[Congressional Record Volume 171, Number 98 (Monday, June 9, 2025)]
[Senate]
[Page S3289]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 2330. 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:

        Strike section 4(a)(3) and insert the following:
       (3) Corporate responsibility; financial disclosures; 
     audits.--
       (A) In general.--The primary Federal payment stablecoin 
     regulators shall jointly, and each State payment stablecoin 
     regulator shall individually, prescribe financial reporting 
     and auditing requirements for each permitted payment 
     stablecoin issuer within the jurisdiction of the respective 
     regulators that are substantially similar to those required 
     under titles III and IV of the Sarbanes-Oxley Act of 2002 
     (Public Law 107-204), including any amendments made by either 
     such title, taking into account the business models of 
     permitted payment stablecoin issuers.
       (B) Contents.--The requirements prescribed under 
     subparagraph (A) shall, with respect to a permitted payment 
     stablecoin issuer, include--
       (i) a written statement by the chief executive officer and 
     chief financial officer (or equivalents) of the issuer 
     certifying that the reports submitted by the issuer--

       (I) fully comply with the prescribed requirements; and
       (II) fairly present, in all material respects, the 
     financial condition and results of the operations of the 
     issuer;

       (ii) monthly disclosure of the reserve asset composition of 
     the issuer, which shall be measured as of the last day of the 
     applicable month and on an average basis for the entirety of 
     the applicable month; and
       (iii) an annual audit of the issuer.
       (C) Criminal penalties.--Whoever certifies a statement made 
     under subparagraph (B)(i) knowing that a report accompanying 
     the statement does not comport with all of the requirements 
     of this paragraph shall be fined not more than $1,000,000 or 
     imprisoned not more than 10 years, or both.
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