S.Amdt. 2270

This amendment would change section 4 of the bill by replacing existing text and adding new rules regarding payment stablecoins.

The amendment would prohibit covered individuals, which includes the President, Vice President, members of Congress, certain Senate-confirmed appointees, and specific employees in the Executive Office of the President, from directly or indirectly owning, controlling, promoting, or affiliating with any payment stablecoin issuer or entity providing custodial or safekeeping services.

It specifies that "promote" includes using an individual's name or likeness in marketing materials, such as in a stablecoin's title.

Individuals currently in violation would have 90 days after the act is passed to comply with these new rules.

Violations could result in up to five years in prison and fines of up to three times the value of related earnings.

The amendment also updates financial disclosure requirements to include statements on whether a reporting individual or their spouse or child has direct or indirect involvement with payment stablecoin issuers or related service entities.