[Congressional Record Volume 171, Number 86 (Wednesday, May 21, 2025)]
[Senate]
[Pages S3067-S3085]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
TEXT OF AMENDMENTS
SA 2236. Mr. TUBERVILLE 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 18(a), add at the end the following:
(5) The foreign payment stablecoin issuer is not owned, in
whole or in part, by--
(A) the People's Republic of China, including the Hong Kong
Special Administrative Region and the Macao Special
Administrative Region;
(B) the Republic of Cuba;
(C) the Islamic Republic of Iran;
(D) the Democratic People's Republic of Korea;
(E) the Russian Federation; or
(F) the Bolivarian Republic of Venezuela under the regime
of Nicolas Maduro Moros.
______
SA 2237. Mr. HAWLEY 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 end, add the following:
TITLE II--STOP CSAM ACT
SEC. 201. SHORT TITLE.
This title may be cited as the ``Strengthening Transparency
and Obligations to Protect Children Suffering from Abuse and
Mistreatment Act of 2025'' or the ``STOP CSAM Act of 2025''.
SEC. 202. PROTECTING CHILD VICTIMS AND WITNESSES IN FEDERAL
COURT.
(a) In General.--Section 3509 of title 18, United States
Code, is amended--
(1) in subsection (a)--
(A) in paragraph (2)(A), by striking ``or exploitation''
and inserting ``exploitation, or kidnapping, including
international parental kidnapping'';
(B) in paragraph (3), by striking ``physical or mental
injury'' and inserting ``physical injury, psychological
abuse'';
(C) by striking paragraphs (5), (6), and (7) and inserting
the following:
``(5) the term `psychological abuse' includes--
``(A) a pattern of acts, threats of acts, or coercive
tactics intended to degrade, humiliate, intimidate, or
terrorize a child; and
``(B) the infliction of trauma on a child through--
``(i) isolation;
``(ii) the withholding of food or other necessities in
order to control behavior;
``(iii) physical restraint; or
``(iv) the confinement of the child without the child's
consent and in degrading conditions;
``(6) the term `exploitation' means--
``(A) child pornography;
``(B) child sex trafficking; or
``(C) an obscene visual depiction of a child;
``(7) the term `multidisciplinary child abuse team' means a
professional unit of individuals working together to
investigate child abuse and provide assistance and support to
a victim of child abuse, composed of representatives from--
``(A) health, social service, and legal service agencies
that represent the child;
``(B) law enforcement agencies and prosecutorial offices;
and
``(C) children's advocacy centers;'';
(D) in paragraph (9)(D)--
(i) by striking ``genitals'' and inserting ``anus,
genitals,''; and
(ii) by striking ``or animal'';
(E) in paragraph (11), by striking ``and'' at the end;
(F) in paragraph (12)--
(i) by striking ``the term `child abuse' does not'' and
inserting ``the terms `physical injury' and `psychological
abuse' do not''; and
(ii) by striking the period and inserting a semicolon; and
(G) by adding at the end the following:
``(13) the term `covered person' means a person of any age
who--
``(A) is or is alleged to be--
``(i) a victim of a crime of physical abuse, sexual abuse,
exploitation, or kidnapping, including international parental
kidnapping; or
``(ii) a witness to a crime committed against another
person; and
``(B) was under the age of 18 when the crime described in
subparagraph (A) was committed;
``(14) the term `protected information', with respect to a
covered person, includes--
``(A) personally identifiable information of the covered
person, including--
``(i) the name of the covered person;
``(ii) an address;
``(iii) a phone number;
``(iv) a user name or identifying information for an
online, social media, or email account; and
``(v) any information that can be used to distinguish or
trace the identity of the covered person, either alone or
when combined with other information that is linked or
linkable to the covered person;
``(B) medical, dental, behavioral, psychiatric, or
psychological information of the covered person;
``(C) educational or juvenile justice records of the
covered person; and
``(D) any other information concerning the covered person
that is deemed `protected information' by order of the court
under subsection (d)(5);
``(15) the term `child pornography' has the meaning given
the term in section 2256(8); and
``(16) the term `obscene visual depiction of a child' means
any visual depiction prohibited by section 1466A involving an
identifiable minor, as that term is defined in section
2256(9).'';
(2) in subsection (b)--
(A) in paragraph (1)(C), by striking ``minor'' and
inserting ``child''; and
(B) in paragraph (2)--
(i) in the heading, by striking ``Videotaped'' and
inserting ``Recorded'';
(ii) in subparagraph (A), by striking ``that the deposition
be recorded and preserved on videotape'' and inserting ``that
a video recording of the deposition be made and preserved'';
(iii) in subparagraph (B)--
(I) in clause (ii), by striking ``that the child's
deposition be taken and preserved by videotape'' and
inserting ``that a video recording of the child's deposition
be made and preserved'';
(II) in clause (iii)--
(aa) in the matter preceding subclause (I), by striking
``videotape'' and inserting ``recorded''; and
(bb) in subclause (IV), by striking ``videotape'' and
inserting ``recording''; and
(III) in clause (v)--
(aa) in the heading, by striking ``videotape'' and
inserting ``video recording'';
[[Page S3068]]
(bb) in the first sentence, by striking ``made and
preserved on video tape'' and inserting ``recorded and
preserved''; and
(cc) in the second sentence, by striking ``videotape'' and
inserting ``video recording'';
(iv) in subparagraph (C), by striking ``child's
videotaped'' and inserting ``video recording of the
child's'';
(v) in subparagraph (D)--
(I) by striking ``videotaping'' and inserting
``deposition''; and
(II) by striking ``videotaped'' and inserting ``recorded'';
(vi) in subparagraph (E), by striking ``videotaped'' and
inserting ``recorded''; and
(vii) in subparagraph (F), by striking ``videotape'' each
place the term appears and inserting ``video recording'';
(3) in subsection (d)--
(A) in paragraph (1)(A)--
(i) in clause (i), by striking ``the name of or any other
information concerning a child'' and inserting ``a covered
person's protected information''; and
(ii) in clause (ii)--
(I) by striking ``documents described in clause (i) or the
information in them that concerns a child'' and inserting ``a
covered person's protected information''; and
(II) by striking ``, have reason to know such information''
and inserting ``(including witnesses or potential witnesses),
have reason to know each item of protected information to be
disclosed'';
(B) in paragraph (2)--
(i) by striking ``the name of or any other information
concerning a child'' each place the term appears and
inserting ``a covered person's protected information'';
(ii) by redesignating subparagraphs (A) and (B) as clauses
(i) and (ii), respectively, and adjusting the margins
accordingly;
(iii) by striking ``All papers'' and inserting the
following:
``(A) In general.--All papers''; and
(iv) by adding at the end the following:
``(B) Enforcement of violations.--The court may address a
violation of subparagraph (A) in the same manner as
disobedience or resistance to a lawful court order under
section 401(3).'';
(C) in paragraph (3)--
(i) in subparagraph (A)--
(I) by striking ``a child from public disclosure of the
name of or any other information concerning the child'' and
inserting ``a covered person's protected information from
public disclosure''; and
(II) by striking ``, if the court determines that there is
a significant possibility that such disclosure would be
detrimental to the child'';
(ii) in subparagraph (B)--
(I) in clause (i)--
(aa) by striking ``a child witness, and the testimony of
any other witness'' and inserting ``any witness''; and
(bb) by striking ``the name of or any other information
concerning a child'' and inserting ``a covered person's
protected information''; and
(II) in clause (ii), by striking ``child'' and inserting
``covered person''; and
(iii) by adding at the end the following:
``(C)(i) For purposes of this paragraph, there shall be a
presumption that public disclosure of a covered person's
protected information would be detrimental to the covered
person.
``(ii) The court shall deny a motion for a protective order
under subparagraph (A) only if the court finds that the party
opposing the motion has rebutted the presumption under clause
(i) of this subparagraph.'';
(D) in paragraph (4)--
(i) by striking ``This subsection'' and inserting the
following:
``(A) Disclosure to certain parties.--This subsection'';
(ii) in subparagraph (A), as so designated--
(I) by striking ``the name of or other information
concerning a child'' and inserting ``a covered person's
protected information''; and
(II) by striking ``or an adult attendant, or to'' and
inserting ``an adult attendant, a law enforcement agency for
any intelligence or investigative purpose, or''; and
(iii) by adding at the end the following:
``(B) Request for public disclosure.--If any party requests
public disclosure of a covered person's protected information
to further a public interest, the court shall deny the
request unless the court finds that--
``(i) the party seeking disclosure has established that
there is a compelling public interest in publicly disclosing
the covered person's protected information;
``(ii) there is a substantial probability that the public
interest would be harmed if the covered person's protected
information is not disclosed;
``(iii) the substantial probability of harm to the public
interest outweighs the harm to the covered person from public
disclosure of the covered person's protected information; and
``(iv) there is no alternative to public disclosure of the
covered person's protected information that would adequately
protect the public interest.''; and
(E) by adding at the end the following:
``(5) Other protected information.--The court may order
that information shall be considered to be `protected
information' for purposes of this subsection if the court
finds that the information is sufficiently personal,
sensitive, or identifying that it should be subject to the
protections and presumptions under this subsection.'';
(4) by striking subsection (f) and inserting the following:
``(f) Victim Impact Statement.--
``(1) Probation officer.--In preparing the presentence
report pursuant to rule 32(c) of the Federal Rules of
Criminal Procedure, the probation officer shall request
information from the multidisciplinary child abuse team, if
applicable, or other appropriate sources to determine the
impact of the offense on a child victim and any other
children who may have been affected by the offense.
``(2) Guardian ad litem.--A guardian ad litem appointed
under subsection (h) shall--
``(A) make every effort to obtain and report information
that accurately expresses the views of a child victim, and
the views of family members as appropriate, concerning the
impact of the offense; and
``(B) use forms that permit a child victim to express the
child's views concerning the personal consequences of the
offense, at a level and in a form of communication
commensurate with the child's age and ability.'';
(5) in subsection (h), by adding at the end the following:
``(4) Authorization of appropriations.--
``(A) In general.--There is authorized to be appropriated
to the United States courts to carry out this subsection
$25,000,000 for each fiscal year.
``(B) Supervision of payments.--Payments from
appropriations authorized under subparagraph (A) shall be
made under the supervision of the Director of the
Administrative Office of the United States Courts.'';
(6) in subsection (i)--
(A) by striking ``A child testifying at or attending a
judicial proceeding'' and inserting the following:
``(1) In general.--A child testifying at a judicial
proceeding, including in a manner described in subsection
(b),'';
(B) in paragraph (1), as so designated--
(i) in the third sentence, by striking ``proceeding'' and
inserting ``testimony''; and
(ii) by striking the fifth sentence; and
(C) by adding at the end the following:
``(2) Recording.--If the adult attendant is in close
physical proximity to or in contact with the child while the
child testifies--
``(A) at a judicial proceeding, a video recording of the
adult attendant shall be made and shall become part of the
court record; or
``(B) in a manner described in subsection (b), the adult
attendant shall be visible on the closed-circuit television
or in the recorded deposition.
``(3) Covered persons attending proceeding.--A covered
person shall have the right to be accompanied by an adult
attendant when attending any judicial proceeding.'';
(7) in subsection (j)--
(A) by striking ``child'' each place the term appears and
inserting ``covered person''; and
(B) in the fourth sentence--
(i) by striking ``and the potential'' and inserting ``, the
potential'';
(ii) by striking ``child's'' and inserting ``covered
person's''; and
(iii) by inserting before the period at the end the
following: ``, and the necessity of the continuance to
protect the defendant's rights'';
(8) in subsection (k), by striking ``child'' each place the
term appears and inserting ``covered person'';
(9) in subsection (l), by striking ``child'' each place the
term appears and inserting ``covered person''; and
(10) in subsection (m)--
(A) by striking ``(as defined by section 2256 of this
title)'' each place it appears;
(B) by inserting ``or an obscene visual depiction of a
child'' after ``child pornography'' each place it appears
except the second instance in paragraph (3);
(C) in paragraph (1), by inserting ``and any civil action
brought under section 2255 or 2255A'' after ``any criminal
proceeding'';
(D) in paragraph (2), by adding at the end the following:
``(C)(i) Notwithstanding rule 26 of the Federal Rules of
Civil Procedure, a court shall deny, in any civil action
brought under section 2255 or 2255A, any request by any party
to copy, photograph, duplicate, or otherwise reproduce any
property or material that constitutes child pornography or an
obscene visual depiction of a child.
``(ii) In a civil action brought under section 2255 or
2255A, for purposes of paragraph (1), the court may--
``(I) order the plaintiff or defendant to provide to the
court or the Government, as applicable, any equipment
necessary to maintain care, custody, and control of such
property or material; and
``(II) take reasonable measures, and may order the
Government (if such property or material is in the care,
custody, and control of the Government) to take reasonable
measures, to provide each party to the action, the attorney
of each party, and any individual a party may seek to qualify
as an expert, with ample opportunity to inspect, view, and
examine such property or material at the court or a
Government facility, as applicable.''; and
(E) in paragraph (3)--
(i) by inserting ``and during the 1-year period following
the date on which the criminal proceeding becomes final or is
terminated'' after ``any criminal proceeding'';
(ii) by striking ``, as defined under section 2256(8),'';
and
(iii) by inserting ``or obscene visual depiction of a
child'' after ``such child pornography''.
(b) Effective Date.--The amendments made by this section
shall apply to conduct that occurs before, on, or after the
date of enactment of this Act.
[[Page S3069]]
SEC. 203. FACILITATING PAYMENT OF RESTITUTION; TECHNICAL
AMENDMENTS TO RESTITUTION STATUTES.
Title 18, United States Code, is amended--
(1) in section 1593(c)--
(A) by inserting ``(1)'' after ``(c)'';
(B) by striking ``chapter, including, in'' and inserting
the following: ``chapter.
``(2) In''; and
(C) in paragraph (2), as so designated, by inserting ``may
assume the rights of the victim under this section'' after
``suitable by the court'';
(2) in section 2248(c)--
(A) by striking ``For purposes'' and inserting the
following:
``(1) In general.--For purposes'';
(B) by striking ``chapter, including, in'' and inserting
the following: ``chapter.
``(2) Assumption of crime victim's rights.--In''; and
(C) in paragraph (2), as so designated, by inserting ``may
assume the rights of the victim under this section'' after
``suitable by the court'';
(3) in section 2259--
(A) by striking subsection (a) and inserting the following:
``(a) In General.--Notwithstanding section 3663 or 3663A,
and in addition to any other civil or criminal penalty
authorized by law, the court shall order restitution for any
offense under--
``(1) section 1466A, to the extent the conduct involves a
visual depiction of an identifiable minor; or
``(2) this chapter.'';
(B) in subsection (b)--
(i) in paragraph (1), by striking ``Directions.--Except as
provided in paragraph (2), the'' and inserting ``Restitution
for child pornography production.--If the defendant was
convicted of child pornography production, the''; and
(ii) in paragraph (2)(B), by striking ``$3,000.'' and
inserting the following: ``--
``(i) $3,000; or
``(ii) 10 percent of the full amount of the victim's
losses, if the full amount of the victim's losses is less
than $3,000.''; and
(C) in subsection (c)--
(i) by striking paragraph (1) and inserting the following:
``(1) Child pornography production.--For purposes of this
section and section 2259A, the term `child pornography
production' means--
``(A) a violation of, attempted violation of, or conspiracy
to violate section 1466A(a) to the extent the conduct
involves production of a visual depiction of an identifiable
minor;
``(B) a violation of, attempted violation of, or conspiracy
to violate section 1466A(a) involving possession with intent
to distribute, or section 1466A(b), to the extent the conduct
involves a visual depiction of an identifiable minor--
``(i) produced by the defendant; or
``(ii) that the defendant attempted or conspired to
produce;
``(C) a violation of subsection (a), (b), or (c) of section
2251, or an attempt or conspiracy to violate any of those
subsections under subsection (e) of that section;
``(D) a violation of section 2251A;
``(E) a violation of section 2252(a)(4) or 2252A(a)(5), or
an attempt or conspiracy to violate either of those sections
under section 2252(b)(2) or 2252A(b)(2), to the extent such
conduct involves child pornography--
``(i) produced by the defendant; or
``(ii) that the defendant attempted or conspired to
produce;
``(F) a violation of subsection (a)(7) of section 2252A, or
an attempt or conspiracy to violate that subsection under
subsection (b)(3) of that section, to the extent the conduct
involves production with intent to distribute;
``(G) a violation of section 2252A(g) if the series of
felony violations involves not fewer than 1 violation--
``(i) described in subparagraph (A), (B), (E), or (F) of
this paragraph;
``(ii) of section 1591; or
``(iii) of section 1201, chapter 109A, or chapter 117, if
the victim is a minor;
``(H) a violation of subsection (a) of section 2260, or an
attempt or conspiracy to violate that subsection under
subsection (c)(1) of that section;
``(I) a violation of section 2260B(a)(2) for promoting or
facilitating an offense--
``(i) described in subparagraph (A), (B), (D), or (E) of
this paragraph; or
``(ii) under section 2422(b); and
``(J) a violation of chapter 109A or chapter 117, if the
offense involves the production or attempted production of,
or conspiracy to produce, child pornography.'';
(ii) by striking paragraph (3) and inserting the following:
``(3) Trafficking in child pornography.--For purposes of
this section and section 2259A, the term `trafficking in
child pornography' means--
``(A) a violation of, attempted violation of, or conspiracy
to violate section 1466A(a) to the extent the conduct
involves distribution or receipt of a visual depiction of an
identifiable minor;
``(B) a violation of, attempted violation of, or conspiracy
to violate section 1466A(a) involving possession with intent
to distribute, or section 1466A(b), to the extent the conduct
involves a visual depiction of an identifiable minor--
``(i) not produced by the defendant; or
``(ii) that the defendant did not attempt or conspire to
produce;
``(C) a violation of subsection (d) of section 2251 or an
attempt or conspiracy to violate that subsection under
subsection (e) of that section;
``(D) a violation of paragraph (1), (2), or (3) of
subsection (a) of section 2252, or an attempt or conspiracy
to violate any of those paragraphs under subsection (b)(1) of
that section;
``(E) a violation of section 2252(a)(4) or 2252A(a)(5), or
an attempt or conspiracy to violate either of those sections
under section 2252(b)(2) or 2252A(b)(2), to the extent such
conduct involves child pornography--
``(i) not produced by the defendant; or
``(ii) that the defendant did not attempt or conspire to
produce;
``(F) a violation of paragraph (1), (2), (3), (4), or (6)
of subsection (a) of section 2252A, or an attempt or
conspiracy to violate any of those paragraphs under
subsection (b)(1) of that section;
``(G) a violation of subsection (a)(7) of section 2252A, or
an attempt or conspiracy to violate that subsection under
subsection (b)(3) of that section, to the extent the conduct
involves distribution;
``(H) a violation of section 2252A(g) if the series of
felony violations exclusively involves violations described
in this paragraph (except subparagraphs (A) and (B));
``(I) a violation of subsection (b) of section 2260, or an
attempt or conspiracy to violate that subsection under
subsection (c)(2) of that section; and
``(J) a violation of subsection (a)(1) of section 2260B, or
a violation of subsection (a)(2) of that section for
promoting or facilitating an offense described in this
paragraph (except subparagraphs (A) and (B)).''; and
(iii) in paragraph (4), in the first sentence, by inserting
``or an identifiable minor harmed as a result of the
commission of a crime under section 1466A'' after ``under
this chapter'';
(4) in section 2259A(a)--
(A) in paragraph (1), by striking ``under section
2252(a)(4) or 2252A(a)(5)'' and inserting ``described in
subparagraph (B) or (E) of section 2259(c)(3)''; and
(B) in paragraph (2), by striking ``any other offense for
trafficking in child pornography'' and inserting ``any
offense for trafficking in child pornography other than an
offense described in subparagraph (B) or (E) of section
2259(c)(3)'';
(5) in section 2429--
(A) in subsection (b)(3), by striking ``2259(b)(3)'' and
inserting ``2259(c)(2)''; and
(B) in subsection (d)--
(i) by inserting ``(1)'' after ``(d)'';
(ii) by striking ``chapter, including, in'' and inserting
the following: ``chapter.
