[Pages S3067-S3085]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                           TEXT OF AMENDMENTS

  SA 2236. Mr. TUBERVILLE submitted an amendment intended to be 
proposed by him 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:

       In section 18(a), add at the end the following:
       (5) The foreign payment stablecoin issuer is not owned, in 
     whole or in part, by--
       (A) the People's Republic of China, including the Hong Kong 
     Special Administrative Region and the Macao Special 
     Administrative Region;
       (B) the Republic of Cuba;
       (C) the Islamic Republic of Iran;
       (D) the Democratic People's Republic of Korea;
       (E) the Russian Federation; or
       (F) the Bolivarian Republic of Venezuela under the regime 
     of Nicolas Maduro Moros.
                                 ______
                                 
  SA 2237. Mr. HAWLEY submitted an amendment intended to be proposed by 
him 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:

       At the end, add the following:

                        TITLE II--STOP CSAM ACT

     SEC. 201. SHORT TITLE.

       This title may be cited as the ``Strengthening Transparency 
     and Obligations to Protect Children Suffering from Abuse and 
     Mistreatment Act of 2025'' or the ``STOP CSAM Act of 2025''.

     SEC. 202. PROTECTING CHILD VICTIMS AND WITNESSES IN FEDERAL 
                   COURT.

       (a) In General.--Section 3509 of title 18, United States 
     Code, is amended--
       (1) in subsection (a)--
       (A) in paragraph (2)(A), by striking ``or exploitation'' 
     and inserting ``exploitation, or kidnapping, including 
     international parental kidnapping'';
       (B) in paragraph (3), by striking ``physical or mental 
     injury'' and inserting ``physical injury, psychological 
     abuse'';
       (C) by striking paragraphs (5), (6), and (7) and inserting 
     the following:
       ``(5) the term `psychological abuse' includes--
       ``(A) a pattern of acts, threats of acts, or coercive 
     tactics intended to degrade, humiliate, intimidate, or 
     terrorize a child; and
       ``(B) the infliction of trauma on a child through--
       ``(i) isolation;
       ``(ii) the withholding of food or other necessities in 
     order to control behavior;
       ``(iii) physical restraint; or
       ``(iv) the confinement of the child without the child's 
     consent and in degrading conditions;
       ``(6) the term `exploitation' means--
       ``(A) child pornography;
       ``(B) child sex trafficking; or
       ``(C) an obscene visual depiction of a child;
       ``(7) the term `multidisciplinary child abuse team' means a 
     professional unit of individuals working together to 
     investigate child abuse and provide assistance and support to 
     a victim of child abuse, composed of representatives from--
       ``(A) health, social service, and legal service agencies 
     that represent the child;
       ``(B) law enforcement agencies and prosecutorial offices; 
     and
       ``(C) children's advocacy centers;'';
       (D) in paragraph (9)(D)--
       (i) by striking ``genitals'' and inserting ``anus, 
     genitals,''; and
       (ii) by striking ``or animal'';
       (E) in paragraph (11), by striking ``and'' at the end;
       (F) in paragraph (12)--
       (i) by striking ``the term `child abuse' does not'' and 
     inserting ``the terms `physical injury' and `psychological 
     abuse' do not''; and
       (ii) by striking the period and inserting a semicolon; and
       (G) by adding at the end the following:
       ``(13) the term `covered person' means a person of any age 
     who--
       ``(A) is or is alleged to be--
       ``(i) a victim of a crime of physical abuse, sexual abuse, 
     exploitation, or kidnapping, including international parental 
     kidnapping; or
       ``(ii) a witness to a crime committed against another 
     person; and
       ``(B) was under the age of 18 when the crime described in 
     subparagraph (A) was committed;
       ``(14) the term `protected information', with respect to a 
     covered person, includes--
       ``(A) personally identifiable information of the covered 
     person, including--
       ``(i) the name of the covered person;
       ``(ii) an address;
       ``(iii) a phone number;
       ``(iv) a user name or identifying information for an 
     online, social media, or email account; and
       ``(v) any information that can be used to distinguish or 
     trace the identity of the covered person, either alone or 
     when combined with other information that is linked or 
     linkable to the covered person;
       ``(B) medical, dental, behavioral, psychiatric, or 
     psychological information of the covered person;
       ``(C) educational or juvenile justice records of the 
     covered person; and
       ``(D) any other information concerning the covered person 
     that is deemed `protected information' by order of the court 
     under subsection (d)(5);
       ``(15) the term `child pornography' has the meaning given 
     the term in section 2256(8); and
       ``(16) the term `obscene visual depiction of a child' means 
     any visual depiction prohibited by section 1466A involving an 
     identifiable minor, as that term is defined in section 
     2256(9).'';
       (2) in subsection (b)--
       (A) in paragraph (1)(C), by striking ``minor'' and 
     inserting ``child''; and
       (B) in paragraph (2)--
       (i) in the heading, by striking ``Videotaped'' and 
     inserting ``Recorded'';
       (ii) in subparagraph (A), by striking ``that the deposition 
     be recorded and preserved on videotape'' and inserting ``that 
     a video recording of the deposition be made and preserved'';
       (iii) in subparagraph (B)--

       (I) in clause (ii), by striking ``that the child's 
     deposition be taken and preserved by videotape'' and 
     inserting ``that a video recording of the child's deposition 
     be made and preserved'';
       (II) in clause (iii)--

       (aa) in the matter preceding subclause (I), by striking 
     ``videotape'' and inserting ``recorded''; and
       (bb) in subclause (IV), by striking ``videotape'' and 
     inserting ``recording''; and

       (III) in clause (v)--

       (aa) in the heading, by striking ``videotape'' and 
     inserting ``video recording'';

[[Page S3068]]

       (bb) in the first sentence, by striking ``made and 
     preserved on video tape'' and inserting ``recorded and 
     preserved''; and
       (cc) in the second sentence, by striking ``videotape'' and 
     inserting ``video recording'';
       (iv) in subparagraph (C), by striking ``child's 
     videotaped'' and inserting ``video recording of the 
     child's'';
       (v) in subparagraph (D)--

       (I) by striking ``videotaping'' and inserting 
     ``deposition''; and
       (II) by striking ``videotaped'' and inserting ``recorded'';

       (vi) in subparagraph (E), by striking ``videotaped'' and 
     inserting ``recorded''; and
       (vii) in subparagraph (F), by striking ``videotape'' each 
     place the term appears and inserting ``video recording'';
       (3) in subsection (d)--
       (A) in paragraph (1)(A)--
       (i) in clause (i), by striking ``the name of or any other 
     information concerning a child'' and inserting ``a covered 
     person's protected information''; and
       (ii) in clause (ii)--

       (I) by striking ``documents described in clause (i) or the 
     information in them that concerns a child'' and inserting ``a 
     covered person's protected information''; and
       (II) by striking ``, have reason to know such information'' 
     and inserting ``(including witnesses or potential witnesses), 
     have reason to know each item of protected information to be 
     disclosed'';

       (B) in paragraph (2)--
       (i) by striking ``the name of or any other information 
     concerning a child'' each place the term appears and 
     inserting ``a covered person's protected information'';
       (ii) by redesignating subparagraphs (A) and (B) as clauses 
     (i) and (ii), respectively, and adjusting the margins 
     accordingly;
       (iii) by striking ``All papers'' and inserting the 
     following:
       ``(A) In general.--All papers''; and
       (iv) by adding at the end the following:
       ``(B) Enforcement of violations.--The court may address a 
     violation of subparagraph (A) in the same manner as 
     disobedience or resistance to a lawful court order under 
     section 401(3).'';
       (C) in paragraph (3)--
       (i) in subparagraph (A)--

       (I) by striking ``a child from public disclosure of the 
     name of or any other information concerning the child'' and 
     inserting ``a covered person's protected information from 
     public disclosure''; and
       (II) by striking ``, if the court determines that there is 
     a significant possibility that such disclosure would be 
     detrimental to the child'';

       (ii) in subparagraph (B)--

       (I) in clause (i)--

       (aa) by striking ``a child witness, and the testimony of 
     any other witness'' and inserting ``any witness''; and
       (bb) by striking ``the name of or any other information 
     concerning a child'' and inserting ``a covered person's 
     protected information''; and

       (II) in clause (ii), by striking ``child'' and inserting 
     ``covered person''; and

       (iii) by adding at the end the following:
       ``(C)(i) For purposes of this paragraph, there shall be a 
     presumption that public disclosure of a covered person's 
     protected information would be detrimental to the covered 
     person.
       ``(ii) The court shall deny a motion for a protective order 
     under subparagraph (A) only if the court finds that the party 
     opposing the motion has rebutted the presumption under clause 
     (i) of this subparagraph.'';
       (D) in paragraph (4)--
       (i) by striking ``This subsection'' and inserting the 
     following:
       ``(A) Disclosure to certain parties.--This subsection'';
       (ii) in subparagraph (A), as so designated--

       (I) by striking ``the name of or other information 
     concerning a child'' and inserting ``a covered person's 
     protected information''; and
       (II) by striking ``or an adult attendant, or to'' and 
     inserting ``an adult attendant, a law enforcement agency for 
     any intelligence or investigative purpose, or''; and

