S.Amdt. 2330

SA 2330. 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:

Strike section 4(a)(3) and insert the following:
(3) Corporate responsibility; financial disclosures;
audits.--
(A) In general.--The primary Federal payment stablecoin
regulators shall jointly, and each State payment stablecoin
regulator shall individually, prescribe financial reporting
and auditing requirements for each permitted payment
stablecoin issuer within the jurisdiction of the respective
regulators that are substantially similar to those required
under titles III and IV of the Sarbanes-Oxley Act of 2002
(Public Law 107-204), including any amendments made by either
such title, taking into account the business models of
permitted payment stablecoin issuers.
(B) Contents.--The requirements prescribed under
subparagraph (A) shall, with respect to a permitted payment
stablecoin issuer, include--
(i) a written statement by the chief executive officer and
chief financial officer (or equivalents) of the issuer
certifying that the reports submitted by the issuer--

(I) fully comply with the prescribed requirements; and
(II) fairly present, in all material respects, the
financial condition and results of the operations of the
issuer;

(ii) monthly disclosure of the reserve asset composition of
the issuer, which shall be measured as of the last day of the
applicable month and on an average basis for the entirety of
the applicable month; and
(iii) an annual audit of the issuer.
(C) Criminal penalties.--Whoever certifies a statement made
under subparagraph (B)(i) knowing that a report accompanying
the statement does not comport with all of the requirements
of this paragraph shall be fined not more than $1,000,000 or
imprisoned not more than 10 years, or both.
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