S.Amdt. 2299

SA 2299. Mr. HICKENLOOPER 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:

In section 4(a), strike paragraph (11) and insert the
following:
(11) Prohibition on interest.--
(A) Definition.--In this paragraph, the term ``affiliate''
has the meaning given the term in section 2(k) of the Bank
Holding Company Act of 1956 (12 U.S.C. 1841(k)).
(B) Prohibition.--No permitted payment stablecoin issuer or
foreign payment stablecoin issuer, or affiliate thereof,
shall directly or indirectly pay the holder of any payment
stablecoin any form of interest or yield, whether in cash,
tokens, rewards, or other consideration, in connection with
the holding, use, or retention of such payment stablecoin.
(C) Rulemaking.--The primary Federal payment stablecoin
regulators shall issue rules to carry out this paragraph,
which shall include rules identifying activities or
transactions outside the scope of the prohibition in
subparagraph (B).
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