``(2) In''; and
(iii) in paragraph (2), as so designated, by inserting
``may assume the rights of the victim under this section''
after ``suitable by the court''; and
(6) in section 3664, by adding at the end the following:
``(q) Trustee or Other Fiduciary.--
``(1) In general.--
``(A) Appointment of trustee or other fiduciary.--When the
court issues an order of restitution under section 1593,
2248, 2259, 2429, or 3663, or subparagraphs (A)(i) and (B) of
section 3663A(c)(1), for a victim described in subparagraph
(B) of this paragraph, the court, at its own discretion or
upon motion by the Government, may appoint a trustee or other
fiduciary to hold any amount paid for restitution in a trust
or other official account for the benefit of the victim.
``(B) Covered victims.--A victim referred to in
subparagraph (A) is a victim who is--
``(i) under the age of 18 at the time of the proceeding;
``(ii) incompetent or incapacitated; or
``(iii) subject to paragraph (3), a foreign citizen or
stateless person residing outside the United States.
``(2) Order.--When the court appoints a trustee or other
fiduciary under paragraph (1), the court shall issue an order
specifying--
``(A) the duties of the trustee or other fiduciary, which
shall require--
``(i) the administration of the trust or maintaining an
official account in the best interests of the victim; and
``(ii) disbursing payments from the trust or account--
``(I) to the victim; or
``(II) to any individual or entity on behalf of the victim;
``(B) that the trustee or other fiduciary--
``(i) shall avoid any conflict of interest;
``(ii) may not profit from the administration of the trust
or maintaining an official account for the benefit of the
victim other than as specified in the order; and
``(iii) may not delegate administration of the trust or
maintaining the official account to any other person;
``(C) if and when the trust or the duties of the other
fiduciary will expire; and
``(D) the fees payable to the trustee or other fiduciary to
cover expenses of administering the trust or maintaining the
official account for the benefit of the victim, and the
schedule for payment of those fees.
``(3) Fact-finding regarding foreign citizens and stateless
person.--In the case of a victim who is a foreign citizen or
stateless person residing outside the United States and is
not under the age of 18 at the time of the proceeding or
incompetent or incapacitated, the court may appoint a trustee
or other fiduciary under paragraph (1) only if the court
finds it necessary to--
``(A) protect the safety or security of the victim; or
[[Page S3070]]
``(B) provide a reliable means for the victim to access or
benefit from the restitution payments.
``(4) Payment of fees.--
``(A) In general.--The court may, with respect to the fees
of the trustee or other fiduciary--
``(i) pay the fees in whole or in part; or
``(ii) order the defendant to pay the fees in whole or in
part.
``(B) Applicability of other provisions.--With respect to a
court order under subparagraph (A)(ii) requiring a defendant
to pay fees--
``(i) subsection (f)(3) shall apply to the court order in
the same manner as that subsection applies to a restitution
order;
``(ii) subchapter C of chapter 227 (other than section
3571) shall apply to the court order in the same manner as
that subchapter applies to a sentence of a fine; and
``(iii) subchapter B of chapter 229 shall apply to the
court order in the same manner as that subchapter applies to
the implementation of a sentence of a fine.
``(C) Effect on other penalties.--Imposition of payment
under subparagraph (A)(ii) shall not relieve a defendant of,
or entitle a defendant to a reduction in the amount of, any
special assessment, restitution, other fines, penalties, or
costs, or other payments required under the defendant's
sentence.
``(D) Schedule.--Notwithstanding any other provision of
law, if the court orders the defendant to make any payment
under subparagraph (A)(ii), the court may provide a payment
schedule that is concurrent with the payment of any other
financial obligation described in subparagraph (C).
``(5) Authorization of appropriations.--
``(A) In general.--There is authorized to be appropriated
to the United States courts to carry out this subsection
$15,000,000 for each fiscal year.
``(B) Supervision of payments.--Payments from
appropriations authorized under subparagraph (A) shall be
made under the supervision of the Director of the
Administrative Office of the United States Courts.''.
SEC. 204. CYBERTIPLINE IMPROVEMENTS, AND ACCOUNTABILITY AND
TRANSPARENCY BY THE TECH INDUSTRY.
(a) In General.--Chapter 110 of title 18, United States
Code, is amended--
(1) in section 2258A--
(A) by striking subsections (a), (b), and (c) and inserting
the following:
``(a) Duty to Report.--
``(1) Duty.--In order to reduce the proliferation of online
child sexual exploitation and to prevent the online sexual
exploitation of children, as soon as reasonably possible
after obtaining actual knowledge of any facts or
circumstances described in paragraph (2) or any apparent
child pornography on the provider's service, and in any event
not later than 60 days after obtaining such knowledge, a
provider shall submit to the CyberTipline of NCMEC, or any
successor to the CyberTipline operated by NCMEC, a report
that--
``(A) shall contain--
``(i) the mailing address, telephone number, facsimile
number, electronic mailing address of, and individual point
of contact for, such provider; and
``(ii) information or material described in subsection
(b)(1)(A) concerning such facts or circumstances or apparent
child pornography; and
``(B) may contain information described in subsection
(b)(2), including any available information to identify or
locate any involved minor.
``(2) Facts or circumstances.--The facts or circumstances
described in this paragraph are any facts or circumstances
indicating an apparent, planned, or imminent violation of
section 1591 (if the violation involves a minor), 2251,
2251A, 2252, 2252A, 2252B, 2260, or 2422(b).
``(3) Complainant information.--For a report premised on a
complaint or notification submitted to a provider by a user
of the provider's product or service, or a parent, guardian,
or representative of such user, the provider shall take
reasonable measures to determine what information or material
in the user's account shall be included in the report as
provided in subsection (b)(1)(A)(vi).
``(b) Contents of Report.--
``(1) In general.--In an effort to prevent the future
sexual victimization of children, and to the extent the
information is within the custody or control of a provider,
each report provided under subsection (a)(1)--
``(A) shall include, to the extent that it is applicable
and reasonably available--
``(i) the name, address, electronic mail address, user or
account identification, Internet Protocol address, port
number, and uniform resource locator of any individual who is
a subject of the report;
``(ii) the terms of service in effect at the time of--
``(I) the apparent violation; or
``(II) the detection of apparent child pornography or a
planned or imminent violation;
``(iii) a copy of any apparent child pornography that is
the subject of the report, or all accessible chats, messages,
or text exchanges that are related to the report, that were
identified in a publicly available location;
``(iv) for each item of apparent child pornography included
in the report under clause (iii) or paragraph (2)(E),
information indicating whether--
``(I) the apparent child pornography was publicly
available; or
``(II) the provider, in its sole discretion, viewed the
apparent child pornography, or any copy thereof, at any point
concurrent with or prior to the submission of the report;
``(v) for each item of apparent child pornography that is
the subject of the report, an indication as to whether the
apparent child pornography--
``(I) is created in whole or in part through the use of
software, machine learning, artificial intelligence, or any
other computer-generated or technological means, including by
adapting, modifying, manipulating, or altering an authentic
visual depiction;
``(II) has previously been the subject of a report under
subsection (a)(1); or
``(III) is the subject of multiple contemporaneous reports
due to rapid and widespread distribution; and
``(vi) any and all information or material (including
apparent child pornography, chats, messages, or text
exchanges) relating to the subject of the report in the
account of a user of the provider's product or service, if
the user, or the parent, guardian, or representative of such
user--
``(I) provided the information or material in a
notification or complaint to the provider;
``(II) indicates that such information or material should
be included in the report; or
``(III) consents to the inclusion of such information or
material in the report; and
``(B) may, at the sole discretion of the provider, include
the information described in paragraph (2) of this
subsection.
``(2) Other information.--The information referred to in
paragraph (1)(B) is the following:
``(A) Information about any involved individual.--Any
information relating to the identity or location of any
individual who is a subject of the report, including payment
or financial information (excluding personally identifiable
information) and self-reported identifying or locating
information.
``(B) Information about any involved minor.--Information
relating to the identity or location of any involved minor,
which may include an address, electronic mail address,
Internet Protocol address, port number, uniform resource
locator, payment or financial information (excluding
personally identifiable information), or any other
information that may identify or locate any involved minor,
including self-reported identifying or locating information.
``(C) Historical reference.--Information relating to when
and how a customer or subscriber of a provider uploaded,
transmitted, or received content relating to the report or
when and how content relating to the report was reported to,
or discovered by the provider, including a date and time
stamp and time zone.
``(D) Geographic location information.--Information
relating to the geographic location of the involved
individual or website, which may include the Internet
Protocol address, port number, or verified address, or, if
not reasonably available, at least one form of geographic
identifying information, including area code or zip code,
provided by the customer or subscriber, or stored or obtained
by the provider.
``(E) Apparent child pornography.--Any apparent child
pornography not described in paragraph (1)(A)(iii), or other
content related to the subject of the report.
``(F) Complete communication.--The complete communication
containing any apparent child pornography or other content,
including--
``(i) any data or information regarding the transmission of
the communication; and
``(ii) any visual depictions, data, or other digital files
contained in, or attached to, the communication.
``(G) Technical identifier.--An industry-standard hash
value or other similar industry-standard technical identifier
for any reported visual depiction as it existed on the
provider's service.
``(H) Description.--For any item of apparent child
pornography that is the subject of the report, an indication
of whether--
``(i) the depicted sexually explicit conduct involves--
``(I) genital, oral, or anal sexual intercourse;
``(II) bestiality;
``(III) masturbation;
``(IV) sadistic or masochistic abuse; or
``(V) lascivious exhibition of the anus, genitals, or pubic
area of any person; and
``(ii) the depicted minor is--
``(I) an infant or toddler;
``(II) prepubescent;
``(III) pubescent;
``(IV) post-pubescent; or
``(V) of an indeterminate age or developmental stage.
``(I) Chats, messages, or text exchanges.--Chats, messages,
or text exchanges that fully provide the context for the
report.
``(3) Formatting of reports.--When a provider includes any
information described in paragraph (1) or, at its sole
discretion, any information described in paragraph (2) in a
report to the CyberTipline of NCMEC, or any successor to the
CyberTipline operated by NCMEC, the provider shall use best
efforts to ensure that the report conforms with the structure
of the CyberTipline or the successor, as applicable.
``(c) Forwarding of Report and Other Information to Law
Enforcement.--
``(1) In general.--Pursuant to its clearinghouse role as a
private, nonprofit organization, and at the conclusion of its
review in furtherance of its nonprofit mission, NCMEC shall
make available each report submitted
[[Page S3071]]
under subsection (a)(1) to one or more of the following law
enforcement agencies:
``(A) Any Federal law enforcement agency that is involved
in the investigation of child sexual exploitation,
kidnapping, or enticement crimes.
``(B) Any State or local law enforcement agency that is
involved in the investigation of child sexual exploitation.
``(C) A foreign law enforcement agency designated by the
Attorney General under subsection (d)(3) or a foreign law
enforcement agency that has an established relationship with
the Federal Bureau of Investigation, Immigration and Customs
Enforcement, or INTERPOL, and is involved in the
investigation of child sexual exploitation, kidnapping, or
enticement crimes.
``(2) Technical identifiers.--If a report submitted under
subsection (a)(1) contains an industry-standard hash value or
other similar industry-standard technical identifier--
``(A) NCMEC may compare that hash value or identifier with
any database or repository of visual depictions owned or
operated by NCMEC; and
``(B) if the comparison under subparagraph (A) results in a
match, NCMEC may include the matching visual depiction from
its database or repository when forwarding the report to an
agency described in subparagraph (A) or (B) of paragraph
(1).'';
(B) in subsection (d)--
(i) in paragraph (2), by striking ``subsection (c)(1)'' and
inserting ``subsection (c)(1)(A)'';
(ii) in paragraph (3)--
(I) in subparagraph (A), by striking ``subsection (c)(3)''
and inserting ``subsection (c)(1)(C)''; and
(II) in subparagraph (C), by striking ``subsection (c)(3)''
and inserting ``subsection (c)(1)(C)''; and
(iii) in paragraph (5)(B)--
(I) in clause (i), by striking ``forwarded'' and inserting
``made available''; and
(II) in clause (ii), by striking ``forwarded'' and
inserting ``made available'';
(C) by striking subsection (e) and inserting the following:
``(e) Failure to Comply With Requirements.--
``(1) Criminal penalty.--
``(A) Offense.--It shall be unlawful for a provider to
knowingly--
``(i) fail to submit a report under subsection (a)(1)
within the time period required by that subsection; or
``(ii) fail to preserve material as required under
subsection (h).
``(B) Penalty.--
``(i) In general.--A provider that violates subparagraph
(A) shall be fined--
``(I) in the case of an initial violation, not more than--
``(aa) $850,000 if the provider has not fewer than
100,000,000 monthly active users; or
``(bb) $600,000 if the provider has fewer than 100,000,000
monthly active users; and
``(II) in the case of any second or subsequent violation,
not more than--
``(aa) $1,000,000 if the provider has not fewer than
100,000,000 monthly active users; or
``(bb) $850,000 if the provider has fewer than 100,000,000
monthly active users.
``(ii) Harm to individuals.--The maximum fine under clause
(i) shall be doubled if an individual is harmed as a direct
and proximate result of the applicable violation.
``(2) Civil penalty.--
``(A) Violations relating to cybertipline reports and
material preservation.--A provider shall be liable to the
United States Government for a civil penalty in an amount of
not less than $50,000 and not more than $250,000 if the
provider knowingly--
``(i) fails to submit a report under subsection (a)(1)
within the time period required by that subsection;
``(ii) fails to preserve material as required under
subsection (h); or
``(iii) submits a report under subsection (a)(1) that--
``(I) contains materially false or fraudulent information;
or
``(II) omits information described in subsection (b)(1)(A)
that is reasonably available.
``(B) Annual report violations.--A provider shall be liable
to the United States Government for a civil penalty in an
amount of not less than $100,000 and not more than $1,000,000
if the provider knowingly--
``(i) fails to submit an annual report as required under
subsection (i); or
``(ii) submits an annual report under subsection (i) that--
``(I) contains a materially false, fraudulent, or
misleading statement; or
``(II) omits information described in subsection (i)(1)
that is reasonably available.
``(C) Harm to individuals.--The amount of a civil penalty
under subparagraph (A) or (B) shall be tripled if an
individual is harmed as a direct and proximate result of the
applicable violation.
``(D) Costs of civil actions.--A provider that commits a
violation described in subparagraph (A) or (B) shall be
liable to the United States Government for the costs of a
civil action brought to recover a civil penalty under that
subparagraph.
``(E) Enforcement.--This paragraph shall be enforced in
accordance with sections 3731, 3732, and 3733 of title 31,
except that a civil action to recover a civil penalty under
subparagraph (A) or (B) of this paragraph may only be brought
by the United States Government.
``(3) Deposit of fines and penalties.--Notwithstanding any
other provision of law, any criminal fine or civil penalty
collected under this subsection shall be deposited into the
Child Pornography Victims Reserve as provided in section
2259B.'';
(D) in subsection (f), by striking paragraph (3) and
inserting the following:
``(3) affirmatively search, screen, or scan for--
``(A) facts or circumstances described in subsection
(a)(2);
``(B) information described in subsection (b)(2); or
``(C) any apparent child pornography.'';
(E) in subsection (g)--
(i) in paragraph (2)(A)--
(I) in clause (iii), by inserting ``or personnel at a
children's advocacy center'' after ``State)''; and
(II) in clause (iv), by striking ``State or subdivision of
a State'' and inserting ``State, subdivision of a State, or
children's advocacy center''; and
(ii) in paragraph (3), in the matter preceding subparagraph
(A), by striking ``subsection (a)'' and inserting
``subsection (a)(1)'';
(F) in subsection (h), by striking paragraph (5) and
inserting the following:
``(5) Relation to reporting requirement.--Submission of a
report as described in subsection (a)(1) does not satisfy the
obligations under this subsection.''; and
(G) by adding at the end the following:
``(i) Annual Report.--
``(1) In general.--Not later than March 31 of the second
year beginning after the date of enactment of the STOP CSAM
Act of 2025, and of each year thereafter, a provider that had
more than 1,000,000 unique monthly visitors or users during
each month of the preceding year and accrued revenue of more
than $50,000,000 during the preceding year shall submit to
the Attorney General and the Chair of the Federal Trade
Commission a report, disaggregated by subsidiary, that
provides the following information for the preceding year to
the extent such information is applicable and reasonably
available:
``(A) Cybertipline data.--
``(i) The total number of reports that the provider
submitted under subsection (a)(1).
``(ii) Which items of information described in subsection
(b)(2) are routinely included in the reports submitted by the
provider under subsection (a)(1).
``(B) Other reporting to the provider.--
``(i) The measures the provider has in place to receive
other reports concerning child sexual exploitation and abuse
using the provider's product or on the provider's service.
``(ii) The average time for responding to reports described
in clause (i).
``(iii) The number of reports described in clause (i) that
the provider received.
``(iv) A summary description of the actions taken upon
receipt of the reports described in clause (i).
``(C) Policies.--
``(i) A description of the policies of the provider with
respect to the commission of child sexual exploitation and
abuse using the provider's product or on the provider's
service, including how child sexual exploitation and abuse is
defined.
``(ii) A description of possible user consequences for
violations of the policies described in clause (i).
``(iii) The methods of informing users of the policies
described in clause (i).