       (iii) by adding at the end the following:
       ``(B) Request for public disclosure.--If any party requests 
     public disclosure of a covered person's protected information 
     to further a public interest, the court shall deny the 
     request unless the court finds that--
       ``(i) the party seeking disclosure has established that 
     there is a compelling public interest in publicly disclosing 
     the covered person's protected information;
       ``(ii) there is a substantial probability that the public 
     interest would be harmed if the covered person's protected 
     information is not disclosed;
       ``(iii) the substantial probability of harm to the public 
     interest outweighs the harm to the covered person from public 
     disclosure of the covered person's protected information; and
       ``(iv) there is no alternative to public disclosure of the 
     covered person's protected information that would adequately 
     protect the public interest.''; and
       (E) by adding at the end the following:
       ``(5) Other protected information.--The court may order 
     that information shall be considered to be `protected 
     information' for purposes of this subsection if the court 
     finds that the information is sufficiently personal, 
     sensitive, or identifying that it should be subject to the 
     protections and presumptions under this subsection.'';
       (4) by striking subsection (f) and inserting the following:
       ``(f) Victim Impact Statement.--
       ``(1) Probation officer.--In preparing the presentence 
     report pursuant to rule 32(c) of the Federal Rules of 
     Criminal Procedure, the probation officer shall request 
     information from the multidisciplinary child abuse team, if 
     applicable, or other appropriate sources to determine the 
     impact of the offense on a child victim and any other 
     children who may have been affected by the offense.
       ``(2) Guardian ad litem.--A guardian ad litem appointed 
     under subsection (h) shall--
       ``(A) make every effort to obtain and report information 
     that accurately expresses the views of a child victim, and 
     the views of family members as appropriate, concerning the 
     impact of the offense; and
       ``(B) use forms that permit a child victim to express the 
     child's views concerning the personal consequences of the 
     offense, at a level and in a form of communication 
     commensurate with the child's age and ability.'';
       (5) in subsection (h), by adding at the end the following:
       ``(4) Authorization of appropriations.--
       ``(A) In general.--There is authorized to be appropriated 
     to the United States courts to carry out this subsection 
     $25,000,000 for each fiscal year.
       ``(B) Supervision of payments.--Payments from 
     appropriations authorized under subparagraph (A) shall be 
     made under the supervision of the Director of the 
     Administrative Office of the United States Courts.'';
       (6) in subsection (i)--
       (A) by striking ``A child testifying at or attending a 
     judicial proceeding'' and inserting the following:
       ``(1) In general.--A child testifying at a judicial 
     proceeding, including in a manner described in subsection 
     (b),'';
       (B) in paragraph (1), as so designated--
       (i) in the third sentence, by striking ``proceeding'' and 
     inserting ``testimony''; and
       (ii) by striking the fifth sentence; and
       (C) by adding at the end the following:
       ``(2) Recording.--If the adult attendant is in close 
     physical proximity to or in contact with the child while the 
     child testifies--
       ``(A) at a judicial proceeding, a video recording of the 
     adult attendant shall be made and shall become part of the 
     court record; or
       ``(B) in a manner described in subsection (b), the adult 
     attendant shall be visible on the closed-circuit television 
     or in the recorded deposition.
       ``(3) Covered persons attending proceeding.--A covered 
     person shall have the right to be accompanied by an adult 
     attendant when attending any judicial proceeding.'';
       (7) in subsection (j)--
       (A) by striking ``child'' each place the term appears and 
     inserting ``covered person''; and
       (B) in the fourth sentence--
       (i) by striking ``and the potential'' and inserting ``, the 
     potential'';
       (ii) by striking ``child's'' and inserting ``covered 
     person's''; and
       (iii) by inserting before the period at the end the 
     following: ``, and the necessity of the continuance to 
     protect the defendant's rights'';
       (8) in subsection (k), by striking ``child'' each place the 
     term appears and inserting ``covered person'';
       (9) in subsection (l), by striking ``child'' each place the 
     term appears and inserting ``covered person''; and
       (10) in subsection (m)--
       (A) by striking ``(as defined by section 2256 of this 
     title)'' each place it appears;
       (B) by inserting ``or an obscene visual depiction of a 
     child'' after ``child pornography'' each place it appears 
     except the second instance in paragraph (3);
       (C) in paragraph (1), by inserting ``and any civil action 
     brought under section 2255 or 2255A'' after ``any criminal 
     proceeding'';
       (D) in paragraph (2), by adding at the end the following:
       ``(C)(i) Notwithstanding rule 26 of the Federal Rules of 
     Civil Procedure, a court shall deny, in any civil action 
     brought under section 2255 or 2255A, any request by any party 
     to copy, photograph, duplicate, or otherwise reproduce any 
     property or material that constitutes child pornography or an 
     obscene visual depiction of a child.
       ``(ii) In a civil action brought under section 2255 or 
     2255A, for purposes of paragraph (1), the court may--
       ``(I) order the plaintiff or defendant to provide to the 
     court or the Government, as applicable, any equipment 
     necessary to maintain care, custody, and control of such 
     property or material; and
       ``(II) take reasonable measures, and may order the 
     Government (if such property or material is in the care, 
     custody, and control of the Government) to take reasonable 
     measures, to provide each party to the action, the attorney 
     of each party, and any individual a party may seek to qualify 
     as an expert, with ample opportunity to inspect, view, and 
     examine such property or material at the court or a 
     Government facility, as applicable.''; and
       (E) in paragraph (3)--
       (i) by inserting ``and during the 1-year period following 
     the date on which the criminal proceeding becomes final or is 
     terminated'' after ``any criminal proceeding'';
       (ii) by striking ``, as defined under section 2256(8),''; 
     and
       (iii) by inserting ``or obscene visual depiction of a 
     child'' after ``such child pornography''.
       (b) Effective Date.--The amendments made by this section 
     shall apply to conduct that occurs before, on, or after the 
     date of enactment of this Act.

[[Page S3069]]

  


     SEC. 203. FACILITATING PAYMENT OF RESTITUTION; TECHNICAL 
                   AMENDMENTS TO RESTITUTION STATUTES.

