[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 2303. Mr. KING 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 8(d) and
       At the end of section 8, add the following:
       (d) Sanctions Authorities Over Dollar Stablecoin 
     Payments.--Section 203(a)(1) of the International Emergency 
     Economic Powers Act (50 U.S.C. 1702(a)(1)) is amended--
       (1) in subparagraph (B), by striking ``; and.'' and 
     inserting a semicolon;
       (2) in subparagraph (C), by striking the period at the end 
     and inserting ``; and''; and
       (3) by adding at the end the following:
       ``(D) investigate, regulate, or prohibit any payment, 
     transfer, or other transaction by any person, wherever 
     located, to the extent that such a payment, transfer, or 
     transaction involves--
       ``(i) any interest of a foreign country or a national 
     thereof, including any interest of any nature whatsoever, 
     direct or indirect, present, future, or contingent, and 
     legal, equitable, or beneficial, or otherwise; and
       ``(ii) a payment stablecoin (as defined in the Guiding and 
     Establishing National Innovation for U.S. Stablecoins Act)--
       ``(I) that is denominated in United States dollars; or
       ``(II) the value of which is supported or backed, directly 
     or indirectly, by one or more assets that--

       ``(aa) have been purchased or acquired through a broker or 
     dealer registered pursuant to section 15 of the Securities 
     Exchange Act of 1934 (15 U.S.C. 78o); or
       ``(bb) include--

       ``(AA) funds held as deposits at any banking entity (as 
     defined in section 13(h) of the Bank Holding Company Act of 
     1956 (12 U.S.C. 1851(h)));
       ``(BB) any security (as defined in section 3(a) of the 
     Securities Exchange Act of 1934 (15 U.S.C. 78c(a))) issued by 
     the United States or by an entity organized under the laws of 
     the United States or any jurisdiction within the United 
     States;
       ``(CC) United States coins or currency; or
       ``(DD) any contract or derivative on any of the foregoing, 
     including a repurchase agreement backed by a United States 
     Treasury security.''.
       (e) Rule of Construction.--Nothing in this Act shall be 
     construed as altering the existing authority of the President 
     or the Secretary of the Treasury to block, restrict, or limit 
     transactions involving payment stablecoins that reference or 
     are denominated in United States dollars and are subject to 
     the jurisdiction of the United States.
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