S.Amdt. 2303

SA 2303. Mr. KING 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 8(d) and
At the end of section 8, add the following:
(d) Sanctions Authorities Over Dollar Stablecoin
Payments.--Section 203(a)(1) of the International Emergency
Economic Powers Act (50 U.S.C. 1702(a)(1)) is amended--
(1) in subparagraph (B), by striking ``; and.'' and
inserting a semicolon;
(2) in subparagraph (C), by striking the period at the end
and inserting ``; and''; and
(3) by adding at the end the following:
``(D) investigate, regulate, or prohibit any payment,
transfer, or other transaction by any person, wherever
located, to the extent that such a payment, transfer, or
transaction involves--
``(i) any interest of a foreign country or a national
thereof, including any interest of any nature whatsoever,
direct or indirect, present, future, or contingent, and
legal, equitable, or beneficial, or otherwise; and
``(ii) a payment stablecoin (as defined in the Guiding and
Establishing National Innovation for U.S. Stablecoins Act)--
``(I) that is denominated in United States dollars; or
``(II) the value of which is supported or backed, directly
or indirectly, by one or more assets that--

``(aa) have been purchased or acquired through a broker or
dealer registered pursuant to section 15 of the Securities
Exchange Act of 1934 (15 U.S.C. 78o); or
``(bb) include--

``(AA) funds held as deposits at any banking entity (as
defined in section 13(h) of the Bank Holding Company Act of
1956 (12 U.S.C. 1851(h)));
``(BB) any security (as defined in section 3(a) of the
Securities Exchange Act of 1934 (15 U.S.C. 78c(a))) issued by
the United States or by an entity organized under the laws of
the United States or any jurisdiction within the United
States;
``(CC) United States coins or currency; or
``(DD) any contract or derivative on any of the foregoing,
including a repurchase agreement backed by a United States
Treasury security.''.
(e) Rule of Construction.--Nothing in this Act shall be
construed as altering the existing authority of the President
or the Secretary of the Treasury to block, restrict, or limit
transactions involving payment stablecoins that reference or
are denominated in United States dollars and are subject to
the jurisdiction of the United States.
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