S.Amdt. 2300

SA 2300. Mr. PETERS 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. _____. STABLECOIN MESSAGING NETWORK.

(a) In General.--The Board of Governors of the Federal
Reserve System, in coordination with other financial
regulators, shall establish a messaging network similar to
the Society for Worldwide Interbank Financial
Telecommunications for stablecoin transactions.
(b) Transmission to Congress.--
(1) In general.--After the date on which the network
required under subsection (a) is established, the Board of
Governors of the Federal Reserve System shall transmit to
Congress a proposal that includes the network.
(2) Approval.--
(A) In general.--The Board of Governors of the Federal
Reserve System and any other relevant regulator shall
implement the network after the date on which the Congress
enacts a law approving the proposal transmitted under this
subsection.
(B) Effective date.--Notwithstanding section 19 of this
Act, this Act, and the amendments made by this Act, shall
take effect on the date on which the network approved under
this paragraph is fully implemented and functioning.
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