[Congressional Record Volume 171, Number 85 (Tuesday, May 20, 2025)]
[Senate]
[Page S3015]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 2234. Mr. SCHIFF 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:
       At the appropriate place, insert the following:

     SEC. [___]. PUBLIC OFFICIAL CERTIFICATION REQUIREMENT.

       (a) Definitions.--In this section--
       (1) the term ``public official'' means any individual 
     described in section 13103(f) of title 5, United States Code; 
     and
       (2) the term ``special Government employee'' has the 
     meaning given that term in section 202(a) of title 18, United 
     States Code.
       (b) Requirement.--A permitted payment stablecoin issuer 
     shall ensure that no public official shall profit from the 
     issuance of payment stablecoins of the permitted payment 
     stablecoin issuer.
       (c) Certification.--
       (1) Initial certification.--To receive approval as a 
     permitted payment stablecoin issuer under section 5, each 
     payment stablecoin issuer applicant shall submit to the 
     Director of the Office of Government Ethics and the primary 
     Federal payment stablecoin regulator of the permitted payment 
     stablecoin issuer, or, in the case of a State qualified 
     payment stablecoin issuer, the State payment stablecoin 
     regulator of the permitted payment stablecoin issuer, a 
     certification that no public official has a financial 
     interest related to a particular matter in which the public 
     official participates personally and substantially as a 
     Government officer or employee, including as a special 
     Government employee, from the issuance of payment stablecoins 
     of the permitted payment stablecoin issuer.
       (2) Recertification.--Not later than the 180 days after the 
     approval of an application under section 5 or 90 days after 
     the issuance of the first payment stablecoin by a permitted 
     payment stablecoin issuer, whichever is earlier, and on a 
     quarterly basis thereafter, each permitted stablecoin issuer 
     shall submit a certification to the Director of the Office of 
     Government Ethics and the primary Federal payment stablecoin 
     regulator of the permitted payment stablecoin issuer, or, in 
     the case of a State qualified payment stablecoin issuer, the 
     State payment stablecoin regulator of the permitted payment 
     stablecoin issuer, a certification that no public official 
     has a financial interest related to a particular matter in 
     which the public official participates personally and 
     substantially as a Government officer or employee, including 
     as a special Government employee, from the issuance of 
     payment stablecoins of the permitted payment stablecoin 
     issuer.
       (3) Public disclosure.--The Director of the Office of 
     Government Ethics shall make the certifications submitted 
     under paragraphs (1) and (2) publicly available through 
     databases maintained on the official website of the Office of 
     Government Ethics.
       (d) Penalties.--
       (1) Approval revocation.--The primary Federal payment 
     stablecoin regulator or State payment stablecoin regulator of 
     a permitted payment stablecoin issuer that does not submit a 
     certification pursuant to subsection (c) shall revoke the 
     approval of the payment stablecoin issuer under section 5.
       (2) Criminal penalty.--
       (A) In general.--Any person that submits a certification 
     pursuant to subsection (c) that is false shall be subject to 
     the criminal penalties set forth under section 1001 of title 
     18, United States Code.
       (B) Referral to attorney general.--If a Federal payment 
     stablecoin regulator or State payment stablecoin regulator 
     has reason to believe that any person has violated subsection 
     (c), the applicable regulator shall refer the matter to the 
     Attorney General or to the attorney general of the host State 
     of the payment stablecoin issuer.
                                 ______