[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 2306. Mr. SCHUMER 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 3 and insert the following:

     SEC. 3. LIMITATION ON WHO MAY ISSUE A PAYMENT STABLECOIN.

       (a) In General.--It shall be unlawful for any person--
       (1) other than a permitted payment stablecoin issuer to 
     issue a payment stablecoin, directly or indirectly in the 
     United States, through any means of or instruments of 
     transportation or communication in the United States, or to 
     persons in the United States; or
       (2) to offer a payment stablecoin, or transact using a 
     payment stablecoin, through the use of any medium or by any 
     means of access in interstate commerce in the United States 
     or to a United States person living in the United States 
     unless such payment stablecoin is issued by a permitted 
     payment stablecoin issuer.
       (b) Penalties.--Whoever violates this section shall be 
     fined not more than $1,000,000 per day, imprisoned not more 
     than 5 years, or both.
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