       Title 18, United States Code, is amended--
       (1) in section 1593(c)--
       (A) by inserting ``(1)'' after ``(c)'';
       (B) by striking ``chapter, including, in'' and inserting 
     the following: ``chapter.
       ``(2) In''; and
       (C) in paragraph (2), as so designated, by inserting ``may 
     assume the rights of the victim under this section'' after 
     ``suitable by the court'';
       (2) in section 2248(c)--
       (A) by striking ``For purposes'' and inserting the 
     following:
       ``(1) In general.--For purposes'';
       (B) by striking ``chapter, including, in'' and inserting 
     the following: ``chapter.
       ``(2) Assumption of crime victim's rights.--In''; and
       (C) in paragraph (2), as so designated, by inserting ``may 
     assume the rights of the victim under this section'' after 
     ``suitable by the court'';
       (3) in section 2259--
       (A) by striking subsection (a) and inserting the following:
       ``(a) In General.--Notwithstanding section 3663 or 3663A, 
     and in addition to any other civil or criminal penalty 
     authorized by law, the court shall order restitution for any 
     offense under--
       ``(1) section 1466A, to the extent the conduct involves a 
     visual depiction of an identifiable minor; or
       ``(2) this chapter.'';
       (B) in subsection (b)--
       (i) in paragraph (1), by striking ``Directions.--Except as 
     provided in paragraph (2), the'' and inserting ``Restitution 
     for child pornography production.--If the defendant was 
     convicted of child pornography production, the''; and
       (ii) in paragraph (2)(B), by striking ``$3,000.'' and 
     inserting the following: ``--
       ``(i) $3,000; or
       ``(ii) 10 percent of the full amount of the victim's 
     losses, if the full amount of the victim's losses is less 
     than $3,000.''; and
       (C) in subsection (c)--
       (i) by striking paragraph (1) and inserting the following:
       ``(1) Child pornography production.--For purposes of this 
     section and section 2259A, the term `child pornography 
     production' means--
       ``(A) a violation of, attempted violation of, or conspiracy 
     to violate section 1466A(a) to the extent the conduct 
     involves production of a visual depiction of an identifiable 
     minor;
       ``(B) a violation of, attempted violation of, or conspiracy 
     to violate section 1466A(a) involving possession with intent 
     to distribute, or section 1466A(b), to the extent the conduct 
     involves a visual depiction of an identifiable minor--
       ``(i) produced by the defendant; or
       ``(ii) that the defendant attempted or conspired to 
     produce;
       ``(C) a violation of subsection (a), (b), or (c) of section 
     2251, or an attempt or conspiracy to violate any of those 
     subsections under subsection (e) of that section;
       ``(D) a violation of section 2251A;
       ``(E) a violation of section 2252(a)(4) or 2252A(a)(5), or 
     an attempt or conspiracy to violate either of those sections 
     under section 2252(b)(2) or 2252A(b)(2), to the extent such 
     conduct involves child pornography--
       ``(i) produced by the defendant; or
       ``(ii) that the defendant attempted or conspired to 
     produce;
       ``(F) a violation of subsection (a)(7) of section 2252A, or 
     an attempt or conspiracy to violate that subsection under 
     subsection (b)(3) of that section, to the extent the conduct 
     involves production with intent to distribute;
       ``(G) a violation of section 2252A(g) if the series of 
     felony violations involves not fewer than 1 violation--
       ``(i) described in subparagraph (A), (B), (E), or (F) of 
     this paragraph;
       ``(ii) of section 1591; or
       ``(iii) of section 1201, chapter 109A, or chapter 117, if 
     the victim is a minor;
       ``(H) a violation of subsection (a) of section 2260, or an 
     attempt or conspiracy to violate that subsection under 
     subsection (c)(1) of that section;
       ``(I) a violation of section 2260B(a)(2) for promoting or 
     facilitating an offense--
       ``(i) described in subparagraph (A), (B), (D), or (E) of 
     this paragraph; or
       ``(ii) under section 2422(b); and
       ``(J) a violation of chapter 109A or chapter 117, if the 
     offense involves the production or attempted production of, 
     or conspiracy to produce, child pornography.'';
       (ii) by striking paragraph (3) and inserting the following:
       ``(3) Trafficking in child pornography.--For purposes of 
     this section and section 2259A, the term `trafficking in 
     child pornography' means--
       ``(A) a violation of, attempted violation of, or conspiracy 
     to violate section 1466A(a) to the extent the conduct 
     involves distribution or receipt of a visual depiction of an 
     identifiable minor;
       ``(B) a violation of, attempted violation of, or conspiracy 
     to violate section 1466A(a) involving possession with intent 
     to distribute, or section 1466A(b), to the extent the conduct 
     involves a visual depiction of an identifiable minor--
       ``(i) not produced by the defendant; or
       ``(ii) that the defendant did not attempt or conspire to 
     produce;
       ``(C) a violation of subsection (d) of section 2251 or an 
     attempt or conspiracy to violate that subsection under 
     subsection (e) of that section;
       ``(D) a violation of paragraph (1), (2), or (3) of 
     subsection (a) of section 2252, or an attempt or conspiracy 
     to violate any of those paragraphs under subsection (b)(1) of 
     that section;
       ``(E) a violation of section 2252(a)(4) or 2252A(a)(5), or 
     an attempt or conspiracy to violate either of those sections 
     under section 2252(b)(2) or 2252A(b)(2), to the extent such 
     conduct involves child pornography--
       ``(i) not produced by the defendant; or
       ``(ii) that the defendant did not attempt or conspire to 
     produce;
       ``(F) a violation of paragraph (1), (2), (3), (4), or (6) 
     of subsection (a) of section 2252A, or an attempt or 
     conspiracy to violate any of those paragraphs under 
     subsection (b)(1) of that section;
       ``(G) a violation of subsection (a)(7) of section 2252A, or 
     an attempt or conspiracy to violate that subsection under 
     subsection (b)(3) of that section, to the extent the conduct 
     involves distribution;
       ``(H) a violation of section 2252A(g) if the series of 
     felony violations exclusively involves violations described 
     in this paragraph (except subparagraphs (A) and (B));
       ``(I) a violation of subsection (b) of section 2260, or an 
     attempt or conspiracy to violate that subsection under 
     subsection (c)(2) of that section; and
       ``(J) a violation of subsection (a)(1) of section 2260B, or 
     a violation of subsection (a)(2) of that section for 
     promoting or facilitating an offense described in this 
     paragraph (except subparagraphs (A) and (B)).''; and
       (iii) in paragraph (4), in the first sentence, by inserting 
     ``or an identifiable minor harmed as a result of the 
     commission of a crime under section 1466A'' after ``under 
     this chapter'';
       (4) in section 2259A(a)--
       (A) in paragraph (1), by striking ``under section 
     2252(a)(4) or 2252A(a)(5)'' and inserting ``described in 
     subparagraph (B) or (E) of section 2259(c)(3)''; and
       (B) in paragraph (2), by striking ``any other offense for 
     trafficking in child pornography'' and inserting ``any 
     offense for trafficking in child pornography other than an 
     offense described in subparagraph (B) or (E) of section 
     2259(c)(3)'';
       (5) in section 2429--
       (A) in subsection (b)(3), by striking ``2259(b)(3)'' and 
     inserting ``2259(c)(2)''; and
       (B) in subsection (d)--
       (i) by inserting ``(1)'' after ``(d)'';
       (ii) by striking ``chapter, including, in'' and inserting 
     the following: ``chapter.
       ``(2) In''; and
       (iii) in paragraph (2), as so designated, by inserting 
     ``may assume the rights of the victim under this section'' 
     after ``suitable by the court''; and
       (6) in section 3664, by adding at the end the following:
       ``(q) Trustee or Other Fiduciary.--
       ``(1) In general.--
       ``(A) Appointment of trustee or other fiduciary.--When the 
     court issues an order of restitution under section 1593, 
     2248, 2259, 2429, or 3663, or subparagraphs (A)(i) and (B) of 
     section 3663A(c)(1), for a victim described in subparagraph 
     (B) of this paragraph, the court, at its own discretion or 
     upon motion by the Government, may appoint a trustee or other 
     fiduciary to hold any amount paid for restitution in a trust 
     or other official account for the benefit of the victim.
       ``(B) Covered victims.--A victim referred to in 
     subparagraph (A) is a victim who is--
       ``(i) under the age of 18 at the time of the proceeding;
       ``(ii) incompetent or incapacitated; or
       ``(iii) subject to paragraph (3), a foreign citizen or 
     stateless person residing outside the United States.
       ``(2) Order.--When the court appoints a trustee or other 
     fiduciary under paragraph (1), the court shall issue an order 
     specifying--
       ``(A) the duties of the trustee or other fiduciary, which 
     shall require--
       ``(i) the administration of the trust or maintaining an 
     official account in the best interests of the victim; and
       ``(ii) disbursing payments from the trust or account--

       ``(I) to the victim; or
       ``(II) to any individual or entity on behalf of the victim;

       ``(B) that the trustee or other fiduciary--
       ``(i) shall avoid any conflict of interest;
       ``(ii) may not profit from the administration of the trust 
     or maintaining an official account for the benefit of the 
     victim other than as specified in the order; and
       ``(iii) may not delegate administration of the trust or 
     maintaining the official account to any other person;
       ``(C) if and when the trust or the duties of the other 
     fiduciary will expire; and
       ``(D) the fees payable to the trustee or other fiduciary to 
     cover expenses of administering the trust or maintaining the 
     official account for the benefit of the victim, and the 
     schedule for payment of those fees.
       ``(3) Fact-finding regarding foreign citizens and stateless 
     person.--In the case of a victim who is a foreign citizen or 
     stateless person residing outside the United States and is 
     not under the age of 18 at the time of the proceeding or 
     incompetent or incapacitated, the court may appoint a trustee 
     or other fiduciary under paragraph (1) only if the court 
     finds it necessary to--
       ``(A) protect the safety or security of the victim; or

[[Page S3070]]

       ``(B) provide a reliable means for the victim to access or 
     benefit from the restitution payments.
       ``(4) Payment of fees.--
       ``(A) In general.--The court may, with respect to the fees 
     of the trustee or other fiduciary--
       ``(i) pay the fees in whole or in part; or
       ``(ii) order the defendant to pay the fees in whole or in 
     part.
       ``(B) Applicability of other provisions.--With respect to a 
     court order under subparagraph (A)(ii) requiring a defendant 
     to pay fees--
       ``(i) subsection (f)(3) shall apply to the court order in 
     the same manner as that subsection applies to a restitution 
     order;
       ``(ii) subchapter C of chapter 227 (other than section 
     3571) shall apply to the court order in the same manner as 
     that subchapter applies to a sentence of a fine; and
       ``(iii) subchapter B of chapter 229 shall apply to the 
     court order in the same manner as that subchapter applies to 
     the implementation of a sentence of a fine.
       ``(C) Effect on other penalties.--Imposition of payment 
     under subparagraph (A)(ii) shall not relieve a defendant of, 
     or entitle a defendant to a reduction in the amount of, any 
     special assessment, restitution, other fines, penalties, or 
     costs, or other payments required under the defendant's 
     sentence.
       ``(D) Schedule.--Notwithstanding any other provision of 
     law, if the court orders the defendant to make any payment 
     under subparagraph (A)(ii), the court may provide a payment 
     schedule that is concurrent with the payment of any other 
     financial obligation described in subparagraph (C).
       ``(5) Authorization of appropriations.--
       ``(A) In general.--There is authorized to be appropriated 
     to the United States courts to carry out this subsection 
     $15,000,000 for each fiscal year.
       ``(B) Supervision of payments.--Payments from 
     appropriations authorized under subparagraph (A) shall be 
     made under the supervision of the Director of the 
     Administrative Office of the United States Courts.''.

     SEC. 204. CYBERTIPLINE IMPROVEMENTS, AND ACCOUNTABILITY AND 
                   TRANSPARENCY BY THE TECH INDUSTRY.

       (a) In General.--Chapter 110 of title 18, United States 
     Code, is amended--
       (1) in section 2258A--
       (A) by striking subsections (a), (b), and (c) and inserting 
     the following:
       ``(a) Duty to Report.--
       ``(1) Duty.--In order to reduce the proliferation of online 
     child sexual exploitation and to prevent the online sexual 
     exploitation of children, as soon as reasonably possible 
     after obtaining actual knowledge of any facts or 
     circumstances described in paragraph (2) or any apparent 
     child pornography on the provider's service, and in any event 
     not later than 60 days after obtaining such knowledge, a 
     provider shall submit to the CyberTipline of NCMEC, or any 
     successor to the CyberTipline operated by NCMEC, a report 
     that--
       ``(A) shall contain--
       ``(i) the mailing address, telephone number, facsimile 
     number, electronic mailing address of, and individual point 
     of contact for, such provider; and
       ``(ii) information or material described in subsection 
     (b)(1)(A) concerning such facts or circumstances or apparent 
     child pornography; and
       ``(B) may contain information described in subsection 
     (b)(2), including any available information to identify or 
     locate any involved minor.
       ``(2) Facts or circumstances.--The facts or circumstances 
     described in this paragraph are any facts or circumstances 
     indicating an apparent, planned, or imminent violation of 
     section 1591 (if the violation involves a minor), 2251, 
     2251A, 2252, 2252A, 2252B, 2260, or 2422(b).
       ``(3) Complainant information.--For a report premised on a 
     complaint or notification submitted to a provider by a user 
     of the provider's product or service, or a parent, guardian, 
     or representative of such user, the provider shall take 
     reasonable measures to determine what information or material 
     in the user's account shall be included in the report as 
     provided in subsection (b)(1)(A)(vi).
       ``(b) Contents of Report.--
       ``(1) In general.--In an effort to prevent the future 
     sexual victimization of children, and to the extent the 
     information is within the custody or control of a provider, 
     each report provided under subsection (a)(1)--
       ``(A) shall include, to the extent that it is applicable 
     and reasonably available--
       ``(i) the name, address, electronic mail address, user or 
     account identification, Internet Protocol address, port 
     number, and uniform resource locator of any individual who is 
     a subject of the report;
       ``(ii) the terms of service in effect at the time of--

