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 change section 5(c) of the bill by adding a new paragraph regarding reports from the Director of National Intelligence.
- The Director of National Intelligence would provide a report evaluating national security considerations when a request is made to grant an application.
- This report would include an assessment of whether the applicant has a history or presents a future risk of facilitating drug trafficking, sanctions evasion, unlawful payments to Iran or North Korea, or the transfer of child sexual abuse material.
- The Director would provide these reports and annual updates to Federal and State payment stablecoin regulators.
- The amendment specifies that a criminal conviction or civil penalty against an applicant, or any person owning more than 5 percent of the applicant, for violating laws related to money laundering, terrorism financing, or sanctions would make the applicant unsafe or unsound.
- Such a conviction or penalty would serve as a mandatory basis for the revocation of registration.
- Upon a decision to revoke registration, the issuer must liquidate reserve assets and redeem coins within 180 days, following rules established by regulators.
- 6/9/2025
- Senate amendment submitted
This bill has no cosponsors