``(iv) The process for adjudicating potential violations of
the policies described in clause (i).
``(D) Culture of safety.--
``(i) The measures, tools, and technologies that the
provider deploys to--
``(I) protect children from sexual exploitation and abuse
using the provider's product or service;
``(II) prevent or interdict activity by children related to
sexual exploitation and abuse, including the posting or
sharing of intimate visual depictions; and
``(III) accurately identify adult and minor users.
``(ii) The measures, tools, and technologies that the
provider deploys to empower parents and guardians to protect
their children from sexual exploitation and abuse using the
provider's product or service.
``(iii) The measures, tools, and technologies that the
provider deploys to prevent the use of the provider's product
or service by individuals seeking to commit child sexual
exploitation and abuse.
``(iv) With respect to the measures, tools, and
technologies described in clauses (i), (ii), and (iii)--
``(I) an assessment of their efficacy, including any
relevant quantitative information indicating when and how
often they are used; and
``(II) information on any factors that limit their efficacy
or create gaps in their protection and efforts by the
provider to address those loopholes or gaps.
``(v) A description of factors that interfere with the
provider's ability to detect or evaluate instances of child
sexual exploitation and abuse and an analysis of the impact
of those factors.
``(vi) Information shared by the provider with users about
the risks to children on the provider's product or service
concerning sexual exploitation and abuse and an assessment of
the impact of the information on users, including any
relevant quantitative information indicating how often the
information is reviewed.
``(E) Safety by design.--The measures that the provider
takes before launching a new product or service--
``(i) to assess--
[[Page S3072]]
``(I) the safety risks for children with respect to sexual
exploitation and abuse; and
``(II) whether and how individuals could use the new
product or service to commit child sexual exploitation and
abuse; and
``(ii) to determine--
``(I) the appropriate age for users of the new product or
service; and
``(II) whether the new product or service will be adopted
to commit child sexual exploitation and abuse.
``(F) Prevalence, trends, and patterns.--Any information
concerning--
``(i) the prevalence of child sexual exploitation and abuse
on the provider's product or service, including the volume of
child pornography that is available and that is being
accessed, distributed, or received; and
``(ii) emerging trends, risks, and changing patterns with
respect to the commission of online child sexual exploitation
and abuse.
``(G) Other information.--Any other information relevant to
child sexual exploitation and abuse on the provider's product
or service.
``(2) Avoiding duplication.--Notwithstanding the
requirement under the matter preceding paragraph (1) that
information be submitted annually, in the case of any report
submitted under that paragraph after the initial report, a
provider shall submit information described in subparagraphs
(C) through (F) of that paragraph not less frequently than
once every 3 years or when new information is available,
whichever is more frequent.
``(3) Limitation.--Nothing in paragraph (1) shall require
the disclosure of trade secrets or other proprietary
information.
``(4) Publication.--
``(A) In general.--Subject to subparagraph (B), the
Attorney General and the Chair of the Federal Trade
Commission shall publish the reports received under this
subsection.
``(B) Redaction.--
``(i) In general.--Whether or not such redaction is
requested by the provider, the Attorney General and Chair of
the Federal Trade Commission shall redact from a report
published under subparagraph (A) any information as necessary
to avoid--
``(I) undermining the efficacy of a safety measure
described in the report; or
``(II) revealing how a product or service of a provider may
be used to commit online child sexual exploitation and abuse.
``(ii) Additional redaction.--
``(I) Request.--In addition to information redacted under
clause (i), a provider may request the redaction, from a
report published under subparagraph (A), of any information
that is law enforcement sensitive or otherwise not suitable
for public distribution.
``(II) Agency discretion.--The Attorney General and Chair
of the Federal Trade Commission--
``(aa) shall consider a request made under subclause (I);
and
``(bb) may, in their discretion, redact from a report
published under subparagraph (A) any information pursuant to
the request.'';
(2) in section 2258B--
(A) by striking subsection (a) and inserting the following:
``(a) In General.--
``(1) Limited liability.--Except as provided in subsection
(b), a civil claim or criminal charge described in paragraph
(2) may not be brought in any Federal or State court.
``(2) Covered claims and charges.--A civil claim or
criminal charge referred to in paragraph (1) is a civil claim
or criminal charge against a provider or domain name
registrar, including any director, officer, employee, or
agent of such provider or domain name registrar, that is
directly attributable to--
``(A) the performance of the reporting or preservation
responsibilities of such provider or domain name registrar
under this section, section 2258A, or section 2258C;
``(B) transmitting, distributing, or mailing child
pornography to any Federal, State, or local law enforcement
agency, or giving such agency access to child pornography, in
response to a search warrant, court order, or other legal
process issued or obtained by such agency; or
``(C) the use by the provider or domain name registrar of
any material being preserved under section 2258A(h) by such
provider or registrar for research and the development and
training of tools, undertaken voluntarily and in good faith
for the sole and exclusive purpose of--
``(i) improving or facilitating reporting under this
section, section 2258A, or section 2258C; or
``(ii) stopping the online sexual exploitation of
children.''; and
(B) in subsection (b)--
(i) in paragraph (1), by striking ``; or'' and inserting
``or knowingly failed to comply with a requirement under
section 2258A;'';
(ii) in paragraph (2)(C)--
(I) by striking ``sections'' and inserting ``this section
or section''; and
(II) by striking the period and inserting ``; or''; and
(iii) by adding at the end the following:
``(3) for purposes of subsection (a)(2)(C), knowingly
distributed or transmitted the material, or made the material
available, except as required by law, to--
``(A) any other entity;
``(B) any person not employed by the provider or domain
name registrar; or
``(C) any person employed by the provider or domain name
registrar who is not conducting any research described in
that subsection.'';
(3) in section 2258C--
(A) in the section heading, by striking ``the
CyberTipline'' and inserting ``NCMEC'';
(B) in subsection (a)--
(i) in the subsection heading, by striking ``Elements'' and
inserting ``Information Sharing With Providers and Entities
for the Purposes of Preventing and Curtailing the Online
Sexual Exploitation of Children'';
(ii) in paragraph (1)--
(I) by striking ``to a provider'' and inserting the
following: ``or submission to the Child Victim Identification
Program to--
``(A) a provider'';
(II) in subparagraph (A), as so designated--
(aa) by inserting ``use of the provider's products or
services to commit'' after ``stop the''; and
(bb) by striking the period at the end and inserting ``;
or''; and
(III) by adding at the end the following:
``(B) an entity for the sole and exclusive purpose of
preventing and curtailing the online sexual exploitation of
children.''; and
(iii) in paragraph (2)--
(I) in the heading, by striking ``Inclusions'' and
inserting ``Elements'';
(II) by striking ``unique identifiers'' and inserting
``similar technical identifiers'';
(III) by inserting ``or content, elements, or reported
materials,'' after`` visual depiction,'';
(IV) by inserting a comma after ``location'';
(V) by striking ``and any other elements''; and
(VI) by inserting ``or submission to the Child Victim
Identification Program'' after ``CyberTipline report'';
(C) in subsection (b)--
(i) in the heading, by inserting ``or Entities'' after
``Providers'';
(ii) by striking ``Any provider'' and inserting the
following:
``(1) In general.--Any provider or entity'';
(iii) in paragraph (1), as so designated--
(I) by striking ``receives'' and inserting ``obtains''; and
(II) by inserting ``or submission to the Child Victim
Identification Program'' after ``CyberTipline report''; and
(iv) by adding at the end the following:
``(2) Limitation on sharing with other entities.--A
provider or entity that obtains elements under subsection
(a)(1) may not distribute those elements, or make those
elements available, to any other entity, except for the sole
and exclusive purpose of curtailing, preventing, or stopping
the online sexual exploitation of children.'';
(D) in subsection (c)--
(i) by striking ``subsections'' and inserting
``subsection'';
(ii) by striking ``providers receiving'' and inserting ``a
provider or entity to obtain'';
(iii) by inserting ``or submission to the Child Victim
Identification Program'' after ``CyberTipline report''; and
(iv) by striking ``to use the elements to stop the online
sexual exploitation of children''; and
(E) in subsection (d), by inserting ``or to the Child
Victim Identification Program'' after ``CyberTipline'';
(4) in section 2258E--
(A) in paragraph (6), by striking ``electronic
communication service provider'' and inserting ``electronic
communication service'';
(B) in paragraph (7), by striking ``and'' at the end;
(C) in paragraph (8), by striking the period at the end and
inserting a semicolon; and
(D) by adding at the end the following:
``(9) the term `publicly available', with respect to a
visual depiction on a provider's service, means the visual
depiction can be viewed by or is accessible to all users of
the service, regardless of the steps, if any, a user must
take to create an account or to gain access to the service in
order to access or view the visual depiction; and
``(10) the term `Child Victim Identification Program' means
the program described in section 404(b)(1)(K)(ii) of the
Juvenile Justice and Delinquency Prevention Act of 1974 (34
U.S.C. 11293(b)(1)(K)(ii)).'';
(5) in section 2259B(a), by inserting ``, any fine or
penalty collected under section 2258A(e),'' after ``2259A'';
and
(6) by adding at the end the following:
``Sec. 2260B. Liability for certain child sexual exploitation
offenses
``(a) Offense.--It shall be unlawful for a provider of an
interactive computer service, as that term is defined in
section 230 of the Communications Act of 1934 (47 U.S.C.
230), that operates through the use of any facility or means
of interstate or foreign commerce or in or affecting
interstate or foreign commerce, through such service to--
``(1) intentionally host or store child pornography or make
child pornography available to any person; or
``(2) knowingly promote or facilitate a violation of
section 2251, 2251A, 2252, 2252A, or 2422(b).
``(b) Penalty.--A provider of an interactive computer
service that violates subsection (a)--
``(1) subject to paragraph (2), shall be fined not more
than $1,000,000; and
``(2) if the offense involves a conscious or reckless risk
of serious personal injury or an individual is harmed as a
direct and proximate result of the violation, shall be fined
not more than $5,000,000.
``(c) Rule of Construction.--Nothing in this section shall
be construed to apply to
[[Page S3073]]
any good faith action by a provider of an interactive
computer service that is necessary to comply with a valid
court order, subpoena, search warrant, statutory obligation,
or preservation request from law enforcement.''.
(b) Clerical Amendment.--The table of sections for chapter
110 of title 18, United States Code, is amended by adding at
the end the following:
``2260B. Liability for certain child sexual exploitation offenses.''.
(c) Effective Date for Amendments to Reporting Requirements
of Providers.--The amendments made by subsection (a)(1) of
this section shall take effect on the date that is 120 days
after the date of enactment of this Act.
SEC. 205. EXPANDING CIVIL REMEDIES FOR VICTIMS OF ONLINE
CHILD SEXUAL EXPLOITATION.
(a) Statement of Intent.--Nothing in this section shall be
construed to abrogate or narrow any case law concerning
section 2255 of title 18, United States Code.
(b) Civil Remedy for Personal Injuries.--Section 2255(a) of
title 18, United States Code, is amended--
(1) by striking ``In General.--Any person who, while a
minor, was a victim of a violation of section 1589, 1590,
1591, 2241(c), 2242, 2243, 2251, 2251A, 2252, 2252A, 2260,
2421, 2422, or 2423 of this title and who suffers personal
injury as a result of such violation, regardless of whether
the injury occurred while such person was a minor, may sue''
and inserting the following: ``Private Right of Action.--
``(1) In general.--Any person described in subparagraph
(A), (B), or (C) of paragraph (2) who suffers personal injury
as a result of a violation described in that subparagraph,
regardless of whether the injury occurred while such person
was a minor, may bring a civil action''; and
(2) by adding at the end the following:
``(2) Eligible persons.--Paragraph (1) shall apply to any
person--
``(A) who, while a minor, was a victim of--
``(i) a violation of section 1589, 1590, 1591, 2241, 2242,
2243, 2251, 2251A, 2260(a), 2421, 2422, or 2423;
``(ii) an attempt to violate section 1589, 1590, or 1591
under section 1594(a);
``(iii) a conspiracy to violate section 1589 or 1590 under
section 1594(b); or
``(iv) a conspiracy to violate section 1591 under section
1594(c);
``(B) who--
``(i) is depicted as a minor in child pornography; and
``(ii) is a victim of a violation of 2252, 2252A, or
2260(b) (regardless of when the violation occurs); or
``(C) who--
``(i) is depicted as an identifiable minor in a visual
depiction described in section 1466A; and
``(ii) is a victim of a violation of that section
(regardless of when the violation occurs).''.
(c) Civil Remedy Against Online Platforms and App Stores.--
(1) In general.--Chapter 110 of title 18, United States
Code, is amended by inserting after section 2255 the
following:
``Sec. 2255A. Additional remedy for certain victims of child
pornography or child sexual exploitation
``(a) In General.--
``(1) Promotion or aiding and abetting of certain
violations.--Any person who is a victim of the intentional,
knowing, or reckless promotion, or aiding and abetting, of a
violation of section 1591 or 1594(c) (involving a minor), or
section 2251, 2251A, 2252, 2252A, or 2422(b), where such
promotion, or aiding and abetting, is by a provider of an
interactive computer service or an app store, and who suffers
personal injury as a result of such promotion or aiding and
abetting, regardless of when the injury occurred, may bring a
civil action in any appropriate United States District Court
for relief set forth in subsection (b).
``(2) Activities involving child pornography.--Any person
who is a victim of the intentional, knowing, or reckless
hosting or storing of child pornography or making child
pornography available to any person by a provider of an
interactive computer service, and who suffers personal injury
as a result of such hosting, storing, or making available,
regardless of when the injury occurred, may bring a civil
action in any appropriate United States District Court for
relief set forth in subsection (b).
``(b) Relief.--In a civil action brought by a person under
subsection (a)--
``(1) the person shall recover the actual damages the
person sustains or liquidated damages in the amount of
$300,000, and the cost of the action, including reasonable
attorney fees and other litigation costs reasonably incurred;
and
``(2) the court may, in addition to any other relief
available at law, award punitive damages and such other
preliminary and equitable relief as the court determines to
be appropriate, including a temporary restraining order, a
preliminary injunction, or a permanent injunction ordering
the defendant to cease the offending conduct.
``(c) Statute of Limitations.--There shall be no time limit
for the filing of a complaint commencing an action under
subsection (a).
``(d) Venue; Service of Process.--
``(1) Venue.--Any action brought under subsection (a) may
be brought in the district court of the United States that
meets applicable requirements relating to venue under section
1391 of title 28.
``(2) Service of process.--In an action brought under
subsection (a), process may be served in any district in
which the defendant--
``(A) is an inhabitant; or
``(B) may be found.
``(e) Relation to Section 230 of the Communications Act of
1934.--Nothing in section 230 of the Communications Act of
1934 (47 U.S.C. 230) shall be construed to impair or limit
any claim brought under subsection (a).
``(f) Rules of Construction.--
``(1) Applicability to legal process or obligation.--
Nothing in this section shall be construed to apply to any
good faith action that is necessary to comply with a valid
court order, subpoena, search warrant, statutory obligation,
or preservation request from law enforcement.
``(2) Application of section 2258b.--A civil action brought
under subsection (a) shall be subject to section 2258B.
``(g) Encryption Technologies.--
``(1) In general.--None of the following actions or
circumstances shall serve as an independent basis for
liability under subsection (a):
``(A) Utilizing full end-to-end encrypted messaging
services, device encryption, or other encryption services.
``(B) Not possessing the information necessary to decrypt a
communication.
``(C) Failing to take an action that would otherwise
undermine the ability to offer full end-to-end encrypted
messaging services, device encryption, or other encryption
services.
``(2) Consideration of evidence.--Evidence of actions or
circumstances described in paragraph (1) shall be admissible
in a civil action brought under subsection (a) if--
``(A) the actions or circumstances are relevant under rules
401 and 402 of the Federal Rules of Evidence to--
``(i) prove motive, intent, preparation, plan, absence of
mistake, or lack of accident; or
``(ii) rebut any evidence or factual or legal claim; and
``(B) the actions or circumstances--
``(i) are otherwise admissible under the Federal Rules of
Evidence; and
``(ii) are not subject to exclusion under rule 403 or any
other rule of the Federal Rules of Evidence.
``(3) No effect on discovery.--Nothing in paragraph (1) or
(2) shall be construed to create a defense to a discovery
request or otherwise limit or affect discovery in any civil
action brought under subsection (a).
``(h) Defense.--In a civil action under subsection (a)(2)
involving knowing or reckless conduct, it shall be a defense
at trial, which the provider of an interactive computer
service must establish by a preponderance of the evidence as
determined by the finder of fact, that--
``(1) the provider disabled access to or removed the child
pornography within a reasonable timeframe, and in any event
not later than 48 hours after obtaining knowledge that the
child pornography was being hosted, stored, or made available
by the provider (or, in the case of a provider that, for the
most recent calendar year, averaged fewer than 10,000,000
active users on a monthly basis in the United States, within
a reasonable timeframe, and in any event not later than 2
business days after obtaining such knowledge);
``(2) the provider exercised a reasonable, good faith
effort to disable access to or remove the child pornography
but was unable to do so for reasons outside the provider's
control; or
``(3) it is technologically impossible for the provider to
disable access to or remove the child pornography without
compromising encryption technologies.
``(i) Sanctions for Repeated Bad Faith Civil Actions or
Defenses.--
``(1) Definitions.--In this subsection:
``(A) Bad faith civil action.--The term `bad faith civil
action' means a civil action brought under subsection (a) in
bad faith where the finder of fact determines that at the
time the civil action was filed, the party, attorney, or law
firm described in paragraph (2) had actual knowledge that--
``(i) the alleged conduct did not involve any minor; or
``(ii) the alleged child pornography did not depict--
``(I) any minor; or
``(II) sexually explicit conduct, sexual suggestiveness,
full or partial nudity, or implied sexual activity.
``(B) Bad faith defense.--The term `bad faith defense'
means a defense in a civil action brought under subsection
(a) raised in bad faith where the finder of fact determines
that at the time the defense was raised, the party, attorney,
or law firm described in paragraph (3) had actual knowledge
that the defense--
``(i) was made solely for purpose of delaying the civil
action or increasing the costs of the civil action; or
``(ii) was objectively baseless in light of the applicable
law or facts at issue.
``(2) Bad faith civil action.--In the case of a civil
action brought under subsection (a), the court may impose
sanctions on--
``(A) the party bringing the civil action if the court
finds that the party has brought 2 or more bad faith civil
actions (which may include the instant civil action); or
``(B) an attorney or law firm representing the party
bringing the civil action if the
[[Page S3074]]
court finds that the attorney or law firm has represented--
``(i) a party who has brought 2 or more bad faith civil
actions (which may include the instant civil action); or
``(ii) 2 or more parties who have each brought a bad faith
civil action (which may include the instant civil action).