       ``(I) the apparent violation; or
       ``(II) the detection of apparent child pornography or a 
     planned or imminent violation;

       ``(iii) a copy of any apparent child pornography that is 
     the subject of the report, or all accessible chats, messages, 
     or text exchanges that are related to the report, that were 
     identified in a publicly available location;
       ``(iv) for each item of apparent child pornography included 
     in the report under clause (iii) or paragraph (2)(E), 
     information indicating whether--

       ``(I) the apparent child pornography was publicly 
     available; or
       ``(II) the provider, in its sole discretion, viewed the 
     apparent child pornography, or any copy thereof, at any point 
     concurrent with or prior to the submission of the report;

       ``(v) for each item of apparent child pornography that is 
     the subject of the report, an indication as to whether the 
     apparent child pornography--

       ``(I) is created in whole or in part through the use of 
     software, machine learning, artificial intelligence, or any 
     other computer-generated or technological means, including by 
     adapting, modifying, manipulating, or altering an authentic 
     visual depiction;
       ``(II) has previously been the subject of a report under 
     subsection (a)(1); or
       ``(III) is the subject of multiple contemporaneous reports 
     due to rapid and widespread distribution; and

       ``(vi) any and all information or material (including 
     apparent child pornography, chats, messages, or text 
     exchanges) relating to the subject of the report in the 
     account of a user of the provider's product or service, if 
     the user, or the parent, guardian, or representative of such 
     user--

       ``(I) provided the information or material in a 
     notification or complaint to the provider;
       ``(II) indicates that such information or material should 
     be included in the report; or
       ``(III) consents to the inclusion of such information or 
     material in the report; and

       ``(B) may, at the sole discretion of the provider, include 
     the information described in paragraph (2) of this 
     subsection.
       ``(2) Other information.--The information referred to in 
     paragraph (1)(B) is the following:
       ``(A) Information about any involved individual.--Any 
     information relating to the identity or location of any 
     individual who is a subject of the report, including payment 
     or financial information (excluding personally identifiable 
     information) and self-reported identifying or locating 
     information.
       ``(B) Information about any involved minor.--Information 
     relating to the identity or location of any involved minor, 
     which may include an address, electronic mail address, 
     Internet Protocol address, port number, uniform resource 
     locator, payment or financial information (excluding 
     personally identifiable information), or any other 
     information that may identify or locate any involved minor, 
     including self-reported identifying or locating information.
       ``(C) Historical reference.--Information relating to when 
     and how a customer or subscriber of a provider uploaded, 
     transmitted, or received content relating to the report or 
     when and how content relating to the report was reported to, 
     or discovered by the provider, including a date and time 
     stamp and time zone.
       ``(D) Geographic location information.--Information 
     relating to the geographic location of the involved 
     individual or website, which may include the Internet 
     Protocol address, port number, or verified address, or, if 
     not reasonably available, at least one form of geographic 
     identifying information, including area code or zip code, 
     provided by the customer or subscriber, or stored or obtained 
     by the provider.
       ``(E) Apparent child pornography.--Any apparent child 
     pornography not described in paragraph (1)(A)(iii), or other 
     content related to the subject of the report.
       ``(F) Complete communication.--The complete communication 
     containing any apparent child pornography or other content, 
     including--
       ``(i) any data or information regarding the transmission of 
     the communication; and
       ``(ii) any visual depictions, data, or other digital files 
     contained in, or attached to, the communication.
       ``(G) Technical identifier.--An industry-standard hash 
     value or other similar industry-standard technical identifier 
     for any reported visual depiction as it existed on the 
     provider's service.
       ``(H) Description.--For any item of apparent child 
     pornography that is the subject of the report, an indication 
     of whether--
       ``(i) the depicted sexually explicit conduct involves--

       ``(I) genital, oral, or anal sexual intercourse;
       ``(II) bestiality;
       ``(III) masturbation;
       ``(IV) sadistic or masochistic abuse; or
       ``(V) lascivious exhibition of the anus, genitals, or pubic 
     area of any person; and

       ``(ii) the depicted minor is--

       ``(I) an infant or toddler;
       ``(II) prepubescent;
       ``(III) pubescent;
       ``(IV) post-pubescent; or
       ``(V) of an indeterminate age or developmental stage.

       ``(I) Chats, messages, or text exchanges.--Chats, messages, 
     or text exchanges that fully provide the context for the 
     report.
       ``(3) Formatting of reports.--When a provider includes any 
     information described in paragraph (1) or, at its sole 
     discretion, any information described in paragraph (2) in a 
     report to the CyberTipline of NCMEC, or any successor to the 
     CyberTipline operated by NCMEC, the provider shall use best 
     efforts to ensure that the report conforms with the structure 
     of the CyberTipline or the successor, as applicable.
       ``(c) Forwarding of Report and Other Information to Law 
     Enforcement.--
       ``(1) In general.--Pursuant to its clearinghouse role as a 
     private, nonprofit organization, and at the conclusion of its 
     review in furtherance of its nonprofit mission, NCMEC shall 
     make available each report submitted

[[Page S3071]]

     under subsection (a)(1) to one or more of the following law 
     enforcement agencies:
       ``(A) Any Federal law enforcement agency that is involved 
     in the investigation of child sexual exploitation, 
     kidnapping, or enticement crimes.
       ``(B) Any State or local law enforcement agency that is 
     involved in the investigation of child sexual exploitation.
       ``(C) A foreign law enforcement agency designated by the 
     Attorney General under subsection (d)(3) or a foreign law 
     enforcement agency that has an established relationship with 
     the Federal Bureau of Investigation, Immigration and Customs 
     Enforcement, or INTERPOL, and is involved in the 
     investigation of child sexual exploitation, kidnapping, or 
     enticement crimes.
       ``(2) Technical identifiers.--If a report submitted under 
     subsection (a)(1) contains an industry-standard hash value or 
     other similar industry-standard technical identifier--
       ``(A) NCMEC may compare that hash value or identifier with 
     any database or repository of visual depictions owned or 
     operated by NCMEC; and
       ``(B) if the comparison under subparagraph (A) results in a 
     match, NCMEC may include the matching visual depiction from 
     its database or repository when forwarding the report to an 
     agency described in subparagraph (A) or (B) of paragraph 
     (1).'';
       (B) in subsection (d)--
       (i) in paragraph (2), by striking ``subsection (c)(1)'' and 
     inserting ``subsection (c)(1)(A)'';
       (ii) in paragraph (3)--

       (I) in subparagraph (A), by striking ``subsection (c)(3)'' 
     and inserting ``subsection (c)(1)(C)''; and
       (II) in subparagraph (C), by striking ``subsection (c)(3)'' 
     and inserting ``subsection (c)(1)(C)''; and

       (iii) in paragraph (5)(B)--

       (I) in clause (i), by striking ``forwarded'' and inserting 
     ``made available''; and
       (II) in clause (ii), by striking ``forwarded'' and 
     inserting ``made available'';

       (C) by striking subsection (e) and inserting the following:
       ``(e) Failure to Comply With Requirements.--
       ``(1) Criminal penalty.--
       ``(A) Offense.--It shall be unlawful for a provider to 
     knowingly--
       ``(i) fail to submit a report under subsection (a)(1) 
     within the time period required by that subsection; or
       ``(ii) fail to preserve material as required under 
     subsection (h).
       ``(B) Penalty.--
       ``(i) In general.--A provider that violates subparagraph 
     (A) shall be fined--

       ``(I) in the case of an initial violation, not more than--

       ``(aa) $850,000 if the provider has not fewer than 
     100,000,000 monthly active users; or
       ``(bb) $600,000 if the provider has fewer than 100,000,000 
     monthly active users; and

       ``(II) in the case of any second or subsequent violation, 
     not more than--

       ``(aa) $1,000,000 if the provider has not fewer than 
     100,000,000 monthly active users; or
       ``(bb) $850,000 if the provider has fewer than 100,000,000 
     monthly active users.
       ``(ii) Harm to individuals.--The maximum fine under clause 
     (i) shall be doubled if an individual is harmed as a direct 
     and proximate result of the applicable violation.
       ``(2) Civil penalty.--
       ``(A) Violations relating to cybertipline reports and 
     material preservation.--A provider shall be liable to the 
     United States Government for a civil penalty in an amount of 
     not less than $50,000 and not more than $250,000 if the 
     provider knowingly--
       ``(i) fails to submit a report under subsection (a)(1) 
     within the time period required by that subsection;
       ``(ii) fails to preserve material as required under 
     subsection (h); or
       ``(iii) submits a report under subsection (a)(1) that--

       ``(I) contains materially false or fraudulent information; 
     or
       ``(II) omits information described in subsection (b)(1)(A) 
     that is reasonably available.

       ``(B) Annual report violations.--A provider shall be liable 
     to the United States Government for a civil penalty in an 
     amount of not less than $100,000 and not more than $1,000,000 
     if the provider knowingly--
       ``(i) fails to submit an annual report as required under 
     subsection (i); or
       ``(ii) submits an annual report under subsection (i) that--

       ``(I) contains a materially false, fraudulent, or 
     misleading statement; or
       ``(II) omits information described in subsection (i)(1) 
     that is reasonably available.

