S.Amdt. 2306

SA 2306. Mr. SCHUMER 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 3 and insert the following:

SEC. 3. LIMITATION ON WHO MAY ISSUE A PAYMENT STABLECOIN.

(a) In General.--It shall be unlawful for any person--
(1) other than a permitted payment stablecoin issuer to
issue a payment stablecoin, directly or indirectly in the
United States, through any means of or instruments of
transportation or communication in the United States, or to
persons in the United States; or
(2) to offer a payment stablecoin, or transact using a
payment stablecoin, through the use of any medium or by any
means of access in interstate commerce in the United States
or to a United States person living in the United States
unless such payment stablecoin is issued by a permitted
payment stablecoin issuer.
(b) Penalties.--Whoever violates this section shall be
fined not more than $1,000,000 per day, imprisoned not more
than 5 years, or both.
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