S.Amdt. 2293

SA 2293. Mr. BUDD 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. __. PROHIBITION ON RESTRICTING THE USE OF A SELF-HOSTED
WALLET.

(a) In General.--No covered entity may prohibit, restrict,
or otherwise impair the ability of a covered user to--
(1) use digital assets for such user's own purposes, such
as to purchase real or virtual goods and services for the
user's own use; or
(2) self-custody digital assets using a self-hosted wallet
or other means to conduct transactions for any lawful
purpose.
(b) Definitions.--In this section:
(1) Covered entity.--The term ``covered entity'' means--
(A) an appropriate Federal banking agency;
(B) the Board;
(C) the Comptroller;
(D) the Corporation; and
(E) a primary Federal payment stablecoin regulator.
(2) Covered user.--The term ``covered user'' means a person
that obtains a digital asset to purchase goods or services on
that person's own behalf, without regard to the method in
which such covered user obtained such digital asset.
(3) Self-hosted wallet.--The term ``self-hosted wallet''
means a digital interface--
(A) used to secure and transfer digital assets; and
(B) under which the owner of the digital assets retains
independent control over such digital assets that are secured
by a digital interface.
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