[Congressional Record Volume 171, Number 87 (Thursday, May 22, 2025)]
[Senate]
[Pages S3131-S3132]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 2270. Mr. MERKLEY (for himself, Mr. Schumer, Ms. Warren, Mr. 
Peters, Mr. Reed, Mr. Murphy, and Mr. Bennet) 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(i) and insert the following:
       (i) Rules of Construction.--Nothing in this Act shall be 
     construed as expanding the authority of the Board with 
     respect to the services the Board can make directly available 
     to the public.
       (j) Preventing Payment Stablecoin Corruption.--
       (1) Definitions.--In this subsection--
       (A) the term ``covered individual'' means--
       (i) the President;
       (ii) the Vice President;
       (iii) a Member of Congress;
       (iv) an individual appointed to a Senate-confirmed 
     position; or
       (v) a special Government employee (as defined in section 
     202 of title 18, United States Code) associated with the 
     Executive Office of the President;
       (B) the term ``directly'' means by virtue of the ownership 
     or beneficial interest of a covered individual, or the spouse 
     or child of a covered individual, in a payment stablecoin 
     issuer;

[[Page S3132]]

       (C) the term ``indirectly'' means by virtue of the 
     financial interest of a covered individual, or the spouse or 
     child of a covered individual, in a business entity, 
     partnership interest, company, investment fund, trust, or 
     other third party in which the covered individual, or the 
     spouse or child of a covered individual, has an ownership or 
     beneficial interest;
       (D) the term ``Member of Congress'' has the meaning given 
     that term in section 13101 of title 5, United States Code; 
     and
       (E) the term ``promote'' includes the use of the name and 
     likeness of a covered individual in any marketing materials, 
     including in the title of the payment stablecoin.
       (2) Prohibition.--It shall be unlawful for any covered 
     individual, or any spouse or child of any covered individual, 
     to directly or indirectly own, control, promote in exchange 
     for anything of value, or affiliate with any payment 
     stablecoin issuer or any entity that provides custodial or 
     safekeeping services for payment stablecoins.
       (3) Transition.--Any individual in violation of paragraph 
     (2) on the date of enactment of this Act shall, not later 
     than 90 days after the date of enactment of this Act, come 
     into compliance with the prohibition under that paragraph.
       (4) Enforcement.--
       (A) In general.--Beginning on the date that is 90 days 
     after the date of enactment of this Act, a violation of 
     paragraph (2) shall be punishable by not more than 5 years in 
     prison and fines of not more than 3 times the monetary value 
     of any earnings related to the violation.
       (B) Not an official act.--A violation of paragraph (2) 
     shall not be deemed an official act if committed by any 
     covered individual who is in office at the time of the 
     violation.
       (C) Statute of limitations.--No person shall be prosecuted, 
     tried, or punished for any offense under this subsection 
     unless the indictment for such offense is found, or the 
     information for such offense is instituted, not later than 15 
     years after the date on which the offense was committed.
       (k) Financial Disclosure Reports.--Section 13104(b) of 
     title 5, United States Code, is amended--
       (1) by redesignating paragraph (2) as paragraph (3); and
       (2) by inserting after paragraph (1) the following:
       ``(2) Disclosure relating to payment stablecoin 
     involvement.--
       ``(A) Definitions.--In this paragraph:
       ``(i) Directly.--The term `directly' means by virtue of the 
     ownership or beneficial interest of a reporting individual, 
     or the spouse or child of a reporting individual, in a 
     payment stablecoin issuer.
       ``(ii) Indirectly.--The term `indirectly' means by virtue 
     of the financial interest of a reporting individual, or the 
     spouse or child of a reporting individual, in a business 
     entity, partnership interest, company, investment fund, 
     trust, or other third party in which the reporting 
     individual, or the spouse or child of a reporting individual, 
     has an ownership or beneficial interest.
       ``(iii) Payment stablecoin.--The term `payment stablecoin' 
     has the meaning given the term in section 2 of the GENIUS 
     Act.
       ``(iv) Promote.--The term `promote' includes the use of the 
     name and likeness of a reporting individual in any marketing 
     materials, including in the title of the payment stablecoin.
       ``(B) Requirement.--Each report filed pursuant to 
     subsections (b) and (c) of section 13103 shall include a 
     statement of whether the reporting individual, or the spouse 
     or child of the reporting individual, as of the filing date, 
     directly or indirectly owns, controls, promotes in exchange 
     for anything of value, or affiliates with any payment 
     stablecoin issuer or any entity that provides custodial or 
     safekeeping services for payment stablecoins.''.
                                 ______