``(3) Bad faith defense.--In the case of a civil action
brought under subsection (a), the court may impose sanctions
on--
``(A) the party defending the civil action if the court
finds that the party has raised 2 or more bad faith defenses
(which may include 1 or more defenses raised in the instant
civil action); or
``(B) an attorney or law firm representing the party
defending the civil action if the court finds that the
attorney or law firm has represented--
``(i) a party who has raised 2 or more bad faith defenses
(which may include 1 or more defenses raised in the instant
civil action); or
``(ii) 2 or more parties who have each raised a bad faith
defense (which may include a defense raised in the instant
civil action).
``(4) Implementation.--Rule 11(c) of the Federal Rules of
Civil Procedure shall apply to sanctions imposed under this
subsection in the same manner as that rule applies to
sanctions imposed for a violation of rule 11(b) of those
Rules.
``(5) Rules of construction.--
``(A) Rule 11.--This subsection shall not be construed to
limit or expand the application of rule 11 of the Federal
Rules of Civil Procedure.
``(B) Definition change.--Paragraph (1)(A)(ii) shall not be
construed to apply to a civil action affected by a
contemporaneous change in the law with respect to the
definition of `child pornography'.
``(j) Definitions.--In this section:
``(1) App.--The term `app' means a software application or
electronic service that may be run or directed by a user on a
computer, a mobile device, or any other general purpose
computing device.
``(2) App store.--The term `app store' means a publicly
available website, software application, or other electronic
service that--
``(A) distributes apps from third-party developers to users
of a computer, a mobile device, or any other general purpose
computing device; and
``(B) operates--
``(i) through the use of any means or facility of
interstate or foreign commerce; or
``(ii) in or affecting interstate or foreign commerce.
``(3) Interactive computer service.--The term `interactive
computer service' means an interactive computer service, as
defined in section 230(f) of the Communications Act of 1934
(47 U.S.C. 230(f)), that operates--
``(A) through the use of any means or facility of
interstate or foreign commerce; or
``(B) in or affecting interstate or foreign commerce.
``(k) Savings Clause.--Nothing in this section, including
the defenses under this section, shall be construed to apply
to any civil action brought under any other Federal law,
rule, or regulation, including any civil action brought
against a provider of an interactive computer service or an
app store under section 1595 or 2255.''.
(2) Clerical amendment.--The table of sections for chapter
110 of title 18, United States Code, is amended by inserting
after the item relating to section 2255 the following:
``2255A. Additional remedy for certain victims of child pornography or
child sexual exploitation.''.
SEC. 206. SEVERABILITY.
If any provision of this title, an amendment made by this
title, or the application of such provision or amendment to
any person or circumstance is held to be unconstitutional,
the remainder of this title and the amendments made by this
title, and the application of the provision or amendment to
any other person or circumstance, shall not be affected.
SEC. 207. CONTINUED APPLICABILITY OF FEDERAL, STATE, AND
TRIBAL LAW.
(a) Federal Law.--Nothing in this title or the amendments
made by this title, nor any rule or regulation issued
pursuant to this title or the amendments made by this title,
shall affect or diminish any right or remedy for a victim of
child pornography or child sexual exploitation under any
other Federal law, rule, or regulation, including any claim
under section 2255 of title 18, United States Code, with
respect to any individual or entity.
(b) State or Tribal Law.--Nothing in this title or the
amendments made by this title, nor any rule or regulation
issued pursuant to this title or the amendments made by this
title, shall--
(1) preempt, diminish, or supplant any right or remedy for
a victim of child pornography or child sexual exploitation
under any State or Tribal common or statutory law; or
(2) prohibit the enforcement of a law governing child
pornography or child sexual exploitation that is at least as
protective of the rights of a victim as this title and the
amendments made by this title.
______
SA 2238. Mr. HAWLEY 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 2, redesignate paragraphs (27) through (32) as
paragraphs (32) through (37), paragraphs (22) through (26) as
paragraphs (26) through (30), and paragraphs (10) through
(21) as paragraphs (11) through (22).
In section 2, after paragraph (9), insert the following:
(10) Excluded large online platform.--The term ``excluded
large online platform''--
(A) means a social media platform, an online search engine,
an online marketplace, or an online communication platform
that--
(i) averages more than 1,000,000 unique users on a monthly
basis; or
(ii) has more than 1,000,000 user accounts;
(B) includes all parents, subsidiaries, and affiliates of
the excluded large online platform; and
(C) does not include a platform that only permits users to
interact via a predetermined set of phrases, emoticons, or
nonlinguistic symbols.
In section 2, after paragraph (22), as so redesignated,
insert the following:
(23) Online communication platform.--The term ``online
communication platform'' means a service that allows users to
communicate, connect, or collaborate via the internet and
includes instant messaging, online video conferencing, online
discussion forum, and online collaboration services.
(24) Online marketplace.--The term ``online marketplace''
has the meaning given that term in section 2(f) of the
Integrity, Notification, and Fairness in Online Retail
Marketplaces for Consumers Act (15 U.S.C. 45f(f)).
(25) Online search engine.--The term ``online search
engine'' means an internet intermediary service that allows
users to input queries to perform searches of the World Wide
Web and, in response, returns information related to the
requested content.
In section 2(27)(A)(iii), as so redesignated, strike
``and''.
In section 2(27)(B), as so redesignated, strike the period
at the end and insert ``; and''.
In section 2(27), as so redesignated, add at the end the
following:
(C) is not an excluded large online platform.
In section 2, after paragraph (30), as so redesignated,
insert the following:
(31) Social media platform.--The term ``social media
platform'' has the meaning given that term in section 124(a)
of the Trafficking Victims Prevention and Protection
Reauthorization Act of 2022 (42 U.S.C. 1862w(a)).
______
SA 2239. Mr. HAWLEY (for himself and Mr. Sanders) 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. __. CAP ON CREDIT CARD INTEREST RATES.
(a) In General.--Section 107 of the Truth in Lending Act
(15 U.S.C. 1606) is amended by adding at the end the
following:
``(f)(1) The annual percentage rate applicable to an
extension of credit obtained by use of a credit card may not
exceed 10 percentage points, inclusive of all finance
charges.
``(2) Any fees that are not considered finance charges
under section 106(a) may not be used to evade the limitations
of paragraph (1), and the total sum of such fees may not
exceed the total amount of finance charges assessed.
``(3) The taking, receiving, reserving, or charging of a
credit card annual percentage rate or fee greater than that
permitted under this subsection, when knowingly done, shall
be deemed a violation of this title, and a forfeiture of the
entire interest which the note, bill, or other evidence of
the obligation carries with it, or which has been agreed to
be paid thereon.
``(4) If a credit card annual percentage rate or fee
greater than that permitted under this subsection has been
paid, the person by whom it has been paid, or the legal
representative thereof, may, by bringing an action not later
than 2 years after the date on which the usurious collection
was last made, recover back from the lender in an action in
the nature of an action of debt, the entire amount of
interest, finance charges, or fees paid.
``(5) Any creditor who violates this subsection shall be
subject to the provisions of section 130.
``(g) Nothing in this section may be construed to preempt
any provision of State law that provides greater protection
to consumers than is provided under this section.''.
(b) Technical and Conforming Amendment.--Section 130(a) of
the Truth in Lending Act (15 U.S.C. 1640(a)) is amended, in
the matter preceding paragraph (1), by inserting ``section
107(f),'' before ``this chapter''.
(c) Sunset.--
(1) In general.--The Truth in Lending Act (15 U.S.C. 1601
et seq.) is amended--
(A) in section 107 (15 U.S.C. 1606), by striking
subsections (f) and (g); and
(B) in section 130(a) (15 U.S.C. 1640(a)), in the matter
preceding paragraph (1), by striking ``section 107(f),''.
(2) Effective date.--The amendments made by paragraph (1)
shall take effect on January 1, 2031.
______
SA 2240. Mr. HAWLEY submitted an amendment intended to be proposed by
[[Page S3075]]
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. __. COMMUNICATIONS ACT AMENDMENT.
Section 230(c) of the Communications Act of 1934 (47 U.S.C.
230(c)) is amended by adding at the end the following:
``(3) Exception for issuers of payment stablecoin.--The
protections under this subsection shall not apply to any
person that issues a payment stablecoin, as defined in
section 2 of the GENIUS Act.''.
______
SA 2241. Mr. HAGERTY (for himself, Mrs. Gillibrand, Mr. Scott of
South Carolina, and Ms. Lummis) 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:
On page 3, line 25, strike ``node''.
On page 9, line 23, insert ``is'' after ``that''.
On page 9, strike line 24 and all that follows through page
10, line 9, and insert the following:
(A) a subsidiary of an insured depository institution that
has been approved to issue payment stablecoins under section
5;
(B) a Federal qualified payment stablecoin issuer; or
(C) a State qualified payment stablecoin issuer.
On page 13, line 18, strike ``any'' and insert ``a''.
On page 13, line 24, strike ``person'' and insert ``digital
asset service provider''.
On page 14, line 5, strike ``or'' and insert ``and any''.
On page 14, line 18, strike ``If the Secretary'' and all
that follows through line 21, and insert the following:
(A) In general.--If the Secretary of the Treasury
determines that unusual and exigent circumstances exist, the
Secretary may provide limited safe harbors from subsection
(a).
(B) Justification.--Prior to issuing a limited safe harbor
under this paragraph, the Secretary of the Treasury shall
submit to the chairs and ranking members of the Committee on
Banking, Housing, and Urban Affairs of the Senate and the
Committee on Financial Services of the House of
Representatives a justification for the determination of the
unusual and exigent circumstances, which may be contained in
a classified annex, as applicable.
On page 14, line 22, strike ``The'' and insert ``Consistent
with section 13, the''.
On page 14, line 23, strike ``may'' and insert ``shall''/
On page 14, line 25, strike ``statutory''.
On page 15, line 19, insert ``as'' before ``a cash
equivalent''.
On page 15, line 21, insert ``as'' before ``a cash
equivalent''.
On page 16, line 5, strike ``Rule'' and insert ``Rules''.
On page 16, strike lines 7 through 18 and insert the
following:
(1) Exempt transactions.--This section shall not apply to--
(A) the direct transfer of digital assets between 2
individuals acting on their own behalf and for their own
lawful purposes, without the involvement of an intermediary;
(B) to any transaction involving the receipt of digital
assets by an individual between an account owned by the
individual in the United States and an account owned by the
individual abroad that are offered by the same parent
company; or
(C) to any transaction by means of a software or hardware
wallet that facilitates an individual's own custody of
digital assets.
(2) Treasury authority.--Nothing in this Act shall alter
the existing authority of the Secretary of the Treasury to
block, restrict, or limit transactions involving payment
stablecoins that reference or are denominated in United
States dollars that are subject to the jurisdiction of the
United States.
On page 28, lines 17 and 18, strike ``, as applicable''.
On page 28, lines 20 and 21, strike ``and economic
sanctions compliance''.
On page 28, lines 22 and 23, strike ``, verification of
sanctions lists,''.
On page 28, line 24, strike ``programs'' and insert
``program''.
On page 29, line 4, strike ``policies'' and insert
``technical capabilities, policies,''.
On page 29, line 7, strike ``and''.
On page 29, line 13, strike the period and insert ``;
and''.
On page 29, between lines 13 and 14, insert the following:
(vi) maintenance of an effective economic sanctions
compliance program, including verification of sanctions
lists, consistent with Federal law.
On page 29, lines 14 and 15, strike ``Financial Crimes
Enforcement Network'' and insert ``Secretary of the
Treasury''.
On page 32, lines 21 and 22, strike ``and the amendments
made by that section''.
On page 32, strike lines 10 through 16 and insert the
following:
(B) Rule of construction.--Nothing in subparagraph (A)
shall limit a permitted payment stablecoin issuer from
engaging in payment stablecoin activities or digital asset
service provider activities specified by this Act, and
activities incidental thereto, that are authorized by the
primary Federal payment stablecoin regulator or the State
payment stablecoin regulator, as applicable, consistent with
all other
On page 33, line 15, strike ``A permitted'' and all that
follows through page 34, line 3, and insert the following:
(A) In general.--A permitted payment stablecoin issuer may
not--
(i) use any combination of terms relating to the United
States Government, including ``United States'', ``United
States Government'', and ``USG'', in the name of a payment
stablecoin; or
(ii) market a payment stablecoin in such a way that a
reasonable person would perceive the payment stablecoin to
be--
(I) legal tender, as described in section 5103 of title 31,
United States Code;
(II) issued by the United States; or
(III) guaranteed or approved by the Government of the
United States.
(B) Pegged stablecoins.--Abbreviations directly relating to
the currency to which a payment stablecoin is pegged, such as
``USD'', are not subject to the prohibitions in subparagraph
(A).
On page 36, strike lines 7 through 12 and insert the
following:
(11) Prohibition on interest.--No permitted payment
stablecoin issuer or foreign payment stablecoin issuer shall
pay the holder of any payment stablecoin any form of interest
or yield (whether in cash, tokens, or other consideration)
solely in connection with the holding, use, or retention of
such payment stablecoin.
On page 36, between lines 12 and 13, insert the following:
(12) Non-financial services public companies.--
(A) Definitions.--In this paragraph:
(i) Financial activities.--The term ``financial
activities''--
(I) has the meaning given that term in section 4(k) of the
Bank Holding Company Act of 1956 (12 U.S.C. 1843(k)); and
(II) for the avoidance of doubt, includes those activities
described in subparagraphs (A) and (B) of section 2(7) and
section 4(a)(7)(A) of this Act.
(ii) Public company.--The term ``public company'' means an
issuer that is required to file reports under section 13(a)
or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C.
78m(a), 78o(d)).
(B) Prohibition.--
(i) In general.--A public company that is not predominantly
engaged in 1 or more financial activities, and its wholly or
majority owned subsidiaries or affiliates, may not issue a
payment stablecoin unless the public company obtains a
unanimous vote of the Stablecoin Certification Review
Committee finding that--
(I) it will not pose a material risk to the safety and
soundness of the United States banking system, the financial
stability of the United States, or the Deposit Insurance
Fund;
(II) the public company will comply with data use
limitations providing that, unless the public company
receives consent from the consumer, nonpublic personal
information obtained from stablecoin transaction data may not
be--
(aa) used to target, personalize, or rank advertising or
other content;
(bb) sold to any third party; or
(cc) shared with non-affiliates; and
(III) the public company and the affiliates of the public
company will comply with the tying prohibitions under
paragraph (8).
(ii) Exception.--The prohibition under clause (i) against
the sharing of consumer information shall not apply to
sharing of such information--
(I) to comply with Federal, State, or local laws, rules,
and other applicable legal requirements;
(II) to comply with a properly authorized civil, criminal,
or regulatory investigation, subpoena, or summons by a
Federal, State, or local authority; or
(III) to respond to judicial process or a government
regulatory authority having jurisdiction over the public
company.
(C) Extension of prohibition.--
(i) In general.--Any company not domiciled in the United
States or its Territories that is not predominantly engaged
in 1 or more financial activities, may not issue a payment
stablecoin unless the public company obtains a unanimous vote
of the Stablecoin Certification Review Committee finding
that--
(I) it will not pose a material risk to the safety and
soundness of the United States banking system, the financial
stability of the United States, or the Deposit Insurance
Fund;
(II) the public company will comply with data use
limitations providing that, unless the public company
receives consent from the consumer, nonpublic personal
information obtained from stablecoin transaction data may not
be--
(aa) used to target, personalize, or rank advertising or
other content;
(bb) sold to any third party; or
(cc) shared with non-affiliates; except
(III) the public company and the affiliates of the public
company will comply with the tying prohibitions under
paragraph (8).
(ii) Exception.--The prohibition under clause (i) against
the sharing of consumer information shall not apply to
sharing of such information--
(I) to comply with Federal, State, or local laws, rules,
and other applicable legal requirements;
(II) to comply with a properly authorized civil, criminal,
or regulatory investigation, subpoena, or summons by a
Federal, State, or local authority; or
[[Page S3076]]
(III) to respond to judicial process or a government
regulatory authority having jurisdiction over the public
company.
(D) Rulemaking.--Not later than 1 year after the date of
enactment of this Act, the Stablecoin Certification Review
Committee shall issue an interpretive rule clarifying the
application of this paragraph.
(13) Eligibility.--Nothing in this Act shall be construed
as expanding or contracting legal eligibility to receive
services available from a Federal Reserve bank or to make
deposits with a Federal Reserve bank, in each case pursuant
to the Federal Reserve Act.
On page 36, line 13, strike ``(12)'' and insert ``(14)''.
On page 38, lines 2 and 3, strike ``that subsection'' and
insert ``this Act''.
On page 40, line 13, insert ``any'' after ``to''.
On page 43, line 1, insert ``(or the Vice Chair for
Supervision, as delegated by the Chair of the Board)'' after
``Board''.
On page 46, line 16, strike ``a''.
On page 46, line 17, strike ``stablecoin'' and insert
``stablecoins''.
On page 47, line 18, strike ``, provided that'' and all
that follows through line 25.
On page 49, line 6, strike ``may'' and insert ``shall''.
On page 51, lines 14 and 15, strike ``House of
Representatives and the Senate'' and insert ``Senate and the
House of Representatives''.
On page 51, lines 19 and 20, strike ``House of
Representatives and the Senate'' and insert ``Senate and the
House of Representatives''.
On page 51, line 22, strike ``product''.
On page 51, line 23, insert ``For the purposes of this
paragraph, an employee described in section 202 of title 18,
United States Code, shall be deemed an executive branch
employee for purposes of complying with section 208 of that
title.'' after ``public service.''.
On page 60, line 21, insert ``Nothing in this subsection
shall preempt or supersede the authority of a State to
charter, license, supervise, or regulate an insured
depository institution or credit union chartered in such
State or to supervise a subsidiary of such insured depository
institution or credit union that is approved under this
section to be a permitted payment stablecoin issuer.'' after
``stablecoin issuer.''.
On page 61, line 9, strike ``including,''.
On page 63, lines 22 and 23, strike ``to be'' and insert
``and''.
On page 64, line 9, strike ``with'' and insert ``within''.
On page 66, line 5, insert ``or recklessly'' after
``willfully'' each place it appears.
On page 73, strike lines 3 through 8 and insert the
following:
(c) Rule of Construction.--Nothing in this Act may be
construed to modify or otherwise affect any right or remedy
under any Federal consumer financial law, including 12 U.S.C.
5515 and 15 U.S.C. 41 et seq.
On page 81, lines 5 and 6, strike ``Unless otherwise
provided in this Act'' and insert ``Notwithstanding any other
provision of law''.
On page 82, lines 8 and 9, strike ``as specified in this
subsection'' and insert ``for State laws relating to the
chartering, licensure, or other authorization to do business
as a permitted payment stablecoin issuer''.
