[Congressional Record Volume 171, Number 98 (Monday, June 9, 2025)]
[Senate]
[Page S3287]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 2320. Ms. WARREN submitted an amendment intended to be proposed to 
amendment SA 2307 proposed by Mr. Thune (for Mr. Hagerty (for himself 
and Mrs. Gillibrand)) 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 in section 4(a), insert the 
     following:
       (__) Prohibition on tbtf issuance.--
       (A) In general.--Notwithstanding any other provision of 
     this Act, a person may not issue a payment stablecoin if that 
     person is--
       (i) a bank holding company (as defined in section 2(a) of 
     the Bank Holding Company Act of 1956 (2 U.S.C. 1841(a)) 
     that--

       (I) has total consolidated assets of not less than 
     $700,000,000,000; or
       (II) is identified as a global systemically important bank 
     holding company under section 217.402 of title 12, Code of 
     Federal Regulations, or any successor regulation;

       (ii) an insured depository institution with not less than 
     $700,000,000,000 in total consolidated assets; or
       (iii) any affiliate or subsidiary of an entity described in 
     clause (i) or (ii).
       (B) Affiliate.--For purposes of this paragraph, the term 
     ``affiliate'', with respect to a person, includes any entity 
     for which the person--
       (i) owns not less than 5 percent of outstanding shares; or
       (ii) has 1 or more representatives on the Board of 
     Directors of the entity.
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