Not adopted
This amendment was never taken up, and the bill finished without it. It was never voted on.
Its path through Congress
- Introduced
- Pending Consideration
- Failed
What this amendment would do
This amendment would add a requirement regarding public officials to the existing bill.
-
It requires a permitted payment stablecoin issuer to ensure that no public official profits from the issuance of those stablecoins.
-
Applicants must submit an initial certification to the Director of the Office of Government Ethics and a primary regulator stating that no public official has a financial interest related to a specific matter in which they participate personally and substantially as a Government officer or employee, including as a special Government employee, which means an individual who performs certain functions for the government but is not a full-time employee.
-
Issuers must also submit these certifications on a quarterly basis after an initial period following their approval or first issuance.
-
The Director of the Office of Government Ethics would make these certifications available to the public through official databases.
-
If an issuer fails to submit the required certification, the regulator will revoke its approval.
-
Any person who submits a false certification is subject to criminal penalties, and regulators may refer matters involving violations to the Attorney General or a State attorney general.
- 5/20/2025
- Senate amendment submitted
This bill has no cosponsors