On page 82, line 13, strike ``Stablecoin'' and insert
``Stablecoins''.
On page 82, line 15, strike ``Payment'' and insert ``A
payment''.
On page 82, line 18, insert ``by a digital asset service
provider'' after ``United States''.
On page 83, lines 6 and 7, strike ``that is''.
On page 83, line 25, insert ``except as provided in
subsection (c)'' after ``(a),''.
On page 83, line 25, strike ``may'' and insert ``shall''.
On page 85, between lines 4 and 5, insert the following:
(C) Publication.--Upon a determination under subparagraph
(A), the Secretary of the Treasury shall publish the
determination in the Federal Register, including a statement
detailing how the foreign payment stablecoin issuer has met
the criteria described in subparagraph (B).
On page 86, line 9, insert ``Notwithstanding the foregoing,
the Secretary of Treasury may determine that multiple acts of
noncompliance constitute separate violations if such acts
were the result of gross negligence, a reckless disregard
for, or a pattern of indifference to, money laundering,
financing of terrorism, or sanctions evasion requirements.''
after ``cause.''.
On page 88, line 15, insert ``(2), or (3),'' after
``(1),''.
On page 88, lines 15 and 16, strike ``a report''.
On page 88, line 19, insert ``a report, which may include a
classified annex, if applicable,'' after ``House of
Representatives,''.
On page 88, between lines 22 and 23, insert the following:
(d) Rule of Construction.--Nothing in this Act shall be
construed as altering the existing authority of the Secretary
of the Treasury to block, restrict, or limit transactions
involving payment stablecoins that reference or are
denominated in United States dollars that are subject to the
jurisdiction of the United States.
On page 91, line 22, strike ``Best practices'' and insert
``Standards''.
On page 92, line 2, strike ``and'' and insert ``or''.
On page 92, line 3, strike ``Best practices'' and insert
``Standards''.
On page 92, between lines 9 and 10, insert the following:
(4) Tailored risk management standards for financial
institutions interacting with decentralized finance
protocols.
On page 92, line 11, strike ``Not later than'' and all that
follows through page 93, line 7, and insert the following:
(1) In general.--Not later than 180 days after the date of
enactment of this Act, the Secretary of the Treasury shall
submit to the chairs and ranking members of the Committee on
Banking, Housing, and Urban Affairs of the Senate and the
Committee on Financial Services of the House of
Representatives a report on--
(A) legislative and regulatory proposals to allow regulated
financial institutions to develop and implement novel and
innovative methods, techniques, or strategies to detect
illicit activity, such as money laundering and sanctions
evasion, involving digital assets;
(B) the results of the research and risk assessments
conducted pursuant to this section;
(C) efforts to support the ability of financial
institutions to implement novel and innovative methods,
techniques, or strategies to detect illicit activity, such as
money laundering and sanctions evasion, involving digital
assets;
(D) the extent to which transactions on distributed
ledgers, digital asset mixing services, tumblers, or other
similar services that mix payment stablecoins in such a way
as to make such transaction or the identity of the
transaction parties less identifiable may facilitate illicit
activity; and
(E) legislative recommendations relating to the scope of
the term ``digital asset service provider'' and the
application of that term to decentralized finance.
(2) Classified annex.--A report under this section may
include a classified annex, if applicable.
On page 95, strike line 1 through 25 and insert the
following:
(b) Customer Property Requirement.--A person described in
subsection (a) shall, with respect to other property
described in that subsection--
(1) treat and deal with the payment stablecoins, private
keys, cash, and other property of a person for whom or on
whose behalf the person described in that subsection
receives, acquires, or holds payment stablecoins, private
keys, cash, and other property (hereinafter referred to in
this section as the ``customer'') as belonging to such
customer and not as the property of such person; and
(2) take such steps as are appropriate to protect the
payment stablecoins, private keys, cash, and other property
of a customer from the claims of creditors of the person.
On page 98, line 8, insert ``provided such treatment is
consistent with Federal law'' after ``deposit''.
On page 99, strike lines 6 through 18 and insert the
following:
(a) In General.--Subject to section 507(e) of title 11,
United States Code, as added by subsection (d), in any
insolvency proceeding of a permitted payment stablecoin
issuer under Federal or State law, including any proceeding
under that title and any insolvency proceeding administered
by a State payment stablecoin regulator with respect to a
permitted payment stablecoin issuer--
(1) the claim of a person holding payment stablecoins
issued by the permitted payment stablecoin issuer shall have
priority over the claims of the permitted payment stablecoin
issuer and any other creditor of the permitted payment
stablecoin issuer, with respect to required payment
stablecoin reserves;
(2) notwithstanding any other provision of law, including
the definition of ``claim'' under section 101(5) of title 11,
United States Code, any person holding a payment stablecoin
issued by the permitted payment stablecoin issuer shall be
deemed to hold a claim; and
(3) the priority under paragraph (1) shall not apply to
claims other than those arising directly from the holding of
payment stablecoins or required payment stablecoin reserves
maintained by the permitted payment stablecoin issuer.
On page 101, lines 16 and 17, strike ``of a person holding
payment stablecoin'' and insert ``arising from a person's
holding of a payment stablecoin''.
On page 103, between lines 7 and 8, insert the following:
(h) Study by Primary Federal Payment Stablecoin
Regulators.--
(1) Study required.--The primary Federal payment stablecoin
regulators shall perform a study of the potential insolvency
proceedings of permitted payment stablecoin issuers,
including an examination of--
(A) existing gaps in the bankruptcy laws and rules for
permitted payment stablecoin issuers;
(B) the ability of payment stablecoin holders to be paid
out in full in the event a permitted payment stablecoin
issuer is insolvent; and
(C) the utility of orderly insolvency administration
regimes and whether any additional authorities are needed to
implement such regimes.
(2) Report.--Not later than 3 years after the date of
enactment of this Act, the primary Federal payment stablecoin
regulators shall submit to the Committee on Banking, Housing,
and Urban Affairs of the Senate and the Committee on
Financial Services of the House of Representatives a report
that contains all findings of the study under paragraph (1),
including any legislative recommendations.
On page 110, line 13, strike ``8'' and insert ``10''.
[[Page S3077]]
On page 113, line 8, insert a period at the end.
On page 114, between lines 11 and 12, insert the following:
(4) The foreign country in which the foreign payment
stablecoin issuer is domiciled and regulated is not subject
to comprehensive economic sanctions by the United States or
in a jurisdiction that the Secretary of the Treasury has
determined to be a jurisdiction of primary money laundering
concern.
On page 114, line 19, insert ``Prior to such determination
taking effect, the Secretary of the Treasury shall publish in
the Federal Register a justification for such determination,
including how the foreign country's regulatory and
supervisory regime is comparable to the requirements
established under this Act, including the requirements under
section 4(a). The Stablecoin Certification Review Committee
shall have not less than 7 days' notice of a determination
under this paragraph to reject such determination prior to
publication in the Federal Register. Such rejection shall be
published in the Federal Register.'' after ``section 4(a).''.
On page 115, line 13, insert ``Prior to such rescission
taking effect, the Secretary of the Treasury shall publish in
the Federal Register a justification for the rescission.''
after ``under this Act.''.
On page 118, line 22, insert ``Prior to such rescission
taking effect, the Comptroller shall publish in the Federal
Register a justification for the rescission.'' after
``financial stability risk.''.
On page 119, strike lines 9 through 19 and insert the
following:
(1) In general.--The Secretary of the Treasury may create
and implement reciprocal arrangements or other bilateral
agreements between the United States and jurisdictions with
payment stablecoin regulatory regimes that are comparable to
the requirements established under this Act. The Secretary of
the Treasury shall consider whether the jurisdiction's
requirements for payment stablecoin issuers include--
(A) similar requirements to those under section 4(a);
(B) adequate anti-money laundering and counter-financing of
terrorism program and sanction compliance standards; and
(C) adequate supervisory and enforcement capacity to
facilitate international transactions and interoperability
with United States dollar-denominated payment stablecoins
issued overseas.
On page 119, between lines 19 and 20, insert the following:
(2) Publication.--Not later than 90 days prior to the entry
into force of any arrangement or agreement under paragraph
(1), the Secretary of the Treasury shall publish the
arrangement or agreement in the Federal Register.
On page 119, in line 20, strike ``(2)'' and insert ``(3)''.
______
SA 2242. Mr. WHITEHOUSE 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:
Add at the end the following:
SEC. 20. EMISSIONS FROM POWER CONSUMPTION OF DATA CENTERS AND
CRYPTOMINING FACILITIES.
(a) Amendment.--Part A of title I of the Clean Air Act (42
U.S.C. 7401 et seq.) is amended by adding at the end the
following:
``SEC. 139. EMISSIONS FROM POWER CONSUMPTION OF DATA CENTERS
AND CRYPTOMINING FACILITIES.
``(a) Definitions.--In this section:
``(1) Covered facility.--The term `covered facility' means
a data center or cryptomining facility that has more than 100
kilowatts of installed information technology nameplate
power.
``(2) Cryptomining facility.--The term `cryptomining
facility' means a facility used to mine or create
cryptocurrencies or other blockchain based digital assets,
which may be--
``(A) a freestanding structure; or
``(B) a facility within a larger structure that uses
environmental control equipment to maintain the proper
conditions for the operation of electronic equipment.
``(3) Data center.--The term `data center' has the meaning
given the term in section 453(a) of the Energy Independence
and Security Act of 2007 (42 U.S.C. 17112(a)).
``(4) Electric utility.--The term `electric utility' has
the meaning given the term in section 3 of the Federal Power
Act (16 U.S.C. 796).
``(5) Region.--The term `region' means a geographic region
described in the National Transmission Needs Study of the
Department of Energy, dated October 30, 2023.
``(b) Annual Data Collection of Energy Consumption of Data
Centers and Cryptomining Facilities.--
``(1) In general.--The Administrator, in conjunction with
the Administrator of the Energy Information Administration,
shall annually collect--
``(A) the information described in paragraph (2) from the
owners of covered facilities, including federally owned data
centers located within the United States and territories of
the United States; and
``(B) the information described in paragraph (3) from the
electric utilities that serve covered facilities.
``(2) Information described for covered facilities.--The
information referred to in paragraph (1)(A), with respect to
a covered facility, is--
``(A) the location of the covered facility, including in
which balancing authority area the covered facility is
located;
``(B) whether the covered facility is a data center or a
cryptomining facility;
``(C) the owner of the covered facility;
``(D) the electric utility, if any, that provides power to
the covered facility;
``(E) the total annual electricity consumption of the
covered facility;
``(F) the total annual electricity consumed by the covered
facility from electricity generation assets located behind
the power meter of the covered facility;
``(G) subject to paragraph (5), the percentage of
electricity consumed annually by the covered facility from
electricity generation assets located behind the power meter
of the covered facility that is generated from wind, solar,
hydropower, nuclear, coal, gas, and any other power source;
``(H) the terms of any power purchase agreements or other
contractual mechanisms for procuring power from an
electricity generator that the covered facility is party to;
and
``(I) any other relevant information, as reasonably
determined by the Administrator and the Administrator of the
Energy Information Administration.
``(3) Information described for electric utilities.--The
information referred to in paragraph (1)(B), with respect to
each covered facility served by an electric utility, is--
``(A) the total annual electricity consumed by the covered
facility from the electric grid;
``(B) subject to paragraph (4), the percentage of
electricity consumed annually by the covered facility from
the electric grid that is generated from wind, solar,
hydropower, nuclear, coal, gas, and any other power source;
``(C) the rates charged by the electric utility for each
class of electric consumer for the current year and each of
the 3 prior years; and
``(D) any other relevant information, as reasonably
determined by the Administrator and the Administrator of the
Energy Information Administration.
``(4) Electricity consumed from the electric grid.--For
purposes of collecting the information described in paragraph
(3)(B) with respect to a covered facility--
``(A) the Administrator, in conjunction with the
Administrator of the Energy Information Administration, shall
consider the average resource mix of the electric utilities
that serve the covered facility to be the resource mix for
the portion of electricity consumed annually from the
electric grid by a covered facility that is not described in
subparagraph (B); and
``(B) if the covered facility or the owner of the covered
facility is party to a power purchase agreement or other
contractual mechanism for procuring power from an electricity
generation asset (such as the voluntary higher rate described
in subsection (c)(4)(C)(iii)(I)(aa)), or purchases and
retires energy attribute certificates, the Administrator, in
conjunction with the Administrator of the Energy Information
Administration, shall consider the electricity generation
represented by those instruments as part of the electricity
consumed annually by the covered facility from the electric
grid only if the owner of the covered facility can
demonstrate that--
``(i)(I) the electricity generation asset began commercial
operations not more than 36 months before the date on which
operations began at the covered facility;
``(II) the electricity generation asset would otherwise be
retired and the retirement could not be prevented by the use
of existing public funding programs;
``(III) the electricity provided by the electricity
generation asset would otherwise be curtailed;
``(IV) the power that the electricity generation asset
provides to the covered facility resulted from an uprate that
occurred not more than 36 months before the date on which
operations began at the covered facility;
``(V) the power purchase agreement or other contractual
mechanism was finalized before the date of enactment of this
section; or
``(VI)(aa) the electricity generation asset has undergone
or will undergo a retrofit that reduces the greenhouse
emissions intensity of the electricity generation asset,
expressed in terms of metric tons of carbon dioxide-
equivalent of greenhouse gases per kilowatt-hour, by not less
than 75 percent, as compared to before the retrofit; and
``(bb) the retrofit otherwise would not have occurred, even
after the use of existing public funding programs, without
the power purchase agreement or other contractual mechanism;
``(ii) the electricity is generated--
``(I) in the same calendar year as the electricity is
consumed by the covered facility, in the case of electricity
that is generated before January 1, 2028; and
``(II) in the same hour as the electricity is consumed by
the covered facility or an energy storage asset that serves
the covered facility, in the case of electricity that is
generated after December 31, 2027;
``(iii)(I) the electricity generation asset that produced
the electricity is electrically interconnected to a balancing
authority located in the same region as the covered facility;
or
[[Page S3078]]
``(II) the owner of the electricity generation asset can
demonstrate that the power produced by the electricity
generation asset is physically delivered to the covered
facility, as determined by the Administrator, in coordination
with the Secretary of Energy; and
``(iv) the electricity generation represented by the power
purchase agreement or other contractual mechanism for
procuring power from an electricity generation asset are
claimed exclusively by the covered facility through the
retirement of an equivalent quantity of energy attribute
certificates.
``(5) Electricity consumed from assets behind the meter.--
For purposes of collecting the information described in
paragraph (2)(G) with respect to a covered facility--
``(A) the Administrator, in conjunction with the
Administrator of the Energy Information Administration, shall
consider the average resource mix of the electric utilities
that serve the covered facility to be the resource mix for
the portion of electricity consumed annually by the covered
facility from electricity generation assets located behind
the power meter of a covered facility that is not described
in subparagraph (B); and
``(B) the Administrator, in conjunction with the
Administrator of the Energy Information Administration, shall
consider the electricity generated by electricity generation
assets located behind the power meter of the covered facility
as part of the electricity consumed annually by the covered
facility from electricity generation assets located behind
the power meter of the covered facility only if--
``(i) the owner of the covered facility can demonstrate
that--
``(I) the electricity generation asset began operations not
more than 36 months before the date on which operations began
at the covered facility; or
``(II) the electricity generation asset would otherwise be
retired and the retirement could not be prevented by the use
of existing public funding programs; or
``(ii) the Administrator determines that the greenhouse gas
emissions intensity, expressed in terms of metric tons of
carbon dioxide-equivalent of greenhouse gases per kilowatt-
hour, of the electricity generation asset is higher than the
greenhouse gas emissions intensity of the electric utilities
that serve the covered facility, based on the average
resource mix of those electric utilities.
``(6) Greenhouse gas emissions intensity.--Based on the
information collected under paragraph (1), for each covered
facility, the Administrator shall determine the greenhouse
gas emission intensity, expressed in terms of metric tons of
carbon dioxide-equivalent of greenhouse gases per kilowatt-
hour, of--
``(A) the total annual electricity consumed by the covered
facility from the electric grid; and
``(B) the total annual electricity consumed by the covered
facility from electricity generation assets located behind
the power meter of the covered facility.
``(7) Publicly available.--The Administrator shall make
publicly available on an annual basis--
``(A) for each covered facility--
``(i) the information described in each of subparagraphs
(A), (B), (C), and (D) of paragraph (2);
``(ii) the percent of electricity consumed annually by the
covered facility that is generated from wind, solar,
hydropower, nuclear, coal, gas, and any other power source;
and
``(iii) the greenhouse gas emissions intensity of the total
annual electricity consumed by the covered facility, as
determined under paragraph (6); and
``(B) for each owner of a covered facility, the aggregate
annual electricity consumption of all covered facilities
owned by that owner.
``(8) Confidential business information.--
``(A) In general.--Except as provided in subparagraph (B),
of the information collected under paragraph (1), the
Administrator and the Administrator of the Energy Information
Administration shall treat the information described in each
of subparagraphs (E) and (F) of paragraph (2) and
subparagraph (A) of paragraph (3) as confidential business
information.
``(B) Exception.--Subparagraph (A) does not apply to
information that is required to be made publicly available
pursuant to paragraph (7)(C).
``(c) Emissions Performance Standard.--
``(1) Definitions.--In this subsection:
``(A) Baseline.--The term `baseline', with respect to a
covered facility in a calendar year, means the baseline of
the region the covered facility is located in for that
calendar year as determined under paragraph (2).
``(B) Greenhouse gas.--
``(i) In general.--The term `greenhouse gas' means the air
pollutants carbon dioxide, any hydrofluorocarbon, methane,
nitrous oxide, any perfluorocarbon, and sulfur hexafluoride.
``(ii) Global warming potential.--For purposes of the term
`methane' in clause (i), the Administrator shall use the 20-
year global warming potential of methane, as determined in
accordance with the Sixth Assessment Report of the
Intergovernmental Panel on Climate Change.
``(2) Determination of baseline.--
``(A) Publication of baseline.--Not later than December 31,
2025, the Administrator shall determine and publish in the
Federal Register the greenhouse gas emissions intensities of
the electric grid of each region, expressed in terms of
metric tons of carbon dioxide-equivalent of greenhouse gases
per kilowatt-hour.
``(B) Initial baseline.--For purposes of calendar year
2026, the baseline of each region shall be the baseline of
that region published under subparagraph (A).
``(C) Baselines through 2034.--For each of calendar years
2027 through 2034, the baseline of each region for that
calendar year shall be determined by reducing the baseline
from the previous calendar year by 11 percent of the baseline
of that region for calendar year 2026.
