[Congressional Record Volume 171, Number 86 (Wednesday, May 21, 2025)]
[Senate]
[Page S3083]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  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).''.
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