S.Amdt. 2257

SA 2257. 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. ___. PROHIBITIONS OR CONDITIONS ON CERTAIN TRANSMITTALS
OF FUNDS.

Section 5318A of title 31, United States Code, is amended--
(1) in subsection (a)(2)(C), by striking ``subsection
(b)(5)'' and inserting ``paragraphs (5) and (6) of subsection
(b)''; and
(2) in subsection (b)--
(A) in paragraph (5), by striking ``for or on behalf of a
foreign banking institution''; and
(B) by adding at the end the following:
``(6) Prohibitions or conditions on certain transmittals of
funds.--If the Secretary finds a jurisdiction outside the
United States, 1 or more financial institutions operating
outside the United States, 1 or more types of accounts
within, or involving, a jurisdiction outside the United
States, or 1 or more classes of transactions within, or
involving, a jurisdiction outside the United States to be of
primary money laundering concern, the Secretary, in
consultation with the Secretary of State, the Attorney
General, and the Chairman of the Board of Governors of the
Federal Reserve System, may prohibit, or impose conditions
upon, certain transmittals of funds (to be determined by the
Secretary) to or from any domestic financial institution or
domestic financial agency if that transmittal of funds
involves any such jurisdiction, institution, class of
transaction, or type of account.''.
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