``(D) Baseline in 2035 and thereafter.--For calendar year
2035 and each calendar year thereafter, the baseline for each
region shall be 0 metric tons of carbon dioxide-equivalent of
greenhouse gases per kilowatt-hour.
``(3) Assessment of fees.--
``(A) Fee on utilities.--
``(i) Imposition of fee on utilities.--Beginning on January
1, 2026, the Administrator shall, in accordance with this
subparagraph and using the information collected under
subsection (b) but subject to subparagraphs (C) and (D),
assess on the owner of any electric utility providing power
to a covered facility a fee with respect to the greenhouse
gas emissions of the electricity consumed by the covered
facility from the electric grid above the baseline of the
region the covered facility is located in for that calendar
year.
``(ii) Amount of fee.--The amount of a fee assessed under
clause (i) with respect to an electric utility for a calendar
year shall be the sum obtained by adding, for each covered
facility served by the electric utility, the product (rounded
to the nearest dollar) obtained by multiplying--
``(I) the total electricity consumed by the covered
facility from the electric grid during the calendar year, as
expressed in kilowatt-hours;
``(II) subject to clause (iii), $20; and
``(III) the amount, if any, that the greenhouse gas
emissions intensity of the electricity consumed by the
covered facility from the electric grid, expressed in terms
of metric tons of carbon dioxide-equivalent of greenhouse
gases per kilowatt-hour, exceeds the baseline of the region
the covered facility is located in for the calendar year.
``(iii) Fee adjustment.--Beginning in calendar year 2027,
the Administrator shall annually increase the amount
described in clause (ii)(II) by the sum obtained by adding--
``(I) the product obtained by multiplying--
``(aa) the applicable amount under clause (ii)(II) during
the previous calendar year; and
``(bb) the rate of inflation, as determined by the
Administrator using the changes for the 12-month period
ending the preceding November 30 in the Consumer Price Index
for All Urban Consumers published by the Bureau of Labor
Statistics of the Department of Labor; and
``(II) $10.
``(iv) Notification of fee amount.--Not later than January
31, 2027, and not later than January 31 of each calendar year
thereafter, the Administrator shall notify--
``(I) the owner of each electric utility subject to a fee
under clause (i) of the amount of the fee that is assessed
with respect to the electric utility for the previous
calendar year under clause (i); and
``(II) the owner of each covered facility of the total
amount of any fee assessed for the previous calendar year
under clause (i) that is attributable, pursuant to clause
(ii), to the electricity consumed by the covered facility.
``(v) Remittance of fee amount.--A fee assessed under
clause (i) for a calendar year shall be due and payable to
the Administrator not later than March 31 of the calendar
year after the calendar year for which the fee is assessed.
``(vi) Pass-through limitation.--
``(I) In general.--Any electric utility assessed a fee
under clause (i) may not recoup the cost of the fee by
raising rates or assessing fees on any customer that is not a
covered facility.
``(II) Monitoring compliance.--The Administrator, in
conjunction with the Administrator of the Energy Information
Administration, shall use the best available data, including
the information collected pursuant to subsection (b)(1)(B)
and described in subsection (b)(3)(C), to monitor the
compliance of electric utilities with subclause (I).
``(III) Penalty.--If the Administrator, in conjunction with
the Administrator of the Energy Information Administration,
determines that an electric utility has violated subclause
(I), the Administrator shall assess a fine on the electric
utility in an amount equal to 2 times the amount recouped by
the electric utility, as described in subclause (I), from
customers that are not covered facilities.
``(B) Fee on covered facilities.--
``(i) Imposition of fee on covered facilities.--Beginning
on January 1, 2026, the Administrator shall, in accordance
with this subparagraph and using the information collected
under subsection (b) but subject to subparagraphs (C) and
(D), assess on the owner of any covered facility a fee with
respect to the greenhouse gas emissions of the electricity
consumed by the covered facility from electricity generation
assets located
[[Page S3079]]
behind the power meter of the covered facility above the
baseline of the region the covered facility is located in for
that calendar year.
``(ii) Amount of fee.--The amount of a fee assessed under
clause (i) with respect to a covered facility for a calendar
year shall be the product (rounded to the nearest dollar)
obtained by multiplying--
``(I) the total electricity consumed by the covered
facility from electricity generation assets located behind
the power meter of the covered facility during the calendar
year, as expressed in kilowatt-hours;
``(II) subject to clause (iii), $20; and
``(III) the amount, if any, that the greenhouse gas
emissions intensity of the electricity consumed by the
covered facility from electricity generation assets located
behind the power meter of the covered facility, expressed in
terms of metric tons of carbon dioxide-equivalent of
greenhouse gases per kilowatt-hour, exceeds the baseline of
the region the covered facility is located in for the
calendar year.
``(iii) Fee adjustment.--Beginning in calendar year 2027,
the Administrator shall annually increase the amount
described in clause (ii)(II) by the sum obtained by adding--
``(I) the product obtained by multiplying--
``(aa) the applicable amount under clause (ii)(II) during
the previous calendar year; and
``(bb) the rate of inflation, as determined by the
Administrator using the changes for the 12-month period
ending the preceding November 30 in the Consumer Price Index
for All Urban Consumers published by the Bureau of Labor
Statistics of the Department of Labor; and
``(II) $10.
``(iv) Notification of fee amount.--Not later than January
31, 2027, and not later than January 31 of each calendar year
thereafter, the Administrator shall notify the owner of each
covered facility the amount of the fee that is assessed with
respect to the covered facility for the previous calendar
year under clause (i).
``(v) Remittance of fee amount.--A fee assessed under
clause (i) for a calendar year shall be due and payable to
the Administrator not later than March 31 of the calendar
year after the calendar year for which the fee is assessed.
``(C) Applicability to zero-carbon electricity generation
assets.--This paragraph shall not apply to a covered facility
if the Administrator, in conjunction with the Administrator
of the Energy Information Administration, determines,
pursuant to the information collected under subsection (b),
that the covered facility is powered entirely by zero-carbon
electricity generation assets during all hours of the
operation of the covered facility.
``(D) Alternative baseline.--If the Administrator
determines at any point that the greenhouse gas emissions
intensity of the electric grid of any region falls below the
baseline of that region, during the period beginning on the
date of that determination and ending on the date on which
the Administrator determines that the determination is no
longer applicable, subparagraphs (A) and (B) shall be applied
to covered facilities located in that region by substituting
`greenhouse gas emissions intensity of the electric grid' for
`baseline'.
``(4) Use of funds.--
``(A) Administration.--For fiscal year 2028 and each fiscal
year thereafter, there are appropriated, out of any funds in
the Treasury not otherwise appropriated, to the Administrator
an amount equal to 3 percent of the amounts collected
pursuant to fees and penalties assessed under paragraph (3)
during the previous calendar year to support the
administration of the reporting program under subsection (b)
and the assessment of the fees and penalties under this
subsection.
``(B) Consumer energy costs.--For fiscal year 2028 and each
fiscal year thereafter, there are appropriated, out of any
funds in the Treasury not otherwise appropriated, to the
Administrator an amount equal to 25 percent of the amounts
collected pursuant to fees and penalties assessed under
paragraph (3) during the previous calendar year to award
grants to States, Indian Tribes, municipalities, and electric
utilities to support programs that lower residential
electricity consumer energy costs, such as through energy use
savings or direct rebates, to offset cost increases resulting
from increased data center electricity consumption.
``(C) Clean firm grants.--
``(i) In general.--For fiscal year 2028 and each fiscal
year thereafter, there are appropriated, out of any funds in
the Treasury not otherwise appropriated, to the Administrator
an amount equal to 70 percent of the amounts collected
pursuant to fees and penalties assessed under paragraph (3)
during the previous calendar year to award to eligible
entities, as determined by the Administrator, grants,
rebates, advanced market commitments, or low-interest loans,
as determined appropriate by the Administrator, for the
research, development, demonstration, and deployment of--
``(I) zero-carbon electricity generation assets that are
capable of generating electricity throughout the year, with
the exception of planned outages for maintenance, refueling,
or retrofits, at capacity factors greater than 70 percent; or
``(II) long-duration energy storage assets that are capable
of continuously discharging energy at their rated power
output for at least 10 hours.
``(ii) Application.--An eligible entity seeking an award
under clause (i) shall submit to the Administrator an
application at such time, in such manner, and containing such
information as the Administrator may require.
``(iii) Certification and clawback.--
``(I) Certification.--An eligible entity that receives an
award under clause (i) for the purpose of financing the
construction or operation of an electricity generation asset
or energy storage asset shall certify that any electric
utility selling or contracted to sell electricity generated
or stored by the asset shall--
``(aa) not later than 2 years after the date on which the
eligible entity receives the award, allow the customers of
the electric utility to voluntarily pay a higher rate for the
purchase of electricity service that is sourced from zero-
carbon electricity generation, including long-duration energy
storage assets charged by zero-carbon electricity, in all
hours of the year; and
``(bb) exclusively use the additional amounts collected
pursuant to those higher rates to support the financing,
development, or acquisition of--
``(AA) zero-carbon electricity generation assets that are
capable of generating electricity throughout the year, with
the exception of planned outages for maintenance, refueling,
or retrofits, at capacity factors greater than 70 percent; or
``(BB) long-duration energy storage assets that are capable
of continuously discharging energy at their rated power
output for at least 10 hours.
``(II) Clawback.--If the Administrator determines that a
recipient of an award described in subclause (I) has violated
the certification required under that subclause, the
Administrator shall seek reimbursement of the full amount of
the award from the recipient.
``(d) Applicability to Leased Facilities.--For purposes of
this section--
``(1) if a covered facility is leased to a tenant, the
tenant shall be considered the owner of the facility; and
``(2) if a portion of a covered facility is leased to a
tenant and the leased space also meets the requirements
described in subsection (a)(1)--
``(A) the leased space shall be considered to be a separate
covered facility from the rest of the larger facility; and
``(B) the tenant shall be considered the owner of the
covered facility that comprises the leased space.''.
(b) Severability.--If any provision of this section, an
amendment made by this section, or the application of such
provision or amendment to any person or circumstance is held
to be unconstitutional, the remainder of this section and the
amendments made by this section, and the application of the
provision or amendment to any other person or circumstance,
shall not be affected by the holding.
(c) Effective Date.--Notwithstanding section 19, this
section and the amendments made by this section shall take
effect on the date of enactment of this Act.
______
SA 2243. Mr. DURBIN 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. __. TREATMENT OF PERMITTED PAYMENT STABLECOIN ISSUERS AS
DEPOSITORY INSTITUTIONS.
A permitted payment stablecoin issuer shall be deemed to
be an insured depository institution for the purpose of any
requirement applicable to an insured depository institution
to file a charter, submit suspicious activity reports, report
large transactions under the Bank Secrecy Act, meet
regulatory capital standards, and undergo audits.
______
SA 2244. Mr. DURBIN (for himself and Mr. Warnock) 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. __. FEDERAL CONSUMER FINANCIAL LAW SAVINGS CLAUSE.
No authority granted or conferred to a primary Federal
payment stablecoin regulator or State payment stablecoin
regulator under this Act, or pursuant to any rule or order
issued thereunder, or pursuant to any other provision in this
Act, shall be construed, either directly or in conjunction
with any other provision of law, including the Consumer
Financial Protection Act of 2010 (Public Law 110-203; 124
Stat. 1955) and the Electronic Fund Transfer Act (15 U.S.C.
1693 et. seq.), to limit or otherwise abridge the authority
of the Director of the Consumer Financial Protection Bureau
to enforce Federal consumer financial laws with respect to
any person. For the avoidance of doubt, the Consumer
Financial Protection Bureau has jurisdiction over permitted
payment stablecoin issuers to enforce the consumer financial
laws under the purview of the Consumer Financial Protection
Bureau, and all enumerated consumer protection provisions
under the Consumer Financial Protection
[[Page S3080]]
Act of 2010 (12 U.S.C. 5481 et seq.) are applicable to
payment stablecoins.
______
SA 2245. Mr. DURBIN 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 4(a)(1)(B)(i), strike ``; and'' and insert a
semicolon.
In section 4(a)(1)(B), add at the end the following:
``(iii) provide for fee limitations associated with
purchasing or redeeming the payment stablecoins; and''.
______
SA 2246. Mr. DURBIN (for himself, Mr. Blumenthal, Mr. Reed, and Ms.
Warren) 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. __. CRYPTO ATM FRAUD PREVENTION.
(a) Registration With the Secretary of the Treasury.--
Section 5330 of title 31, United States Code, is amended--
(1) in subsection (d)--
(A) in paragraph (1)(A), by inserting ``, any person who
owns, operates, or manages a virtual currency kiosk in the
United States or its territories,'' after ``similar
instruments''; and
(B) by adding at the end the following:
``(3) Virtual currency; virtual currency address; virtual
currency kiosk; virtual currency kiosk operator.--The terms
`virtual currency', `virtual currency address', `virtual
currency kiosk', and `virtual currency kiosk operator' have
the meanings given those terms, respectively, in section
5337.''; and
(2) by adding at the end the following:
``(f) Registration of Virtual Currency Kiosk Locations.--
``(1) In general.--Not later than 90 days after the
effective date of this subsection, and not less than once
every 90 days thereafter, the Secretary of the Treasury shall
require virtual currency kiosk operators to submit an updated
list containing the physical address of each virtual currency
kiosk owned or operated by the virtual currency kiosk
operator.
``(2) Form and manner of registration.--Each submission by
a virtual currency kiosk operator pursuant to paragraph (1)
shall include--
``(A) the legal name of the virtual currency kiosk
operator;
``(B) any fictitious or trade name of the virtual currency
kiosk operator;
``(C) the physical address of each virtual currency kiosk
owned, operated, or managed by the virtual currency kiosk
operator that is located in the United States or the
territories of the United States;
``(D) the start date of operation of each virtual currency
kiosk;
``(E) the end date of operation of each virtual currency
kiosk, if applicable; and
``(F) each virtual currency address used by the virtual
currency kiosk operator.
``(3) False and incomplete information.--The filing of
false or materially incomplete information in a submission
required under paragraph (1) shall be deemed a failure to
comply with the requirements of this subsection.''.
(b) Preventing Fraudulent Transactions at Virtual Currency
Kiosks.--
(1) In general.--Subchapter II of Chapter 53 of Title 31,
United States Code, is amended by adding at the end the
following:
``Sec. 5337. Virtual currency kiosk fraud prevention
``(a) Definitions.--In this section:
``(1) Blockchain analytics.--The term `blockchain
analytics' means the analysis of data from blockchains or
public distributed ledgers, and associated transaction
information, to provide risk-specific information about
virtual currency transactions and virtual currency addresses.
``(2) Customer.--The term `customer' means any person that
purchases or sells virtual currency through a virtual
currency kiosk.
``(3) Existing customer.--The term `existing customer'
means a customer other than a new customer.
``(4) FinCEN.--The term `FinCEN' means the Financial Crimes
Enforcement Network of the Department of the Treasury.
``(5) New customer.--The term `new customer', with respect
to a virtual currency kiosk operator, means a customer during
the 14-day period beginning on the date of the first virtual
currency kiosk transaction of the customer with the virtual
currency kiosk operator.
``(6) Transaction hash.--The term `transaction hash' means
a unique identifier made up of a string of characters that
act as a record of and provide proof that a transaction was
verified and added to the blockchain.
``(7) Virtual currency.--The term `virtual currency' means
any digital representation of value that is recorded on a
cryptographically secured distributed ledger or any similar
technology or another implementation, which was designed and
built as part of a system to leverage or replace blockchain,
distributed ledger technology, or their derivatives.
``(8) Virtual currency address.--The term `virtual currency
address' means an alphanumeric identifier associated with a
virtual currency wallet identifying the location to which
virtual currency purchased through a virtual currency kiosk
can be sent or from which virtual currency sold through a
virtual currency kiosk can be accessed.
``(9) Virtual currency kiosk.--The term `virtual currency
kiosk' means a stand-alone machine that is capable of
accepting or dispensing legal tender in exchange for virtual
currency.
``(10) Virtual currency kiosk operator.--The term `virtual
currency kiosk operator' means a person who owns, operates,
or manages a virtual currency kiosk located in the United
States or its territories.
``(11) Virtual currency kiosk transaction.--The term
`virtual currency kiosk transaction' means the purchase or
sale of virtual currency via a virtual currency kiosk.
``(12) Virtual currency wallet.--The term `virtual currency
wallet' means a software application or other mechanism
providing a means for holding, storing, and transferring
virtual currency.
``(b) Disclosures.--Before entering into a virtual currency
transaction with a customer, a virtual currency kiosk
operator shall disclose in a clear, conspicuous, and easily
readable manner--
``(1) all relevant terms and conditions of the virtual
currency kiosk transaction, including--
``(A) the amount of the virtual currency kiosk transaction;
``(B) the type and nature of the virtual currency kiosk
transaction;
``(C) a warning that the virtual currency kiosk transaction
is final, is not refundable, and may not be reversed; and
``(D) the type and amount of any fees or other expenses
paid by the customer;
``(2) a warning relating to consumer fraud including--
``(A) a warning that consumer fraud often starts with
contact from a stranger, and that the customer should never
send money to someone they do not know;
``(B) a warning about the most common types of fraudulent
schemes involving virtual currency kiosks, such as--
``(i) impersonation of a government official or a bank
representative;
``(ii) threats of jail time or financial penalties;
``(iii) offers of a job or reward in exchange for payment,
or offers of deals that seem too good to be true;
``(iv) claims of a frozen bank account or credit card; or
``(v) requests for donations to charity or disaster relief;
and
``(C) a statement that the customer should contact the
virtual currency kiosk operator's customer service helpline
or State or local law enforcement if they suspect fraudulent
activity.
``(c) Acknowledgment of Disclosures.--Each time a customer
uses a virtual currency kiosk, the virtual currency kiosk
operator shall ensure acknowledgment of all disclosures
required under subsection (b) via confirmation of consent of
the customer at the virtual currency kiosk.
``(d) Receipts.--Upon completion of each virtual currency
kiosk transaction, the virtual currency kiosk operator shall
provide the customer with a receipt, which shall include the
following information:
``(1) The name and contact information of the virtual
currency kiosk operator, including a telephone number for a
customer service helpline.
``(2) The name of the customer.
``(3) The type, value, date, and precise time of the
virtual currency kiosk transaction, transaction hash, and
each applicable virtual currency address.
``(4) The amount of the virtual currency kiosk transaction
expressed in United States dollars.
``(5) All fees charged.
``(6) A statement that the customer may be entitled by law
to a refund if the customer reports fraudulent activity in
conjunction with the virtual currency kiosk transaction not
later than 30 days after the date of the virtual currency
kiosk transaction.
``(7) The refund policy of the virtual currency kiosk
operator or a Uniform Resource Locator where the refund
policy of the virtual currency kiosk operator can be found.
