[Congressional Record Volume 171, Number 96 (Thursday, June 5, 2025)]
[Senate]
[Page S3259]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 2305. Mr. HICKENLOOPER 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:

       In section 4(a), strike paragraph (11) and insert the 
     following:
       (11) Prohibition on interest.--
       (A) Definition.--In this paragraph, the term ``affiliate'' 
     has the meaning given the term in section 2(k) of the Bank 
     Holding Company Act of 1956 (12 U.S.C. 1841(k)).
       (B) Prohibition.--No permitted payment stablecoin issuer or 
     foreign payment stablecoin issuer, or affiliate thereof, 
     shall directly or indirectly pay the holder of any payment 
     stablecoin any form of interest or yield, whether in cash, 
     tokens, rewards, or other consideration, in connection with 
     the holding, use, or retention of such payment stablecoin.
       (C) Rulemaking.--The primary Federal payment stablecoin 
     regulators shall issue rules to carry out this paragraph, 
     which shall include rules identifying activities or 
     transactions outside the scope of the prohibition in 
     subparagraph (B).
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