[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 2290. 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 6(b)(1) and insert the following:
       (1) Suspension or revocation of registration.--
       (A) Suspension or revocation.--
       (i) In general.--The primary Federal payment stablecoin 
     regulator of a permitted payment stablecoin issuer that is 
     not a State qualified payment stablecoin issuer with a 
     payment stablecoin with a consolidated total outstanding 
     issuance of less than $10,000,000,000 may, after a hearing, 
     suspend or revoke a registration under this Act--

       (I) on any ground on which such regulator might refuse to 
     issue an original registration;
       (II) for a violation of any provision of this Act or the 
     regulations issued thereunder;
       (III) for good cause shown; or
       (IV) for failure of the registrant to pay a judgment, 
     recovered in any court by a claimant or creditor in an action 
     arising out of, or relating to, the registrant's stablecoin 
     business activity, within 30 days after the judgment becomes 
     final or within 30 days after expiration or termination of a 
     stay of execution on the judgment, provided that, if 
     execution on the judgment is stayed, by court order or 
     operation of law or otherwise, then proceedings to suspend or 
     revoke the registration (for failure of the registrant to pay 
     such judgment) may not be commenced by the primary Federal 
     payment stablecoin regulator during the time of such stay, 
     and for 30 days thereafter.

       (ii) Good cause.--For purposes of this paragraph, ``good 
     cause'' ``'' shall exist when a registrant has defaulted or 
     is likely to default in performing its obligations or 
     financial engagements or engages in unlawful, dishonest, 
     wrongful, or inequitable conduct or practices that may cause 
     harm to the public.
       (B) Hearing.--
       (i) Notice required.--The primary Federal payment 
     stablecoin regulator shall give a registrant nor less than 10 
     days' written notice of the time and place of a hearing to 
     suspend or revoke registration.
       (ii) Service.--The notice under clause (i) shall be 
     provided by registered or certified mail addressed to the 
     principal place of business of the registrant.
       (C) Decision.--Any order of the primary Federal payment 
     stablecoin regulator suspending or revoking such license 
     shall state the grounds upon which it is based and be sent by 
     registered or certified mail to the registrant at its 
     principal place of business as shown in the records of the 
     primary Federal payment stablecoin regulator.
       (D) Preliminary injunction.--The primary Federal payment 
     stablecoin regulator may, when determined by such regulator 
     to be in the public interest, seek a preliminary injunction 
     to restrain a registrant from continuing to perform acts that 
     violate any provision of law.
       (E) Rule of construction.--Nothing in this section shall be 
     construed as limiting any power granted to the primary 
     Federal payment stablecoin regulator under any other 
     provision of law, including any power to investigate possible 
     violations of law, rule, or regulation or to impose penalties 
     or take any other action against any person for violation of 
     such laws, rules, or regulations.
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