       ``(C) Harm to individuals.--The amount of a civil penalty 
     under subparagraph (A) or (B) shall be tripled if an 
     individual is harmed as a direct and proximate result of the 
     applicable violation.
       ``(D) Costs of civil actions.--A provider that commits a 
     violation described in subparagraph (A) or (B) shall be 
     liable to the United States Government for the costs of a 
     civil action brought to recover a civil penalty under that 
     subparagraph.
       ``(E) Enforcement.--This paragraph shall be enforced in 
     accordance with sections 3731, 3732, and 3733 of title 31, 
     except that a civil action to recover a civil penalty under 
     subparagraph (A) or (B) of this paragraph may only be brought 
     by the United States Government.
       ``(3) Deposit of fines and penalties.--Notwithstanding any 
     other provision of law, any criminal fine or civil penalty 
     collected under this subsection shall be deposited into the 
     Child Pornography Victims Reserve as provided in section 
     2259B.'';
       (D) in subsection (f), by striking paragraph (3) and 
     inserting the following:
       ``(3) affirmatively search, screen, or scan for--
       ``(A) facts or circumstances described in subsection 
     (a)(2);
       ``(B) information described in subsection (b)(2); or
       ``(C) any apparent child pornography.'';
       (E) in subsection (g)--
       (i) in paragraph (2)(A)--

       (I) in clause (iii), by inserting ``or personnel at a 
     children's advocacy center'' after ``State)''; and
       (II) in clause (iv), by striking ``State or subdivision of 
     a State'' and inserting ``State, subdivision of a State, or 
     children's advocacy center''; and

       (ii) in paragraph (3), in the matter preceding subparagraph 
     (A), by striking ``subsection (a)'' and inserting 
     ``subsection (a)(1)'';
       (F) in subsection (h), by striking paragraph (5) and 
     inserting the following:
       ``(5) Relation to reporting requirement.--Submission of a 
     report as described in subsection (a)(1) does not satisfy the 
     obligations under this subsection.''; and
       (G) by adding at the end the following:
       ``(i) Annual Report.--
       ``(1) In general.--Not later than March 31 of the second 
     year beginning after the date of enactment of the STOP CSAM 
     Act of 2025, and of each year thereafter, a provider that had 
     more than 1,000,000 unique monthly visitors or users during 
     each month of the preceding year and accrued revenue of more 
     than $50,000,000 during the preceding year shall submit to 
     the Attorney General and the Chair of the Federal Trade 
     Commission a report, disaggregated by subsidiary, that 
     provides the following information for the preceding year to 
     the extent such information is applicable and reasonably 
     available:
       ``(A) Cybertipline data.--
       ``(i) The total number of reports that the provider 
     submitted under subsection (a)(1).
       ``(ii) Which items of information described in subsection 
     (b)(2) are routinely included in the reports submitted by the 
     provider under subsection (a)(1).
       ``(B) Other reporting to the provider.--
       ``(i) The measures the provider has in place to receive 
     other reports concerning child sexual exploitation and abuse 
     using the provider's product or on the provider's service.
       ``(ii) The average time for responding to reports described 
     in clause (i).
       ``(iii) The number of reports described in clause (i) that 
     the provider received.
       ``(iv) A summary description of the actions taken upon 
     receipt of the reports described in clause (i).
       ``(C) Policies.--
       ``(i) A description of the policies of the provider with 
     respect to the commission of child sexual exploitation and 
     abuse using the provider's product or on the provider's 
     service, including how child sexual exploitation and abuse is 
     defined.
       ``(ii) A description of possible user consequences for 
     violations of the policies described in clause (i).
       ``(iii) The methods of informing users of the policies 
     described in clause (i).
       ``(iv) The process for adjudicating potential violations of 
     the policies described in clause (i).
       ``(D) Culture of safety.--
       ``(i) The measures, tools, and technologies that the 
     provider deploys to--

       ``(I) protect children from sexual exploitation and abuse 
     using the provider's product or service;
       ``(II) prevent or interdict activity by children related to 
     sexual exploitation and abuse, including the posting or 
     sharing of intimate visual depictions; and
       ``(III) accurately identify adult and minor users.

       ``(ii) The measures, tools, and technologies that the 
     provider deploys to empower parents and guardians to protect 
     their children from sexual exploitation and abuse using the 
     provider's product or service.
       ``(iii) The measures, tools, and technologies that the 
     provider deploys to prevent the use of the provider's product 
     or service by individuals seeking to commit child sexual 
     exploitation and abuse.
       ``(iv) With respect to the measures, tools, and 
     technologies described in clauses (i), (ii), and (iii)--

       ``(I) an assessment of their efficacy, including any 
     relevant quantitative information indicating when and how 
     often they are used; and
       ``(II) information on any factors that limit their efficacy 
     or create gaps in their protection and efforts by the 
     provider to address those loopholes or gaps.

       ``(v) A description of factors that interfere with the 
     provider's ability to detect or evaluate instances of child 
     sexual exploitation and abuse and an analysis of the impact 
     of those factors.
       ``(vi) Information shared by the provider with users about 
     the risks to children on the provider's product or service 
     concerning sexual exploitation and abuse and an assessment of 
     the impact of the information on users, including any 
     relevant quantitative information indicating how often the 
     information is reviewed.
       ``(E) Safety by design.--The measures that the provider 
     takes before launching a new product or service--
       ``(i) to assess--

[[Page S3072]]

       ``(I) the safety risks for children with respect to sexual 
     exploitation and abuse; and
       ``(II) whether and how individuals could use the new 
     product or service to commit child sexual exploitation and 
     abuse; and

       ``(ii) to determine--

       ``(I) the appropriate age for users of the new product or 
     service; and
       ``(II) whether the new product or service will be adopted 
     to commit child sexual exploitation and abuse.

       ``(F) Prevalence, trends, and patterns.--Any information 
     concerning--
       ``(i) the prevalence of child sexual exploitation and abuse 
     on the provider's product or service, including the volume of 
     child pornography that is available and that is being 
     accessed, distributed, or received; and
       ``(ii) emerging trends, risks, and changing patterns with 
     respect to the commission of online child sexual exploitation 
     and abuse.
       ``(G) Other information.--Any other information relevant to 
     child sexual exploitation and abuse on the provider's product 
     or service.
       ``(2) Avoiding duplication.--Notwithstanding the 
     requirement under the matter preceding paragraph (1) that 
     information be submitted annually, in the case of any report 
     submitted under that paragraph after the initial report, a 
     provider shall submit information described in subparagraphs 
     (C) through (F) of that paragraph not less frequently than 
     once every 3 years or when new information is available, 
     whichever is more frequent.
       ``(3) Limitation.--Nothing in paragraph (1) shall require 
     the disclosure of trade secrets or other proprietary 
     information.
       ``(4) Publication.--
       ``(A) In general.--Subject to subparagraph (B), the 
     Attorney General and the Chair of the Federal Trade 
     Commission shall publish the reports received under this 
     subsection.
       ``(B) Redaction.--
       ``(i) In general.--Whether or not such redaction is 
     requested by the provider, the Attorney General and Chair of 
     the Federal Trade Commission shall redact from a report 
     published under subparagraph (A) any information as necessary 
     to avoid--

       ``(I) undermining the efficacy of a safety measure 
     described in the report; or
       ``(II) revealing how a product or service of a provider may 
     be used to commit online child sexual exploitation and abuse.

       ``(ii) Additional redaction.--

       ``(I) Request.--In addition to information redacted under 
     clause (i), a provider may request the redaction, from a 
     report published under subparagraph (A), of any information 
     that is law enforcement sensitive or otherwise not suitable 
     for public distribution.
       ``(II) Agency discretion.--The Attorney General and Chair 
     of the Federal Trade Commission--

       ``(aa) shall consider a request made under subclause (I); 
     and
       ``(bb) may, in their discretion, redact from a report 
     published under subparagraph (A) any information pursuant to 
     the request.'';
       (2) in section 2258B--
       (A) by striking subsection (a) and inserting the following:
       ``(a) In General.--
       ``(1) Limited liability.--Except as provided in subsection 
     (b), a civil claim or criminal charge described in paragraph 
     (2) may not be brought in any Federal or State court.
       ``(2) Covered claims and charges.--A civil claim or 
     criminal charge referred to in paragraph (1) is a civil claim 
     or criminal charge against a provider or domain name 
     registrar, including any director, officer, employee, or 
     agent of such provider or domain name registrar, that is 
     directly attributable to--
       ``(A) the performance of the reporting or preservation 
     responsibilities of such provider or domain name registrar 
     under this section, section 2258A, or section 2258C;
       ``(B) transmitting, distributing, or mailing child 
     pornography to any Federal, State, or local law enforcement 
     agency, or giving such agency access to child pornography, in 
     response to a search warrant, court order, or other legal 
     process issued or obtained by such agency; or
       ``(C) the use by the provider or domain name registrar of 
     any material being preserved under section 2258A(h) by such 
     provider or registrar for research and the development and 
     training of tools, undertaken voluntarily and in good faith 
     for the sole and exclusive purpose of--
       ``(i) improving or facilitating reporting under this 
     section, section 2258A, or section 2258C; or
       ``(ii) stopping the online sexual exploitation of 
     children.''; and
       (B) in subsection (b)--
       (i) in paragraph (1), by striking ``; or'' and inserting 
     ``or knowingly failed to comply with a requirement under 
     section 2258A;'';
       (ii) in paragraph (2)(C)--

       (I) by striking ``sections'' and inserting ``this section 
     or section''; and
       (II) by striking the period and inserting ``; or''; and

       (iii) by adding at the end the following:
       ``(3) for purposes of subsection (a)(2)(C), knowingly 
     distributed or transmitted the material, or made the material 
     available, except as required by law, to--
       ``(A) any other entity;
       ``(B) any person not employed by the provider or domain 
     name registrar; or
       ``(C) any person employed by the provider or domain name 
     registrar who is not conducting any research described in 
     that subsection.'';
       (3) in section 2258C--
       (A) in the section heading, by striking ``the 
     CyberTipline'' and inserting ``NCMEC'';
       (B) in subsection (a)--
       (i) in the subsection heading, by striking ``Elements'' and 
     inserting ``Information Sharing With Providers and Entities 
     for the Purposes of Preventing and Curtailing the Online 
     Sexual Exploitation of Children'';
       (ii) in paragraph (1)--

