[Congressional Record Volume 171, Number 98 (Monday, June 9, 2025)]
[Senate]
[Page S3288]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 2324. 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:

       In section 5(c), redesignate paragraphs (3), (4), and (5) 
     as paragraphs (4), (5), and (6), respectively, and insert 
     after paragraph (2) the following:
       (3) A report from the Director of National Intelligence 
     evaluating the national security considerations of granting 
     the application, including an assessment of whether the 
     applicant has a history, or presents a future risk, of 
     facilitating unlawful payments to North Korea or Iran.
       (A) The Director of National Intelligence shall promptly 
     furnish such reports, and provide annual updates, to the 
     primary Federal payment stablecoin regulators and State 
     payment stablecoin regulators.
       (B) The criminal conviction or civil penalty against the 
     applicant, or any person with a share of ownership in the 
     applicant that is more than 5 percent, for failure to comply 
     with any provision of law relating to money laundering or 
     countering the financing of terrorism, or any provision of 
     law imposing sanctions, including for the facilitation of 
     unlawful conduct described in this paragraph. Such a 
     conviction or civil penalty shall render the applicant unsafe 
     or unsound and shall be a mandatory basis for revocation of 
     registration under section 6(b)(1). The permitted payment 
     stablecoin issuer shall liquidate reserve assets and redeem 
     coins not later than 180 days after such a revocation 
     decision, and regulators shall have authority to prescribe 
     rules establishing the liquidation and redemption procedures.
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