S.Amdt. 2290

SA 2290. 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:

Strike section 6(b)(1) and insert the following:
(1) Suspension or revocation of registration.--
(A) Suspension or revocation.--
(i) In general.--The primary Federal payment stablecoin
regulator of a permitted payment stablecoin issuer that is
not a State qualified payment stablecoin issuer with a
payment stablecoin with a consolidated total outstanding
issuance of less than $10,000,000,000 may, after a hearing,
suspend or revoke a registration under this Act--

(I) on any ground on which such regulator might refuse to
issue an original registration;
(II) for a violation of any provision of this Act or the
regulations issued thereunder;
(III) for good cause shown; or
(IV) for failure of the registrant to pay a judgment,
recovered in any court by a claimant or creditor in an action
arising out of, or relating to, the registrant's stablecoin
business activity, within 30 days after the judgment becomes
final or within 30 days after expiration or termination of a
stay of execution on the judgment, provided that, if
execution on the judgment is stayed, by court order or
operation of law or otherwise, then proceedings to suspend or
revoke the registration (for failure of the registrant to pay
such judgment) may not be commenced by the primary Federal
payment stablecoin regulator during the time of such stay,
and for 30 days thereafter.

(ii) Good cause.--For purposes of this paragraph, ``good
cause'' ``'' shall exist when a registrant has defaulted or
is likely to default in performing its obligations or
financial engagements or engages in unlawful, dishonest,
wrongful, or inequitable conduct or practices that may cause
harm to the public.
(B) Hearing.--
(i) Notice required.--The primary Federal payment
stablecoin regulator shall give a registrant nor less than 10
days' written notice of the time and place of a hearing to
suspend or revoke registration.
(ii) Service.--The notice under clause (i) shall be
provided by registered or certified mail addressed to the
principal place of business of the registrant.
(C) Decision.--Any order of the primary Federal payment
stablecoin regulator suspending or revoking such license
shall state the grounds upon which it is based and be sent by
registered or certified mail to the registrant at its
principal place of business as shown in the records of the
primary Federal payment stablecoin regulator.
(D) Preliminary injunction.--The primary Federal payment
stablecoin regulator may, when determined by such regulator
to be in the public interest, seek a preliminary injunction
to restrain a registrant from continuing to perform acts that
violate any provision of law.
(E) Rule of construction.--Nothing in this section shall be
construed as limiting any power granted to the primary
Federal payment stablecoin regulator under any other
provision of law, including any power to investigate possible
violations of law, rule, or regulation or to impose penalties
or take any other action against any person for violation of
such laws, rules, or regulations.
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