       (I) by striking ``to a provider'' and inserting the 
     following: ``or submission to the Child Victim Identification 
     Program to--

       ``(A) a provider'';

       (II) in subparagraph (A), as so designated--

       (aa) by inserting ``use of the provider's products or 
     services to commit'' after ``stop the''; and
       (bb) by striking the period at the end and inserting ``; 
     or''; and

       (III) by adding at the end the following:

       ``(B) an entity for the sole and exclusive purpose of 
     preventing and curtailing the online sexual exploitation of 
     children.''; and
       (iii) in paragraph (2)--

       (I) in the heading, by striking ``Inclusions'' and 
     inserting ``Elements'';
       (II) by striking ``unique identifiers'' and inserting 
     ``similar technical identifiers'';
       (III) by inserting ``or content, elements, or reported 
     materials,'' after`` visual depiction,'';
       (IV) by inserting a comma after ``location'';
       (V) by striking ``and any other elements''; and
       (VI) by inserting ``or submission to the Child Victim 
     Identification Program'' after ``CyberTipline report'';

       (C) in subsection (b)--
       (i) in the heading, by inserting ``or Entities'' after 
     ``Providers'';
       (ii) by striking ``Any provider'' and inserting the 
     following:
       ``(1) In general.--Any provider or entity'';
       (iii) in paragraph (1), as so designated--

       (I) by striking ``receives'' and inserting ``obtains''; and
       (II) by inserting ``or submission to the Child Victim 
     Identification Program'' after ``CyberTipline report''; and

       (iv) by adding at the end the following:
       ``(2) Limitation on sharing with other entities.--A 
     provider or entity that obtains elements under subsection 
     (a)(1) may not distribute those elements, or make those 
     elements available, to any other entity, except for the sole 
     and exclusive purpose of curtailing, preventing, or stopping 
     the online sexual exploitation of children.'';
       (D) in subsection (c)--
       (i) by striking ``subsections'' and inserting 
     ``subsection'';
       (ii) by striking ``providers receiving'' and inserting ``a 
     provider or entity to obtain'';
       (iii) by inserting ``or submission to the Child Victim 
     Identification Program'' after ``CyberTipline report''; and
       (iv) by striking ``to use the elements to stop the online 
     sexual exploitation of children''; and
       (E) in subsection (d), by inserting ``or to the Child 
     Victim Identification Program'' after ``CyberTipline'';
       (4) in section 2258E--
       (A) in paragraph (6), by striking ``electronic 
     communication service provider'' and inserting ``electronic 
     communication service'';
       (B) in paragraph (7), by striking ``and'' at the end;
       (C) in paragraph (8), by striking the period at the end and 
     inserting a semicolon; and
       (D) by adding at the end the following:
       ``(9) the term `publicly available', with respect to a 
     visual depiction on a provider's service, means the visual 
     depiction can be viewed by or is accessible to all users of 
     the service, regardless of the steps, if any, a user must 
     take to create an account or to gain access to the service in 
     order to access or view the visual depiction; and
       ``(10) the term `Child Victim Identification Program' means 
     the program described in section 404(b)(1)(K)(ii) of the 
     Juvenile Justice and Delinquency Prevention Act of 1974 (34 
     U.S.C. 11293(b)(1)(K)(ii)).'';
       (5) in section 2259B(a), by inserting ``, any fine or 
     penalty collected under section 2258A(e),'' after ``2259A''; 
     and
       (6) by adding at the end the following:

     ``Sec. 2260B. Liability for certain child sexual exploitation 
       offenses

       ``(a) Offense.--It shall be unlawful for a provider of an 
     interactive computer service, as that term is defined in 
     section 230 of the Communications Act of 1934 (47 U.S.C. 
     230), that operates through the use of any facility or means 
     of interstate or foreign commerce or in or affecting 
     interstate or foreign commerce, through such service to--
       ``(1) intentionally host or store child pornography or make 
     child pornography available to any person; or
       ``(2) knowingly promote or facilitate a violation of 
     section 2251, 2251A, 2252, 2252A, or 2422(b).
       ``(b) Penalty.--A provider of an interactive computer 
     service that violates subsection (a)--
       ``(1) subject to paragraph (2), shall be fined not more 
     than $1,000,000; and
       ``(2) if the offense involves a conscious or reckless risk 
     of serious personal injury or an individual is harmed as a 
     direct and proximate result of the violation, shall be fined 
     not more than $5,000,000.
       ``(c) Rule of Construction.--Nothing in this section shall 
     be construed to apply to

[[Page S3073]]

     any good faith action by a provider of an interactive 
     computer service that is necessary to comply with a valid 
     court order, subpoena, search warrant, statutory obligation, 
     or preservation request from law enforcement.''.
       (b) Clerical Amendment.--The table of sections for chapter 
     110 of title 18, United States Code, is amended by adding at 
     the end the following:

``2260B. Liability for certain child sexual exploitation offenses.''.
       (c) Effective Date for Amendments to Reporting Requirements 
     of Providers.--The amendments made by subsection (a)(1) of 
     this section shall take effect on the date that is 120 days 
     after the date of enactment of this Act.

     SEC. 205. EXPANDING CIVIL REMEDIES FOR VICTIMS OF ONLINE 
                   CHILD SEXUAL EXPLOITATION.

       (a) Statement of Intent.--Nothing in this section shall be 
     construed to abrogate or narrow any case law concerning 
     section 2255 of title 18, United States Code.
       (b) Civil Remedy for Personal Injuries.--Section 2255(a) of 
     title 18, United States Code, is amended--
       (1) by striking ``In General.--Any person who, while a 
     minor, was a victim of a violation of section 1589, 1590, 
     1591, 2241(c), 2242, 2243, 2251, 2251A, 2252, 2252A, 2260, 
     2421, 2422, or 2423 of this title and who suffers personal 
     injury as a result of such violation, regardless of whether 
     the injury occurred while such person was a minor, may sue'' 
     and inserting the following: ``Private Right of Action.--
       ``(1) In general.--Any person described in subparagraph 
     (A), (B), or (C) of paragraph (2) who suffers personal injury 
     as a result of a violation described in that subparagraph, 
     regardless of whether the injury occurred while such person 
     was a minor, may bring a civil action''; and
       (2) by adding at the end the following:
       ``(2) Eligible persons.--Paragraph (1) shall apply to any 
     person--
       ``(A) who, while a minor, was a victim of--
       ``(i) a violation of section 1589, 1590, 1591, 2241, 2242, 
     2243, 2251, 2251A, 2260(a), 2421, 2422, or 2423;
       ``(ii) an attempt to violate section 1589, 1590, or 1591 
     under section 1594(a);
       ``(iii) a conspiracy to violate section 1589 or 1590 under 
     section 1594(b); or
       ``(iv) a conspiracy to violate section 1591 under section 
     1594(c);
       ``(B) who--
       ``(i) is depicted as a minor in child pornography; and
       ``(ii) is a victim of a violation of 2252, 2252A, or 
     2260(b) (regardless of when the violation occurs); or
       ``(C) who--
       ``(i) is depicted as an identifiable minor in a visual 
     depiction described in section 1466A; and
       ``(ii) is a victim of a violation of that section 
     (regardless of when the violation occurs).''.
       (c) Civil Remedy Against Online Platforms and App Stores.--
       (1) In general.--Chapter 110 of title 18, United States 
     Code, is amended by inserting after section 2255 the 
     following:

     ``Sec. 2255A. Additional remedy for certain victims of child 
       pornography or child sexual exploitation

