[Congressional Record Volume 171, Number 77 (Thursday, May 8, 2025)]
[Senate]
[Page S2846]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 2225. Mr. REED 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:

       In section 3, strike subsection (b) and insert the 
     following:
       (b) Prohibition on Offers or Sales.--It shall be unlawful 
     for any person to offer or sell a payment stablecoin through 
     the use of any medium or by any means of access in interstate 
     commerce in the United States or to offer or sell a payment 
     stablecoin to a United States person living in the United 
     States unless such payment stablecoin is issued by a 
     permitted payment stablecoin issuer.
       In section 3, strike subsection (c) and insert the 
     following:
       (c) Safe Harbors.--
       (1) By the board.--The Board shall issue regulations to 
     safe harbor the offer or sale of payment stablecoins that 
     were issued by a foreign payment stablecoin issuer that is 
     subject to requirements in the issuer's home country that are 
     determined by the Board to be comparable with the 
     requirements applicable to permitted payment stablecoin 
     issuers under this Act and regulations thereunder.
       (2) By the primary federal payment stablecoin regulators.--
     The primary Federal payment stablecoin regulators may jointly 
     issue regulations providing safe harbors from the prohibition 
     under subsection (b) that are consistent with the purposes of 
     this Act.
       In section 3(f)(1), insert ``or (b)'' after ``knowingly 
     participates in a violation of subsection (a)''.
       In section 3(f)(2), insert ``or (b)'' after ``knowingly 
     violated subsection (a)''.
       In section 3(h)(1), insert ``or'' after the semicolon.
       In section 3(h)(2), strike ``; or'' and insert a period.
       In section 3(h), strike paragraph (3).
       Strike section 18 and insert the following:

     SEC. 18. USE OF SANCTIONS AUTHORITIES UNDER THE INTERNATIONAL 
                   EMERGENCY ECONOMIC POWERS ACT WITH RESPECT TO 
                   BLOCKCHAIN-ENABLED SMART CONTRACTS.

       Section 203 of the International Emergency Economic Powers 
     Act (50 U.S.C. 1702) is amended--
       (1) in subsection (a), by adding at the end the following:
       ``(4) The President may exercise the authorities granted by 
     this subsection with respect to blockchain-enabled smart 
     contracts, or other similar technology, without regard to 
     whether such contracts operate autonomously, can be modified, 
     or are owned.''; and
       (2) by adding at the end the following:
       ``(d) In this section:
       ``(1) The term `interest' includes any interest of any 
     nature whatsoever, direct or indirect, present, future, or 
     contingent, and legal, equitable, or beneficial, or 
     otherwise, without regard to whether such interest is legally 
     cognizable.
       ``(2) The terms `person' and `national' include--
       ``(A) any individual;
       ``(B) any entity, association, group, or other 
     organization; and
       ``(C) any body of persons joined by common purpose or 
     interest.
       ``(3) The term `property' includes--
       ``(A) property of any nature whatsoever, real, personal, or 
     mixed, tangible or intangible, even if such property is 
     abandoned or ownerless;
       ``(B) services of any nature whatsoever; and
       ``(C) contracts of any nature whatsoever.''.
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