``(8) A statement that the customer should contact law
enforcement if they suspect fraudulent activity, such as
scams, including contact information for a relevant law
enforcement or government agency.
``(9) Any additional information the virtual currency kiosk
operator determines appropriate.
``(e) Physical Receipts Required.--Not later than 1 year
after the effective date of this section, each receipt
required under subsection (d) shall be issued to the customer
as a physical receipt at the virtual currency kiosk at the
time of the virtual currency kiosk transaction, but such
receipt may also be provided in additional forms or
communications.
``(f) Anti-fraud Policy.--
``(1) In general.--Each virtual currency kiosk operator
shall take reasonable steps to detect and prevent fraud,
including establishing and maintaining a written anti-fraud
policy that includes--
``(A) the identification and assessment of fraud-related
risk areas;
[[Page S3081]]
``(B) procedures and controls to protect against risks
identified under subparagraph (A);
``(C) allocation of responsibility for monitoring the risks
identified under subparagraph (A); and
``(D) procedures for the periodic evaluation and revision
of the anti-fraud procedures, controls, and monitoring
mechanisms under subparagraphs (B) and (C).
``(2) Submission of anti-fraud policy to fincen.--Each
virtual currency kiosk operator shall submit to FinCEN the
anti-fraud policy required under paragraph (1) not later than
90 days after the later of--
``(A) the effective date of this section; or
``(B) the date on which the virtual currency kiosk operator
begins operating.
``(g) Appointment of Compliance Officer.--Each virtual
currency kiosk operator shall designate and employ a
compliance officer who--
``(1) is qualified to coordinate and monitor compliance
with this section and all other applicable Federal and State
laws, rules, and regulations;
``(2) is employed full-time by the virtual currency kiosk
operator;
``(3) is not the chief executive officer of the virtual
currency kiosk operator; and
``(4) does not own or control more than 20 percent of any
interest in the virtual currency kiosk operator.
``(h) Use of Blockchain Analytics.--
``(1) In general.--Each virtual currency kiosk operator
shall use blockchain analytics to prevent sending virtual
currency to a virtual currency wallet known to be affiliated
with fraudulent activity at the time of a virtual currency
kiosk transaction and to detect transaction patterns
indicative of fraud or other illicit activities.
``(2) Compliance.--The Director of FinCEN may request
evidence from any virtual currency kiosk operator to confirm
compliance with this subsection.
``(i) Verbal Confirmation Required Before New Customer
Transactions.--
``(1) In general.--Before entering into a virtual currency
kiosk transaction valued at 500 dollars or more with a new
customer, a virtual currency kiosk operator shall obtain
verbal confirmation from the new customer that--
``(A) the new customer wishes to proceed with the virtual
currency kiosk transaction;
``(B) the new customer understands the nature of the
virtual currency kiosk transaction; and
``(C) the new customer is not being fraudulently induced to
engage in the transaction.
``(2) Reasonable effort.--A virtual currency kiosk operator
shall make a reasonable effort to determine whether the
customer is being fraudulently induced to engage in the
virtual currency kiosk transaction.
``(3) Method of confirmation.--Each verbal confirmation
required under paragraph (1) shall be given by way of a live
telephone or video call to a person employed by, or on behalf
of, the virtual currency kiosk operator.
``(j) Refunds.--
``(1) In general.--
``(A) New customers.--Not later than 30 days after
receiving an application under paragraph (2), a virtual
currency kiosk operator shall issue a refund to a customer
for the full amount of each virtual currency kiosk
transaction, including the dollar value of virtual currency
exchanged and all transaction fees, made during the period in
which the customer was a new customer and for which the
customer was fraudulently induced to engage in the virtual
currency kiosk transaction.
``(B) Existing customers.--Not later than 30 days after
receiving an application under paragraph (2), a virtual
currency kiosk operator shall issue a refund to a customer
for the full amount of all transaction fees associated with
each virtual currency kiosk transaction made during the
period in which the customer was an existing customer and for
which the customer was fraudulently induced to engage in the
virtual currency kiosk transaction.
``(2) Application.--A customer seeking a refund under
paragraph (1) shall, not later than 30 days after the date of
the virtual currency kiosk transaction, submit an application
to the virtual currency kiosk operator that includes the
following:
``(A) The name, address, and phone number of the customer.
``(B) The transaction hash of the virtual currency kiosk
transaction or information sufficient to determine the type,
value, date, and time of the virtual currency kiosk
transaction.
``(C) A copy of a report to a State or local law
enforcement or government agency, made not later than 30 days
after the virtual currency kiosk transaction, that includes a
sworn affidavit attesting that the customer was fraudulently
induced to engage in the virtual currency kiosk transaction.
``(3) Enhanced damages.--Any person who willfully denies a
refund to a customer in violation of paragraph (1) shall be
liable to the customer for 3 times the amount of the refund
owed under that paragraph or $10,000, whichever is greater. A
penalty under this paragraph shall be in addition to any
penalty under subsection (n).
``(k) Transaction Limits With Respect to New Customers.--
``(1) In a 24-hour period.--A virtual currency kiosk
operator shall not accept more than $2,000, or the equivalent
amount in virtual currency, from any new customer during any
24-hour period.
``(2) Total.--A virtual currency kiosk operator shall not
accept a total of more than $10,000, or the equivalent amount
in virtual currency, from any new customer.
``(l) Customer Service Helpline.--Each virtual currency
kiosk operator shall provide live customer service during all
hours that the virtual currency kiosk operator accepts
virtual currency kiosk transactions, the phone number for
which is regularly monitored and displayed in a clear,
conspicuous, and easily readable manner upon each virtual
currency kiosk.
``(m) Communications With Law Enforcement.--
``(1) In general.--Each virtual currency kiosk operator
shall provide a dedicated and frequently monitored phone
number and email address for relevant law enforcement and
government agencies to facilitate communication with the
virtual currency kiosk operator in the event of reported or
suspected fraudulent activity.
``(2) Submission.--Not later than 90 days after the
effective date of this section, each virtual currency kiosk
operator shall submit the phone number and email address
described in paragraph (1) to FinCEN and all other relevant
law enforcement and government agencies.
``(n) Civil Penalties.--
``(1) In general.--Any person who fails to comply with any
requirement of this section, or any regulation prescribed
under this section, shall be liable to the United States for
a civil monetary penalty of $10,000 for each such violation.
``(2) Continuing violation.--Each day that a violation
described in paragraph (1) continues shall constitute a
separate violation for purposes of such paragraph.
``(3) Assessments.--Any penalty imposed under this section
shall be assessed and collected by the Secretary of the
Treasury as provided in section 5321 and any such assessment
shall be subject to the provisions of that section.
``(o) Relationship to State Laws.--The provisions of this
section shall preempt any State law, rule, or regulation only
to the extent that such State law, rule, or regulation
conflicts with a provision of this section. Nothing in this
section shall be construed to prohibit a State from enacting
a law, rule, or regulation that provides greater protection
to customers than the protection provided by the provisions
of this section.''.
(2) Clerical amendment.--The table of sections for chapter
53 of title 31, United States Code, is amended by inserting
after the item relating to section 5336 the following:
``5337. Virtual currency kiosk fraud prevention.''.
(c) Effective Date.--The amendments made by this section
shall take effect 90 days after the date of enactment of this
Act.
______
SA 2247. Mr. LEE 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. ___. BANK SECRECY ACT REFORMS.
(a) Right to Financial Privacy Act of 1978.--The Right to
Financial Privacy Act of 1978 (12 U.S.C. 3401 et seq.) is
amended--
(1) by amending section 1102 (12 U.S.C. 3402) to read as
follows:
``SEC. 1102. CONFIDENTIALITY OF RECORDS--GOVERNMENT
AUTHORITIES.
``Except as provided by subsection (c) or (d) of section
1103 or section 1113, no Government authority may have access
to or obtain copies of, or the information contained in the
financial records of any customer from a financial
institution unless the financial records are reasonably
described and such financial records are disclosed in
response to a search warrant which meets the requirements of
section 1106.'';
(2) by striking sections 1104 (12 U.S.C. 3404), 1105 (12
U.S.C. 3405), 1107 (12 U.S.C. 3407), and 1108 (12 U.S.C.
3408); and
(3) in section 1109(a) (12 U.S.C. 3409(a)), by striking
``section 1104(c), 1105(2), 1106(c), 1107(2), 1108(4),'' and
inserting ``section 1106(c)''.
(b) Title 31.--Chapter 53 of title 31, United States Code,
is amended--
(1) by amending section 5311 to read as follows:
``Sec. 5311. Declaration of purpose
``It is the purpose of this subchapter to require financial
institutions to retain transaction records that include
information identified with or identifiable as being derived
from the financial records of particular customers.'';
(2) in section 5312(a)--
(A) in paragraph (2), by repealing subparagraphs (O), (Q),
(S), (T), (V), (Y), and (Z); and
(B) by amending paragraph (4) to read as follows:
``(4) `nonfinancial trade or business' means any entity
engaged in trade or business other than a financial
institution.'';
(3) by striking sections 5313, 5314, 5315, 5316, 5317,
5318A, 5324, 5326, 5331, 5332, and 5336;
(4) in section 5318--
(A) in subsection (a)--
(i) in the matter preceding paragraph (1), by striking
``(except under section 5315 of this title and regulations
prescribed under section 5315)'';
[[Page S3082]]
(ii) by striking paragraph (2); and
(iii) by redesignating paragraphs (3) through (7) as
paragraphs (2) through (6), respectively; and
(B) in subsection (k)--
(i) in paragraph (1)(C), by striking ``has the same meaning
as in section 5318A(e)(1)(B)'' and inserting ``means an
account established to receive deposits from, make payments
on behalf of a foreign financial institution, or handle other
financial transactions related to such institution''; and
(ii) in paragraph (3)(A)(i)--
(I) in subclause (II), by adding ``or'' at the end;
(II) in subclause (III), by striking ``; or'' and inserting
a period; and
(III) by striking subclause (IV);
(5) in section 5321--
(A) in subsection (a)--
(i) in paragraph (1), by striking ``(except sections 5314,
5315, and 5336 of this title or a regulation prescribed under
sections 5314, 5315, and 5336)'';
(ii) by striking paragraphs (2), (3), (4), and (5);
(iii) in paragraph (6), by striking ``(except section
5336)'' each place that term appears;
(iv) in paragraph (7), by striking ``or any special
measures imposed under section 5318A''; and
(v) by redesignating paragraphs (6) and (7) as paragraphs
(2) and (3), respectively;
(B) by striking subsection (c); and
(C) by redesignating subsections (d) through (g) as
subsection (c) through (f), respectively;
(6) in section 5322--
(A) by striking ``(except section 5315, 5324, or 5336 of
this title or a regulation prescribed under section 5315,
5324, or 5336)'' each place that term appears; and
(B) in subsection (d)--
(i) by striking ``, or any special measures imposed under
section 5318A,''; and
(ii) by striking ``or section 5318A'';
(7) in section 5325(a), in the matter preceding paragraph
(1), by inserting after ``$3,000'' the following: ``(as such
amount is annually adjusted by the Secretary to reflect the
percentage change in the Consumer Price Index for All Urban
Consumers published by the Bureau of Labor Statistics of the
Department of Labor)'';
(8) in section 5330(d)(1)--
(A) in subparagraph (A), by adding ``and'' at the end;
(B) by striking subparagraph (B); and
(C) by redesignating subparagraph (C) as subparagraph (B);
(9) in section 5335--
(A) by striking subsection (c); and
(B) by redesignating subsections (d) and (e) as subsections
(c) and (d), respectively;
(10) by striking subchapter III; and
(11) in the table of contents for chapter 53, by striking
the items relating to--
(A) sections 5313, 5314, 5315, 5316, 5317, 5318A, 5324,
5326, 5331, 5332, and 5336; and
(B) subchapter III.
SEC. ___. WARRANT REQUIREMENTS AND EXCEPTIONS.
The Right to Financial Privacy Act of 1978 (12 U.S.C. 3401
et seq.) is amended--
(1) in section 1108 (12 U.S.C. 3408)--
(A) by striking paragraph (2); and
(B) by redesignating paragraphs (3) and (4) as paragraphs
(2) and (3), respectively; and
(2) in section 1113 (12 U.S.C. 3413)--
(A) by repealing subsections (a), (d), (e), (f), (g), (i),
(l), (m), (n), (p), (q), and (r); and
(B) by adding at the end the following:
``(s) Access of Records.--
``(1) In general.--Notwithstanding any other provision of
this title, the Federal Government may not access the
financial records or information of an individual in a manner
that is prohibited by the Fourth Amendment to the
Constitution of the United States with respect to the records
or information in question.
``(2) Aid in statutory construction.--It is the sense of
Congress that, through the enactment of this title, Congress
has established a statutory right that ensures that the
expectation of privacy that the people of the United States
have with respect to financial records is protected.''.
______
SA 2248. Mr. TUBERVILLE submitted an amendment intended to be
proposed to amendment SA 2228 proposed by Mr. Thune (for Mr. Ricketts
(for himself and Ms. Lummis)) 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:
Add at the end the following:
(d) Prohibition on Foreign Adversary Ownership.--A foreign
payment stablecoin issuer may not be owned, in whole or in
part, by--
(1) the People's Republic of China, including the Hong Kong
Special Administrative Region and the Macao Special
Administrative Region;
(2) the Republic of Cuba;
(3) the Islamic Republic of Iran;
(4) the Democratic People's Republic of Korea;
(5) the Russian Federation; or
(6) the Bolivarian Republic of Venezuela under the regime
of Nicolas Maduro Moros.
______
SA 2249. 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 4(a)(10)(A)(i), strike ``$50,000,000,000'' and
insert ``$10,000,000,000''.
______
SA 2250. 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 4(a)(1), strike subparagraph (A) and insert the
following:
(A) maintain reserves backing the issuer's payment
stablecoins outstanding on an at least 1 to 1 basis, with
reserves comprising--
(i) United States coins and currency (including Federal
reserve notes);
(ii) funds held as insured demand deposits (or other
deposits that may be withdrawn upon request at any time) at
insured depository institutions or insured shares at insured
depository institutions, subject to limitations established
by the Corporation and the National Credit Union
Administration, respectively, to address safety and soundness
risks of such insured depository institutions; or
(iii) Treasury bills--
(I)(aa) with a remaining maturity of 93 days or less; or
(bb) issued with a maturity of 93 days or less; and
(II) with a weighted average maturity of not more than 30
days;
______
SA 2251. 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:
At the appropriate place, insert the end the following:
SEC. ___. ACQUISITION AND DISPOSITION OF DIGITAL ASSETS.
(a) In General.--No funds shall be used to acquire
additional digital assets, other than in connection with
criminal or civil asset forfeiture proceedings or in
satisfaction of any civil money penalty imposed by any
agency.
(b) Disposition.--The Secretary of the Treasury and the
Attorney General shall dispose of any digital assets in the
Department of the Treasury Forfeiture Fund and the Department
of Justice Assets Forfeiture Fund, respectively, in a
reliable and predictable manner over time in order to--
(1) be returned to identifiable and verifiable victims of
crime;
(2) be used for law enforcement operations;
(3) be equitably shared with State and local law
enforcement partners; or
(4) for any other purpose described in section 9705 of
title 31, United States Code, section 524(c) of title 28,
United States Code, section 981 of title 18, United States
Code, or section 511 of the Controlled Substances Act (21
U.S.C. 881).
(c) Reports.--The reports to Congress described in 9705 of
title 31, United States Code, and section 524(c) of title 28,
United States Code, shall include a report on the time
horizons over which the Secretary and the Attorney General
anticipate disposing of digital assets in the Funds.
______
SA 2252. 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:
Add at the end the following:
SEC. ___. STANDARD OF REVIEW.
If this Act is silent or ambiguous as to the proper
construction of a particular term or provision or set of
terms or provisions, and a primary Federal payment stablecoin
regulator has followed the applicable procedures in sections
551 through 559 of title 5, United States Code, has otherwise
lawfully adjudicated a matter, or has followed the
corresponding procedural provisions of this Act, as
applicable, a reviewing court shall defer to the reasonable
or permissible interpretation of that statute by an agency,
regardless of the significance of the related agency action
or a possible future agency action.
______
SA 2253. 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:
Strike section 4(a)(10) and insert the following:
(10) Auditing and internal controls.--
(A) Management responsibility for financial statements and
internal controls.--Each payment stablecoin issuer shall
prepare--
(i) annual financial statements in accordance with
generally accepted accounting principles and such other
disclosure requirements as the primary Federal payment
stablecoin regulators and State payment stablecoin regulators
may prescribe; and
(ii) a report signed by the chief executive officer and the
chief accounting or financial officer of the institution
which contains--
(I) a statement of the management's responsibilities for--
(aa) preparing financial statements;
(bb) establishing and maintaining an adequate internal
control structure and procedures for financial reporting; and
(cc) complying with the laws and regulations relating to
safety and soundness which
[[Page S3083]]
are designated by the primary Federal payment stablecoin
regulators and State payment stablecoin regulators; and
(II) an assessment, as of the end of the institution's most
recent fiscal year, of--
(aa) the effectiveness of such internal control structure
and procedures; and
(bb) the institution's compliance with the laws and
regulations relating to safety and soundness which are
designated by the primary Federal payment stablecoin
regulators and State payment stablecoin regulators.
(B) Internal control evaluation and reporting requirements
for independent public accountants.--
(i) In general.--With respect to any internal control
report of any institution, the institution's independent
public accountant shall attest to, and report separately on,
the assertions of the institution's management contained in
such report.
(ii) Attestation requirements.--Any attestation pursuant to
clause (i) shall be made in accordance with generally
accepted standards for attestation engagements.
(C) Annual independent audits of financial statements.--
(i) Audits required.--The primary Federal payment
stablecoin regulators and State payment stablecoin regulators
shall prescribe regulations requiring that each payment
stablecoin issuer shall have an annual independent audit made
of the institution's financial statements by an independent
public accountant in accordance with generally accepted
auditing standards.
(ii) Scope of audit.--In connection with any audit under
this subparagraph, the independent public accountant shall
determine and report whether the financial statements of the
issuer--
(I) are presented fairly in accordance with generally
accepted accounting principles; and
(II) comply with such other disclosure requirements as the
primary Federal payment stablecoin regulators and State
payment stablecoin regulators may prescribe.
(D) Form and content of reports and auditing standard.--The
scope of each report by an independent public accountant
pursuant to this paragraph, and the procedures followed in
preparing such report, shall meet or exceed the scope and
procedures required by generally accepted auditing standards
and other applicable standards recognized by the primary
Federal payment stablecoin regulators and State payment
stablecoin regulators.
______
SA 2254. 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:
At the appropriate place, insert the following:
SEC. __. SANCTIONS ENFORCEMENT.
