S.Amdt. 2320

SA 2320. Ms. WARREN submitted an amendment intended to be proposed to
amendment SA 2307 proposed by Mr. Thune (for Mr. Hagerty (for himself
and Mrs. Gillibrand)) 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 in section 4(a), insert the
following:
(__) Prohibition on tbtf issuance.--
(A) In general.--Notwithstanding any other provision of
this Act, a person may not issue a payment stablecoin if that
person is--
(i) a bank holding company (as defined in section 2(a) of
the Bank Holding Company Act of 1956 (2 U.S.C. 1841(a))
that--

(I) has total consolidated assets of not less than
$700,000,000,000; or
(II) is identified as a global systemically important bank
holding company under section 217.402 of title 12, Code of
Federal Regulations, or any successor regulation;

(ii) an insured depository institution with not less than
$700,000,000,000 in total consolidated assets; or
(iii) any affiliate or subsidiary of an entity described in
clause (i) or (ii).
(B) Affiliate.--For purposes of this paragraph, the term
``affiliate'', with respect to a person, includes any entity
for which the person--
(i) owns not less than 5 percent of outstanding shares; or
(ii) has 1 or more representatives on the Board of
Directors of the entity.
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