[Congressional Record Volume 171, Number 93 (Monday, June 2, 2025)]
[Senate]
[Page S3181]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 2289. 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. ___. LEGAL TENDER.

       (a) Amendments.--Section 5103 of title 31, United States 
     Code, is amended--
       (1) by striking ``United States coins'' and inserting the 
     following:
       ``(a) In General.--United States coins'';
       (2) by inserting ``the exclusive'' before ``legal tender 
     for all debts, public charges, taxes, and dues'';
       (3) by striking ``Foreign gold or silver coins are not 
     legal tender for debts'' and inserting ``No foreign gold, 
     silver coins, or digital assets shall be legal tender or 
     treated as legal tender''; and
       (4) by adding at the end the following:
       ``(b) Digital Asset Defined.--The term `digital asset' 
     means any digital representation of value that can be 
     exclusively possessed and transferred, person to person, 
     without necessary reliance on an intermediary, and is 
     recorded on a cryptographically secured public distributed 
     ledger.''.
       (b) Preemption.--A State, political subdivision of a State, 
     or political authority of 2 or more States may not enact or 
     enforce a law, regulation, or other provision having the 
     force and effect of a law relating to treating digital assets 
     (as defined in section 5103(b) of title 31, United States 
     Code, as added by this section) as legal tender for any debt, 
     public charge, tax, or due.
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