(a) Extraterritorial Jurisdiction.--For purposes of any
provision of law authorizing sanctions or sanctions
enforcement actions, a payment stablecoin denominated in
United States dollars, wherever located, shall be considered
property subject to the jurisdiction of the United States.
(b) Authorities Over Digital Asset Platforms.--Section 203
of the International Emergency Economic Powers Act (50 U.S.C.
1702) is amended by adding at the end the following:
``(d) Digital Asset Platforms.--
``(1) In general.--For the purposes of this section, any
digital asset platform, wherever located, shall be considered
subject to the jurisdiction of the United States if the
Secretary of the Treasury determines the platform is engaged
in the business of performing any of the functions of a
digital asset platform in interstate commerce.
``(2) Definition.--For purposes of paragraph (1), the term
`digital asset platform' means any person that the Secretary
determines--
``(A) facilitates the exchange, purchase, sale, custody,
transfer, issuance, or lending of digital assets (as defined
in section 2 of the Guiding and Establishing National
Innovation for U.S. Stablecoins Act);
``(B) makes available any service in connection with
digital asset transactions; or
``(C) controls any person engaged in an activity described
in subparagraph (A) or (B).''.
______
SA 2255. 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:
At the appropriate place, insert the following:
SEC. __. USE OF SANCTIONS AUTHORITIES UNDER 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.''.
______
SA 2256. 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:
At the appropriate place in section 4(a), insert the
following:
(__) Additional standards authorized.--The primary Federal
payment stablecoin regulators and State payment stablecoin
regulators may establish additional prudential standards,
including enhanced public disclosures, for payment stablecoin
issuers that such regulators determine are appropriate, in
their discretion.
______
SA 2257. 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:
At the appropriate place, insert the following:
SEC. ___. PROHIBITIONS OR CONDITIONS ON CERTAIN TRANSMITTALS
OF FUNDS.
Section 5318A of title 31, United States Code, is amended--
(1) in subsection (a)(2)(C), by striking ``subsection
(b)(5)'' and inserting ``paragraphs (5) and (6) of subsection
(b)''; and
(2) in subsection (b)--
(A) in paragraph (5), by striking ``for or on behalf of a
foreign banking institution''; and
(B) by adding at the end the following:
``(6) Prohibitions or conditions on certain transmittals of
funds.--If the Secretary finds a jurisdiction outside the
United States, 1 or more financial institutions operating
outside the United States, 1 or more types of accounts
within, or involving, a jurisdiction outside the United
States, or 1 or more classes of transactions within, or
involving, a jurisdiction outside the United States to be of
primary money laundering concern, the Secretary, in
consultation with the Secretary of State, the Attorney
General, and the Chairman of the Board of Governors of the
Federal Reserve System, may prohibit, or impose conditions
upon, certain transmittals of funds (to be determined by the
Secretary) to or from any domestic financial institution or
domestic financial agency if that transmittal of funds
involves any such jurisdiction, institution, class of
transaction, or type of account.''.
______
SA 2258. 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:
At the appropriate place in section 4(a)(8), insert the
following:
(__) Management officials.--
(i) In general.--A management official of a permitted
payment stablecoin issuer may not serve as a management
official of any other permitted payment stablecoin issuer
that is not an institution-affiliated party.
(ii) Enforcement.--In the enforcement of any violation of
clause (i), the Attorney General shall have all of the
functions and powers afforded the Attorney General under the
Clayton Act (15 U.S.C. 12 et seq.) without respect to any
jurisdictional limitations under that Act, including the
power to bring an enforcement action in the same manner as if
the violation of this subsection had been a violation of that
Act. All of the functions and powers of the Attorney General
or the Assistant Attorney General in charge of the Antitrust
Division of the Department of Justice are available to the
Attorney General or to such Assistant Attorney General to
investigate a possible violation of clause (i) in the same
manner as if such possible violation was a possible violation
of that Act.
______
SA 2259. Mr. MURPHY 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. ___. MEME ACT.
(a) Short Title.--This section may be cited as the ``Modern
Emoluments and Malfeasance Enforcement Act'' or the ``MEME
Act''.
(b) Sense of Congress.--It is the sense of Congress that--
[[Page S3084]]
(1) federally elected officials must not utilize those
positions, granted by the trust of the public, for private
financial gain;
(2) the issuance, sponsorship, or promotion of financial
instruments by public office holders deprives the public of
the honest services of the public office holders, facilitates
bribery by investors or purchasers, and results in public
exploitation and corrupt foreign influence; and
(3) Members of Congress and the executive branch must not
seek to use public office to benefit financially, but rather
those positions should be held in trust for the benefit of
the public in the United States.
(c) Prohibited Financial Transactions.--
(1) Financial exploitation by public office holders.--
(A) In general.--Chapter 131 of title 5, United States
Code, is amended by adding at the end the following:
``Subchapter IV--Financial Exploitation by Public Office Holders
``Sec. 13151. Definitions
``In this subchapter:
``(1) Adjacent individual.--The term `adjacent individual'
means--
``(A) each officer or employee in the executive branch
holding a Senior Executive Service position (as defined in
section 3132(a)(2));
``(B) each member of a uniformed service whose pay grade is
at or in excess of O-7 under section 201 of title 37;
``(C) each officer or employee in any other position in the
executive branch determined by the Office of the Special
Counsel, in consultation with the Director of the Office of
Government Ethics, to be of equal classification to a
position described in subparagraph (A) or (B); or
``(D) the spouse or dependent child of any individual
described in subparagraph (A), (B), or (C).
``(2) Covered asset.--The term `covered asset' means--
``(A) a security (as defined in section 3(a) of Securities
Exchange Act of 1934 (15 U.S.C. 78c(a)));
``(B) a security future (as defined in section 3(a) of
Securities Exchange Act of 1934 (15 U.S.C. 78c(a)));
``(C) a commodity (as defined in section 1a of the
Commodity Exchange Act (7 U.S.C. 1a));
``(D) a digital asset that can be sold for remuneration,
including a cryptocurrency, a meme coin, a token, or a non-
fungible token; or
``(E) any derivative, option, warrant, mutual fund, or
exchange-traded fund of an asset described in subparagraphs
(A) through (D).
``(3) Covered individual.--The term `covered individual'
means--
``(A) the President;
``(B) the Vice President;
``(C) a public official (as defined in section 201(a) of
title 18); or
``(D) the spouse or dependent child of any individual
described in subparagraph (A), (B), or (C).
``(4) Dependent child.--The term `dependent child' has the
meaning given the term in section 13101.
``(5) Prohibited financial transaction.--The term
`prohibited financial transaction' means the issuance,
sponsorship, or promotion of a covered asset for pecuniary
gain.
``Sec. 13152. Prohibition on certain transactions
``(a) Prohibition.--Except as provided in subsection (b), a
covered individual or an adjacent individual may not engage
in or benefit from a prohibited financial transaction--
``(1) during the term of service of the covered individual
or adjacent individual;
``(2) during the 180-day period ending on the date on which
the service of the covered individual or adjacent individual
commences; or
``(3) during the 180-day period beginning on the date on
which the service of the covered individual or adjacent
individual is terminated.
``(b) Adjacent Individuals.--With respect to adjacent
individuals, nothing in this section shall be construed to
limit the application of section 208 of title 18.
``(c) Liability and Immunity.--For purposes of any
immunities to civil liability, any conduct comprising or
relating to a prohibited financial transaction under this
section shall be deemed an unofficial act and beyond the
scope of the official duties of the relevant covered
individual or adjacent individual.
``Sec. 13153. Civil penalties
``(a) Civil Action.--The Attorney General may bring a civil
action in any appropriate district court of the United States
against any covered individual or adjacent individual who
violates section 13152(a).
``(b) Civil Penalty.--Any covered individual or adjacent
individual who knowingly violates section 13152(a) shall be
subject to a civil monetary penalty of not more than
$250,000.
``(c) Disgorgement.--A covered individual or an adjacent
individual who is found to have violated section 13152(a) in
a civil action under subsection (a) of this section shall
disgorge to the Treasury of the United States any profit from
the unlawful activity that is the subject of that civil
action.''.
(B) Clerical amendment.--The table of sections for chapter
131 of title 5, United States Code, is amended by adding at
the end the following:
``subchapter iv--financial exploitation by public office holders
``13151. Definitions.
``13152. Prohibition on certain transactions.
``13153. Civil penalties.''.
(2) Criminal penalties.--
(A) Prohibited financial transactions.--Chapter 11 of title
18, United States is amended by inserting after section 220
the following:
``Sec. 221. Prohibited financial transactions
``(a) Definitions.--In this section:
``(1) Adjacent individual.--The term `adjacent individual'
means--
``(A) each officer or employee in the executive branch
holding a Senior Executive Service position (as defined in
section 3132(a)(2) of title 5);
``(B) each member of a uniformed service whose pay grade is
at or in excess of O-7 under section 201 of title 37;
``(C) each officer or employee in any other position in the
executive branch determined by the Office of the Special
Counsel, in consultation with the Director of the Office of
Government Ethics, to be of equal classification to a
position described in subparagraph (A) or (B); or
``(D) the spouse or dependent child of any individual
described in subparagraph (A), (B), or (C).
``(2) Covered asset.--The term `covered asset' means--
``(A) a security (as defined in section 3(a) of Securities
Exchange Act of 1934 (15 U.S.C. 78c(a)));
``(B) a security future (as defined in section 3(a) of
Securities Exchange Act of 1934 (15 U.S.C. 78c(a)));
``(C) a commodity (as defined in section 1a of the
Commodity Exchange Act (7 U.S.C. 1a));
``(D) a digital asset that can be sold for remuneration,
including a cryptocurrency, a meme coin, a token, or a non-
fungible token; or
``(E) any derivative, option, warrant, mutual fund, or
exchange-traded fund of an asset described in subparagraphs
(A) through (D).
``(3) Covered individual.--The term `covered individual'
means--
``(A) the President;
``(B) the Vice President;
``(C) a public official (as defined in section 201(a)); or
``(D) the spouse or dependent child of any individual
described in subparagraph (A), (B), or (C).
``(4) Dependent child.--The term `dependent child' has the
meaning given the term in section 13101 of title 5.
``(5) Prohibited financial transaction.--The term
`prohibited financial transaction' means the issuance,
sponsorship, or promotion of a covered asset for pecuniary
gain.
``(b) Benefit From Prohibited Financial Transaction.--Any
covered individual or adjacent individual who--
``(1) knowingly violates any provision of section 13152(a)
of title 5; and
``(2) through such violation--
``(A) causes an aggregate loss of not less than $1,000,000
to 1 or more persons in the United States; or
``(B) benefits financially, through profit, gain, or
advantage, directly or indirectly through any family member
or business associate of the covered individual or adjacent
individual, from the sale, purchase, or distribution of the
covered asset issued in violation of section 13152(a) of
title 5,
shall be fined under this title or imprisoned for not more
than 5 years, or both.
``(c) Bribery.--Any covered individual or adjacent
individual who--
``(1) knowingly violates any provision of section 13152(a)
of title 5; and
``(2) directly or indirectly, corruptly demands, seeks,
receives, accepts, or agrees to receive or accept any thing
of value personally or for any other person or entity, in
return for--
``(A) being influenced in the performance of any official
act;
``(B) being influenced to commit or aid in committing, or
to collude in, or allow, any fraud, or make opportunity for
the commission of any fraud, on the United States; or
``(C) being induced to do or omit to do any act in
violation of the official duty of such official or person,
shall be fined under this title or not more than 3 times the
amount of financial gain, if any, that the individual
benefitted from relating to the prohibited conduct, whichever
is greater, or imprisoned for not more than 15 years, or
both, and may be disqualified from holding any office of
honor, trust, or profit under the United States.
``(d) Insider Trading.--Any covered individual or adjacent
individual who knowingly violates section 13152(a) of title 5
and, in committing such violation, knowingly violates section
10(b) of the Securities Exchange Act of 1934 (15 U.S.C.
78j(b)), shall be fined under this title or not more than 3
times the amount of financial gain, if any, that the
individual benefitted from relating to the prohibited
conduct, whichever is greater, or imprisoned for not more
than 15 years, or both, and may be disqualified from holding
any office of honor, trust, or profit under the United
States.
``(e) Liability and Immunity.--For purposes of any
immunities to civil and criminal liability, any conduct
comprising or relating to a prohibited financial transaction
under this section shall be deemed an unofficial act and
beyond the scope of the official duties of the relevant
covered individual or adjacent individual.''.
(B) Clerical amendment.--The table of sections for chapter
11 of title 18, United
[[Page S3085]]
States Code, is amended by inserting after the item relating
to section 220 the following:
``221. Prohibited financial transactions.''.
______
SA 2260. 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 in section 4, insert the
following:
(__) Disclosure Relating to Payment Stablecoins.--Section
13104 of title 5, United States Code, is amended--
(1) in subsection (a)--
(A) in paragraph (5)--
(i) in subparagraph (B), by inserting ``payment stablecoins
(as defined in section 2 of the GENIUS ACT),'' after
``commodities futures,''; and
(ii) in the flush matter following subparagraph (B), by
adding at the end the following: ``Reporting is not required
under subparagraph (B) of any exchange of payment stablecoins
(as defined in section 2 of the GENIUS Act) for goods and
services.''; and
(B) by adding at the end the following:
``(9) Payment stablecoins.--The identity and category of
value of any payment stablecoin (as defined in section 2 of
the GENIUS Act) that has a fair market value that exceeds
$1,000 as of the close of the preceding calendar year held by
the reporting individual during the preceding calendar
year.'';
(2) in subsection (b)(1)(B), by striking ``(3) and (4)''
and inserting ``(3), (4), and (9)''; and
(3) in subsection (d)(1)--
(A) in the paragraph heading, by striking ``(3), (4), (5),
and (8)'' and inserting ``(3), (4), (5), (8), and (9)''; and
(B) in the matter preceding subparagraph (A), by striking
``(3), (4), (5), and (8)'' and inserting ``(3), (4), (5),
(8), and (9)''.
______
SA 2261. 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 in section 4, insert the
following:
(__) Disclosure Relating to Payment Stablecoins.--Section
13104(a) of title 5, United States Code, is amended--
(1) in paragraph (3)--
(A) in the paragraph heading, by inserting ``and payment
stablecoins'' after ``property''; and
(B) in the first sentence, by inserting ``or payment
stablecoins (as defined in section 2 of the GENIUS Act)''
after ``any interest in property''; and
(2) in paragraph (5)--
(A) in subparagraph (B), by inserting ``payment stablecoins
(as defined in section 2 of the GENIUS ACT),'' after
``commodities futures,''; and
(B) in the flush matter following subparagraph (B), by
adding at the end the following: ``Reporting is not required
under subparagraph (B) of any exchange of payment stablecoins
(as defined in section 2 of the GENIUS Act) for goods and
services.''.
______
SA 2262. 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 6(b), strike ``attempted'' each place that term
appears and insert ``potential''.
In section 6(b)(1)(A), strike ``or has willfully
recklessly violated'' and insert ``, has willfully or
recklessly violated, or is about to willfully or recklessly
violate''.
In section 6(b)(2), in the matter preceding subparagraph
(A), strike ``attempting'' and insert ``about''.
In section 6(b)(2), in the matter preceding subparagraph
(A), strike ``application or other request'' and insert
``application, notice, or other request by the permitted
payment stablecoin issuer or institution-affiliated party or
any written agreement entered into with the regulator''.
______
SA 2263. 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 2(13), insert ``, or agent for,'' after
``controlling stockholder of''.
In section 6(b)(3), in the matter preceding subparagraph
(A), strike ``all such permitted payment stablecoin issuers''
and insert ``all such permitted payment stablecoin issuers,
any insured depository institution, any savings association,
any Farm Credit System institution chartered under, and
subject to the provisions of, the Farm Credit Act of 1971 (12
U.S.C. 2001 et seq.), any appropriate Federal banking agency
(as defined in section 3 of the Federal Deposit Insurance Act
(12 U.S.C. 1813)), the Federal Housing Finance Agency, any
Federal Home Loan Bank, or the Bureau of Consumer Financial
Protection''.
In section 6(b)(3)(A), strike ``; or'' and insert a
semicolon.
In section 6(b)(3)(B), strike the period and insert a
semicolon.
In section 6(b)(3), add at the end the following:
(C) the institution-affiliated party has participated in
any unsafe or unsound practice; or
(D) the institution-affiliated party has breached any
fiduciary duty.
______
SA 2264. 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 4(f), in the subsection heading, strike ``or
Directors'' and insert ``Directors, or Principal
Shareholders''.
In section 4(f)(1)(A), strike ``; or'' and insert a
semicolon.
In section 4(f)(1)(B), strike the period and insert ``;
or''.
In section 4(f)(1), add at the end the following:
(C) a principal shareholder of a payment stablecoin issuer.
In section 4(f), add at the end the following:
(3) Principal shareholder.--For purposes of paragraph
(1)(C), a person is a principal shareholder of a payment
stablecoin issuer if that person controls more than 5 percent
of a class of equity securities of a payment stablecoin
issuer.
In section 5(c)(2), insert ``any crime involving dishonesty
or breach of trust or'' after ``convicted of''.
______
SA 2265. 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:
At the end of section 4(a), add the following:
(__) Executive compensation standards.--Each primary
Federal payment stablecoin regulator and State payment
stablecoin regulator shall prescribe, with respect to each
permitted payment stablecoin issuer within the jurisdiction
of the regulator--
(A) standards prohibiting, as an unsafe and unsound
practice, any employment contract, compensation or benefit
agreement, fee arrangement, perquisite, stock option plan,
post-employment benefit, or other compensatory arrangement
that--
(i) would provide any executive officer, employee,
director, or principal shareholder of the issuer with
excessive compensation, fees, or benefits; or
(ii) could lead to material financial loss to the issuer;
(B) standards specifying when compensation, fees, or
benefits described in subparagraph (A) are excessive, which
shall require the regulator to determine whether the amounts
are unreasonable or disproportionate to the services actually
performed by the applicable individual, taking into
consideration--
(i) the combined value of all cash and non-cash benefits
provided to the individual;
(ii) the compensation history of the individual and other
individuals with comparable expertise at the issuer;
(iii) the financial condition of the issuer;
(iv) comparable compensation practices at comparable
issuers, which shall be based on such factors as asset size,
geographic location, and the complexity of the asset
portfolio;
(v) with respect to post-employment benefits, the projected
total cost and benefit to the issuer;
(vi) any connection between the individual and any
fraudulent act or omission, breach of trust or fiduciary
duty, or insider abuse with respect to the issuer; and
(vii) other factors that the regulator determines to be
relevant; and
(C) such other standards relating to compensation, fees,
and benefits as the regulator determines to be appropriate.
____________________