[Congressional Record Volume 171, Number 96 (Thursday, June 5, 2025)]
[Senate]
[Page S3257]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 2300. Mr. PETERS 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. _____. STABLECOIN MESSAGING NETWORK.

       (a) In General.--The Board of Governors of the Federal 
     Reserve System, in coordination with other financial 
     regulators, shall establish a messaging network similar to 
     the Society for Worldwide Interbank Financial 
     Telecommunications for stablecoin transactions.
       (b) Transmission to Congress.--
       (1) In general.--After the date on which the network 
     required under subsection (a) is established, the Board of 
     Governors of the Federal Reserve System shall transmit to 
     Congress a proposal that includes the network.
       (2) Approval.--
       (A) In general.--The Board of Governors of the Federal 
     Reserve System and any other relevant regulator shall 
     implement the network after the date on which the Congress 
     enacts a law approving the proposal transmitted under this 
     subsection.
       (B) Effective date.--Notwithstanding section 19 of this 
     Act, this Act, and the amendments made by this Act, shall 
     take effect on the date on which the network approved under 
     this paragraph is fully implemented and functioning.
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