S.Amdt. 2339

SA 2339. Ms. WARREN (for herself, Mr. Reed, and Ms. Smith) submitted
an amendment intended to be proposed by her 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)(12) and inserting the following:
(12) Relationship with nonfinancial companies.--
(A) In general.--A permitted payment stablecoin issuer may
not be owned or controlled by, or affiliated with, directly
or indirectly, any person that engages in activities that are
not financial in nature, as described in section 4(k) of the
Bank Holding Company Act of 1956 (12 U.S.C. 1843(k)).
(B) Rule of construction.--Activities authorized under
section 4(a)(7)(A) shall be considered financial in nature
for purposes of this section.
(C) Enforcement.--The Federal Reserve shall enforce
violations of subparagraph (A) through orders of divestiture
to be completed within 180 days of the violation and civil
money penalties authorized under section 8(i)(2)(C) of the
Federal Deposit Insurance Act (12 U.S.C. 1818(i)(2)(C)). A
permitted payment stablecoin issuer that is found to have
violated this subparagraph (A) more than once, or that
otherwise does not comply with a divestiture order, shall
have its payment stablecoin license or charter terminated not
later than the date that is 30 days after such finding and
shall not be eligible to be a permitted payment stablecoin
issuer for not less than 10 years.
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