[Congressional Record Volume 171, Number 94 (Tuesday, June 3, 2025)]
[Senate]
[Page S3208]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 2293. Mr. BUDD 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. __. PROHIBITION ON RESTRICTING THE USE OF A SELF-HOSTED 
                   WALLET.

       (a) In General.--No covered entity may prohibit, restrict, 
     or otherwise impair the ability of a covered user to--
       (1) use digital assets for such user's own purposes, such 
     as to purchase real or virtual goods and services for the 
     user's own use; or
       (2) self-custody digital assets using a self-hosted wallet 
     or other means to conduct transactions for any lawful 
     purpose.
       (b) Definitions.--In this section:
       (1) Covered entity.--The term ``covered entity'' means--
       (A) an appropriate Federal banking agency;
       (B) the Board;
       (C) the Comptroller;
       (D) the Corporation; and
       (E) a primary Federal payment stablecoin regulator.
       (2) Covered user.--The term ``covered user'' means a person 
     that obtains a digital asset to purchase goods or services on 
     that person's own behalf, without regard to the method in 
     which such covered user obtained such digital asset.
       (3) Self-hosted wallet.--The term ``self-hosted wallet'' 
     means a digital interface--
       (A) used to secure and transfer digital assets; and
       (B) under which the owner of the digital assets retains 
     independent control over such digital assets that are secured 
     by a digital interface.
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