       ``(a) In General.--
       ``(1) Promotion or aiding and abetting of certain 
     violations.--Any person who is a victim of the intentional, 
     knowing, or reckless promotion, or aiding and abetting, of a 
     violation of section 1591 or 1594(c) (involving a minor), or 
     section 2251, 2251A, 2252, 2252A, or 2422(b), where such 
     promotion, or aiding and abetting, is by a provider of an 
     interactive computer service or an app store, and who suffers 
     personal injury as a result of such promotion or aiding and 
     abetting, regardless of when the injury occurred, may bring a 
     civil action in any appropriate United States District Court 
     for relief set forth in subsection (b).
       ``(2) Activities involving child pornography.--Any person 
     who is a victim of the intentional, knowing, or reckless 
     hosting or storing of child pornography or making child 
     pornography available to any person by a provider of an 
     interactive computer service, and who suffers personal injury 
     as a result of such hosting, storing, or making available, 
     regardless of when the injury occurred, may bring a civil 
     action in any appropriate United States District Court for 
     relief set forth in subsection (b).
       ``(b) Relief.--In a civil action brought by a person under 
     subsection (a)--
       ``(1) the person shall recover the actual damages the 
     person sustains or liquidated damages in the amount of 
     $300,000, and the cost of the action, including reasonable 
     attorney fees and other litigation costs reasonably incurred; 
     and
       ``(2) the court may, in addition to any other relief 
     available at law, award punitive damages and such other 
     preliminary and equitable relief as the court determines to 
     be appropriate, including a temporary restraining order, a 
     preliminary injunction, or a permanent injunction ordering 
     the defendant to cease the offending conduct.
       ``(c) Statute of Limitations.--There shall be no time limit 
     for the filing of a complaint commencing an action under 
     subsection (a).
       ``(d) Venue; Service of Process.--
       ``(1) Venue.--Any action brought under subsection (a) may 
     be brought in the district court of the United States that 
     meets applicable requirements relating to venue under section 
     1391 of title 28.
       ``(2) Service of process.--In an action brought under 
     subsection (a), process may be served in any district in 
     which the defendant--
       ``(A) is an inhabitant; or
       ``(B) may be found.
       ``(e) Relation to Section 230 of the Communications Act of 
     1934.--Nothing in section 230 of the Communications Act of 
     1934 (47 U.S.C. 230) shall be construed to impair or limit 
     any claim brought under subsection (a).
       ``(f) Rules of Construction.--
       ``(1) Applicability to legal process or obligation.--
     Nothing in this section shall be construed to apply to any 
     good faith action that is necessary to comply with a valid 
     court order, subpoena, search warrant, statutory obligation, 
     or preservation request from law enforcement.
       ``(2) Application of section 2258b.--A civil action brought 
     under subsection (a) shall be subject to section 2258B.
       ``(g) Encryption Technologies.--
       ``(1) In general.--None of the following actions or 
     circumstances shall serve as an independent basis for 
     liability under subsection (a):
       ``(A) Utilizing full end-to-end encrypted messaging 
     services, device encryption, or other encryption services.
       ``(B) Not possessing the information necessary to decrypt a 
     communication.
       ``(C) Failing to take an action that would otherwise 
     undermine the ability to offer full end-to-end encrypted 
     messaging services, device encryption, or other encryption 
     services.
       ``(2) Consideration of evidence.--Evidence of actions or 
     circumstances described in paragraph (1) shall be admissible 
     in a civil action brought under subsection (a) if--
       ``(A) the actions or circumstances are relevant under rules 
     401 and 402 of the Federal Rules of Evidence to--
       ``(i) prove motive, intent, preparation, plan, absence of 
     mistake, or lack of accident; or
       ``(ii) rebut any evidence or factual or legal claim; and
       ``(B) the actions or circumstances--
       ``(i) are otherwise admissible under the Federal Rules of 
     Evidence; and
       ``(ii) are not subject to exclusion under rule 403 or any 
     other rule of the Federal Rules of Evidence.
       ``(3) No effect on discovery.--Nothing in paragraph (1) or 
     (2) shall be construed to create a defense to a discovery 
     request or otherwise limit or affect discovery in any civil 
     action brought under subsection (a).
       ``(h) Defense.--In a civil action under subsection (a)(2) 
     involving knowing or reckless conduct, it shall be a defense 
     at trial, which the provider of an interactive computer 
     service must establish by a preponderance of the evidence as 
     determined by the finder of fact, that--
       ``(1) the provider disabled access to or removed the child 
     pornography within a reasonable timeframe, and in any event 
     not later than 48 hours after obtaining knowledge that the 
     child pornography was being hosted, stored, or made available 
     by the provider (or, in the case of a provider that, for the 
     most recent calendar year, averaged fewer than 10,000,000 
     active users on a monthly basis in the United States, within 
     a reasonable timeframe, and in any event not later than 2 
     business days after obtaining such knowledge);
       ``(2) the provider exercised a reasonable, good faith 
     effort to disable access to or remove the child pornography 
     but was unable to do so for reasons outside the provider's 
     control; or
       ``(3) it is technologically impossible for the provider to 
     disable access to or remove the child pornography without 
     compromising encryption technologies.
       ``(i) Sanctions for Repeated Bad Faith Civil Actions or 
     Defenses.--
       ``(1) Definitions.--In this subsection:
       ``(A) Bad faith civil action.--The term `bad faith civil 
     action' means a civil action brought under subsection (a) in 
     bad faith where the finder of fact determines that at the 
     time the civil action was filed, the party, attorney, or law 
     firm described in paragraph (2) had actual knowledge that--
       ``(i) the alleged conduct did not involve any minor; or
       ``(ii) the alleged child pornography did not depict--

       ``(I) any minor; or
       ``(II) sexually explicit conduct, sexual suggestiveness, 
     full or partial nudity, or implied sexual activity.

       ``(B) Bad faith defense.--The term `bad faith defense' 
     means a defense in a civil action brought under subsection 
     (a) raised in bad faith where the finder of fact determines 
     that at the time the defense was raised, the party, attorney, 
     or law firm described in paragraph (3) had actual knowledge 
     that the defense--
       ``(i) was made solely for purpose of delaying the civil 
     action or increasing the costs of the civil action; or
       ``(ii) was objectively baseless in light of the applicable 
     law or facts at issue.
       ``(2) Bad faith civil action.--In the case of a civil 
     action brought under subsection (a), the court may impose 
     sanctions on--
       ``(A) the party bringing the civil action if the court 
     finds that the party has brought 2 or more bad faith civil 
     actions (which may include the instant civil action); or
       ``(B) an attorney or law firm representing the party 
     bringing the civil action if the

[[Page S3074]]

     court finds that the attorney or law firm has represented--
       ``(i) a party who has brought 2 or more bad faith civil 
     actions (which may include the instant civil action); or
       ``(ii) 2 or more parties who have each brought a bad faith 
     civil action (which may include the instant civil action).
       ``(3) Bad faith defense.--In the case of a civil action 
     brought under subsection (a), the court may impose sanctions 
     on--
       ``(A) the party defending the civil action if the court 
     finds that the party has raised 2 or more bad faith defenses 
     (which may include 1 or more defenses raised in the instant 
     civil action); or
       ``(B) an attorney or law firm representing the party 
     defending the civil action if the court finds that the 
     attorney or law firm has represented--
       ``(i) a party who has raised 2 or more bad faith defenses 
     (which may include 1 or more defenses raised in the instant 
     civil action); or
       ``(ii) 2 or more parties who have each raised a bad faith 
     defense (which may include a defense raised in the instant 
     civil action).
       ``(4) Implementation.--Rule 11(c) of the Federal Rules of 
     Civil Procedure shall apply to sanctions imposed under this 
     subsection in the same manner as that rule applies to 
     sanctions imposed for a violation of rule 11(b) of those 
     Rules.
       ``(5) Rules of construction.--
       ``(A) Rule 11.--This subsection shall not be construed to 
     limit or expand the application of rule 11 of the Federal 
     Rules of Civil Procedure.
       ``(B) Definition change.--Paragraph (1)(A)(ii) shall not be 
     construed to apply to a civil action affected by a 
     contemporaneous change in the law with respect to the 
     definition of `child pornography'.
       ``(j) Definitions.--In this section:
       ``(1) App.--The term `app' means a software application or 
     electronic service that may be run or directed by a user on a 
     computer, a mobile device, or any other general purpose 
     computing device.
       ``(2) App store.--The term `app store' means a publicly 
     available website, software application, or other electronic 
     service that--
       ``(A) distributes apps from third-party developers to users 
     of a computer, a mobile device, or any other general purpose 
     computing device; and
       ``(B) operates--
       ``(i) through the use of any means or facility of 
     interstate or foreign commerce; or
       ``(ii) in or affecting interstate or foreign commerce.
       ``(3) Interactive computer service.--The term `interactive 
     computer service' means an interactive computer service, as 
     defined in section 230(f) of the Communications Act of 1934 
     (47 U.S.C. 230(f)), that operates--
       ``(A) through the use of any means or facility of 
     interstate or foreign commerce; or
       ``(B) in or affecting interstate or foreign commerce.
       ``(k) Savings Clause.--Nothing in this section, including 
     the defenses under this section, shall be construed to apply 
     to any civil action brought under any other Federal law, 
     rule, or regulation, including any civil action brought 
     against a provider of an interactive computer service or an 
     app store under section 1595 or 2255.''.
       (2) Clerical amendment.--The table of sections for chapter 
     110 of title 18, United States Code, is amended by inserting 
     after the item relating to section 2255 the following:

``2255A. Additional remedy for certain victims of child pornography or 
              child sexual exploitation.''.

     SEC. 206. SEVERABILITY.

       If any provision of this title, an amendment made by this 
     title, or the application of such provision or amendment to 
     any person or circumstance is held to be unconstitutional, 
     the remainder of this title and the amendments made by this 
     title, and the application of the provision or amendment to 
     any other person or circumstance, shall not be affected.

     SEC. 207. CONTINUED APPLICABILITY OF FEDERAL, STATE, AND 
                   TRIBAL LAW.

       (a) Federal Law.--Nothing in this title or the amendments 
     made by this title, nor any rule or regulation issued 
     pursuant to this title or the amendments made by this title, 
     shall affect or diminish any right or remedy for a victim of 
     child pornography or child sexual exploitation under any 
     other Federal law, rule, or regulation, including any claim 
     under section 2255 of title 18, United States Code, with 
     respect to any individual or entity.
       (b) State or Tribal Law.--Nothing in this title or the 
     amendments made by this title, nor any rule or regulation 
     issued pursuant to this title or the amendments made by this 
     title, shall--
       (1) preempt, diminish, or supplant any right or remedy for 
     a victim of child pornography or child sexual exploitation 
     under any State or Tribal common or statutory law; or
       (2) prohibit the enforcement of a law governing child 
     pornography or child sexual exploitation that is at least as 
     protective of the rights of a victim as this title and the 
     amendments made by this title.
                                 ______
                                 
  SA 2238. Mr. HAWLEY submitted an amendment intended to be proposed by 
him 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:

