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 4(a)(3) of the bill regarding the responsibilities of stablecoin issuers.
The amendment requires federal and state regulators to create financial reporting and auditing requirements for permitted payment stablecoin issuers. These requirements must be substantially similar to those found in titles III and IV of the Sarbanes-Oxley Act of 2002, while considering the business models of the issuers.
The required reports must include:
-
A written statement from the chief executive officer and chief financial officer certifying that the reports comply with all requirements and fairly present the financial condition and results of the issuer's operations.
-
Monthly disclosures showing the composition of the reserve assets of the issuer, measured on the last day of the month and on an average basis for the whole month.
-
An annual audit of the issuer.
The amendment also establishes criminal penalties for anyone who certifies a statement knowing that the accompanying report does not follow the requirements. These penalties include a fine of up to $1,000,000, imprisonment for up to 10 years, or both.
- 6/9/2025
- Senate amendment submitted
This bill has no cosponsors