S.Amdt. 2289

SA 2289. 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. ___. LEGAL TENDER.

(a) Amendments.--Section 5103 of title 31, United States
Code, is amended--
(1) by striking ``United States coins'' and inserting the
following:
``(a) In General.--United States coins'';
(2) by inserting ``the exclusive'' before ``legal tender
for all debts, public charges, taxes, and dues'';
(3) by striking ``Foreign gold or silver coins are not
legal tender for debts'' and inserting ``No foreign gold,
silver coins, or digital assets shall be legal tender or
treated as legal tender''; and
(4) by adding at the end the following:
``(b) Digital Asset Defined.--The term `digital asset'
means any digital representation of value that can be
exclusively possessed and transferred, person to person,
without necessary reliance on an intermediary, and is
recorded on a cryptographically secured public distributed
ledger.''.
(b) Preemption.--A State, political subdivision of a State,
or political authority of 2 or more States may not enact or
enforce a law, regulation, or other provision having the
force and effect of a law relating to treating digital assets
(as defined in section 5103(b) of title 31, United States
Code, as added by this section) as legal tender for any debt,
public charge, tax, or due.
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