S.Amdt. 2328

SA 2328. 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:

In section 5(c), redesignate paragraphs (3), (4), and (5)
as paragraphs (4), (5), and (6), respectively, and insert
after paragraph (2) the following:
(3) A report from the Director of National Intelligence
evaluating the national security considerations of granting
the application, including an assessment of whether the
applicant has a history, or presents a future risk, of
facilitating sanctions evasion, fentanyl and other drug
trafficking, unlawful payments to North Korea or Iran, or the
transfer of child sexual abuse material.
(A) The Director of National Intelligence shall promptly
furnish such reports, and provide annual updates, to the
primary Federal payment stablecoin regulators and State
payment stablecoin regulators.
(B) The criminal conviction or civil penalty against the
applicant, or any person with a share of ownership in the
applicant that is more than 5 percent, for failure to comply
with any provision of law relating to money laundering or
countering the financing of terrorism, or any provision of
law imposing sanctions, including for the facilitation of
unlawful conduct described in this paragraph. Such a
conviction or civil penalty shall render the applicant unsafe
or unsound and shall be a mandatory basis for revocation of
registration under section 6(b)(1). The permitted payment
stablecoin issuer shall liquidate reserve assets and redeem
coins not later than 180 days after such a revocation
decision, and regulators shall have authority to prescribe
rules establishing the liquidation and redemption procedures.
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