located, shall be considered
subject to the jurisdiction of the United States if the
Secretary of the Treasury determines the platform is engaged
in the business of performing any of the functions of a
digital asset platform in interstate commerce.
``(2) Definition.--For purposes of paragraph (1), the term
`digital asset platform' means any person that the Secretary
determines--
``(A) facilitates the exchange, purchase, sale, custody,
transfer, issuance, or lending of digital assets (as defined
in section 2 of the Guiding and Establishing National
Innovation for U.S. Stablecoins Act);
``(B) makes available any service in connection with
digital asset transactions; or
``(C) controls any person engaged in an activity described
in subparagraph (A) or (B).''.
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