       In section 2, redesignate paragraphs (27) through (32) as 
     paragraphs (32) through (37), paragraphs (22) through (26) as 
     paragraphs (26) through (30), and paragraphs (10) through 
     (21) as paragraphs (11) through (22).
       In section 2, after paragraph (9), insert the following:
       (10) Excluded large online platform.--The term ``excluded 
     large online platform''--
       (A) means a social media platform, an online search engine, 
     an online marketplace, or an online communication platform 
     that--
       (i) averages more than 1,000,000 unique users on a monthly 
     basis; or
       (ii) has more than 1,000,000 user accounts;
       (B) includes all parents, subsidiaries, and affiliates of 
     the excluded large online platform; and
       (C) does not include a platform that only permits users to 
     interact via a predetermined set of phrases, emoticons, or 
     nonlinguistic symbols.
       In section 2, after paragraph (22), as so redesignated, 
     insert the following:
       (23) Online communication platform.--The term ``online 
     communication platform'' means a service that allows users to 
     communicate, connect, or collaborate via the internet and 
     includes instant messaging, online video conferencing, online 
     discussion forum, and online collaboration services.
       (24) Online marketplace.--The term ``online marketplace'' 
     has the meaning given that term in section 2(f) of the 
     Integrity, Notification, and Fairness in Online Retail 
     Marketplaces for Consumers Act (15 U.S.C. 45f(f)).
       (25) Online search engine.--The term ``online search 
     engine'' means an internet intermediary service that allows 
     users to input queries to perform searches of the World Wide 
     Web and, in response, returns information related to the 
     requested content.
       In section 2(27)(A)(iii), as so redesignated, strike 
     ``and''.
       In section 2(27)(B), as so redesignated, strike the period 
     at the end and insert ``; and''.
       In section 2(27), as so redesignated, add at the end the 
     following:
       (C) is not an excluded large online platform.
       In section 2, after paragraph (30), as so redesignated, 
     insert the following:
       (31) Social media platform.--The term ``social media 
     platform'' has the meaning given that term in section 124(a) 
     of the Trafficking Victims Prevention and Protection 
     Reauthorization Act of 2022 (42 U.S.C. 1862w(a)).
                                 ______
                                 
  SA 2239. Mr. HAWLEY (for himself and Mr. Sanders) submitted an 
amendment intended to be proposed by him 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:

       At the appropriate place, insert the following:

     SEC. __. CAP ON CREDIT CARD INTEREST RATES.

       (a) In General.--Section 107 of the Truth in Lending Act 
     (15 U.S.C. 1606) is amended by adding at the end the 
     following:
       ``(f)(1) The annual percentage rate applicable to an 
     extension of credit obtained by use of a credit card may not 
     exceed 10 percentage points, inclusive of all finance 
     charges.
       ``(2) Any fees that are not considered finance charges 
     under section 106(a) may not be used to evade the limitations 
     of paragraph (1), and the total sum of such fees may not 
     exceed the total amount of finance charges assessed.
       ``(3) The taking, receiving, reserving, or charging of a 
     credit card annual percentage rate or fee greater than that 
     permitted under this subsection, when knowingly done, shall 
     be deemed a violation of this title, and a forfeiture of the 
     entire interest which the note, bill, or other evidence of 
     the obligation carries with it, or which has been agreed to 
     be paid thereon.
       ``(4) If a credit card annual percentage rate or fee 
     greater than that permitted under this subsection has been 
     paid, the person by whom it has been paid, or the legal 
     representative thereof, may, by bringing an action not later 
     than 2 years after the date on which the usurious collection 
     was last made, recover back from the lender in an action in 
     the nature of an action of debt, the entire amount of 
     interest, finance charges, or fees paid.
       ``(5) Any creditor who violates this subsection shall be 
     subject to the provisions of section 130.
       ``(g) Nothing in this section may be construed to preempt 
     any provision of State law that provides greater protection 
     to consumers than is provided under this section.''.
       (b) Technical and Conforming Amendment.--Section 130(a) of 
     the Truth in Lending Act (15 U.S.C. 1640(a)) is amended, in 
     the matter preceding paragraph (1), by inserting ``section 
     107(f),'' before ``this chapter''.
       (c) Sunset.--
       (1) In general.--The Truth in Lending Act (15 U.S.C. 1601 
     et seq.) is amended--
       (A) in section 107 (15 U.S.C. 1606), by striking 
     subsections (f) and (g); and
       (B) in section 130(a) (15 U.S.C. 1640(a)), in the matter 
     preceding paragraph (1), by striking ``section 107(f),''.
       (2) Effective date.--The amendments made by paragraph (1) 
     shall take effect on January 1, 2031.
                                 ______
                                 
  SA 2240. Mr. HAWLEY submitted an amendment intended to be proposed by

[[Page S3075]]

him 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:

       At the appropriate place, insert the following:

     SEC. __. COMMUNICATIONS ACT AMENDMENT.

       Section 230(c) of the Communications Act of 1934 (47 U.S.C. 
     230(c)) is amended by adding at the end the following:
       ``(3) Exception for issuers of payment stablecoin.--The 
     protections under this subsection shall not apply to any 
     person that issues a payment stablecoin, as defined in 
     section 2 of the GENIUS Act.''.
                                 ______
                                 
  SA 2241. Mr. HAGERTY (for himself, Mrs. Gillibrand, Mr. Scott of 
South Carolina, and Ms. Lummis) submitted an amendment intended to be 
proposed by him 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:

       On page 3, line 25, strike ``node''.
       On page 9, line 23, insert ``is'' after ``that''.
       On page 9, strike line 24 and all that follows through page 
     10, line 9, and insert the following:
       (A) a subsidiary of an insured depository institution that 
     has been approved to issue payment stablecoins under section 
     5;
       (B) a Federal qualified payment stablecoin issuer; or
       (C) a State qualified payment stablecoin issuer.
       On page 13, line 18, strike ``any'' and insert ``a''.
       On page 13, line 24, strike ``person'' and insert ``digital 
     asset service provider''.
       On page 14, line 5, strike ``or'' and insert ``and any''.
       On page 14, line 18, strike ``If the Secretary'' and all 
     that follows through line 21, and insert the following:
       (A) In general.--If the Secretary of the Treasury 
     determines that unusual and exigent circumstances exist, the 
     Secretary may provide limited safe harbors from subsection 
     (a).
       (B) Justification.--Prior to issuing a limited safe harbor 
     under this paragraph, the Secretary of the Treasury shall 
     submit to the chairs and ranking members of the Committee on 
     Banking, Housing, and Urban Affairs of the Senate and the 
     Committee on Financial Services of the House of 
     Representatives a justification for the determination of the 
     unusual and exigent circumstances, which may be contained in 
     a classified annex, as applicable.
       On page 14, line 22, strike ``The'' and insert ``Consistent 
     with section 13, the''.
       On page 14, line 23, strike ``may'' and insert ``shall''/
       On page 14, line 25, strike ``statutory''.
       On page 15, line 19, insert ``as'' before ``a cash 
     equivalent''.
       On page 15, line 21, insert ``as'' before ``a cash 
     equivalent''.
       On page 16, line 5, strike ``Rule'' and insert ``Rules''.
       On page 16, strike lines 7 through 18 and insert the 
     following:
       (1) Exempt transactions.--This section shall not apply to--
       (A) the direct transfer of digital assets between 2 
     individuals acting on their own behalf and for their own 
     lawful purposes, without the involvement of an intermediary;
       (B) to any transaction involving the receipt of digital 
     assets by an individual between an account owned by the 
     individual in the United States and an account owned by the 
     individual abroad that are offered by the same parent 
     company; or
       (C) to any transaction by means of a software or hardware 
     wallet that facilitates an individual's own custody of 
     digital assets.
       (2) Treasury authority.--Nothing in this Act shall alter 
     the existing authority of the Secretary of the Treasury to 
     block, restrict, or limit transactions involving payment 
     stablecoins that reference or are denominated in United 
     States dollars that are subject to the jurisdiction of the 
     United States.
       On page 28, lines 17 and 18, strike ``, as applicable''.
       On page 28, lines 20 and 21, strike ``and economic 
     sanctions compliance''.
       On page 28, lines 22 and 23, strike ``, verification of 
     sanctions lists,''.
       On page 28, line 24, strike ``programs'' and insert 
     ``program''.
       On page 29, line 4, strike ``policies'' and insert 
     ``technical capabilities, policies,''.
       On page 29, line 7, strike ``and''.
       On page 29, line 13, strike the period and insert ``; 
     and''.
       On page 29, between lines 13 and 14, insert the following:
       (vi) maintenance of an effective economic sanctions 
     compliance program, including verification of sanctions 
     lists, consistent with Federal law.
       On page 29, lines 14 and 15, strike ``Financial Crimes 
     Enforcement Network'' and insert ``Secretary of the 
     Treasury''.
       On page 32, lines 21 and 22, strike ``and the amendments 
     made by that section''.
       On page 32, strike lines 10 through 16 and insert the 
     following:
       (B) Rule of construction.--Nothing in subparagraph (A) 
     shall limit a permitted payment stablecoin issuer from 
     engaging in payment stablecoin activities or digital asset 
     service provider activities specified by this Act, and 
     activities incidental thereto, that are authorized by the 
     primary Federal payment stablecoin regulator or the State 
     payment stablecoin regulator, as applicable, consistent with 
     all other
       On page 33, line 15, strike ``A permitted'' and all that 
     follows through page 34, line 3, and insert the following:
       (A) In general.--A permitted payment stablecoin issuer may 
     not--
       (i) use any combination of terms relating to the United 
     States Government, including ``United States'', ``United 
     States Government'', and ``USG'', in the name of a payment 
     stablecoin; or
       (ii) market a payment stablecoin in such a way that a 
     reasonable person would perceive the payment stablecoin to 
     be--

       (I) legal tender, as described in section 5103 of title 31, 
     United States Code;
       (II) issued by the United States; or
       (III) guaranteed or approved by the Government of the 
     United States.

       (B) Pegged stablecoins.--Abbreviations directly relating to 
     the currency to which a payment stablecoin is pegged, such as 
     ``USD'', are not subject to the prohibitions in subparagraph 
     (A).
       On page 36, strike lines 7 through 12 and insert the 
     following:
       (11) Prohibition on interest.--No permitted payment 
     stablecoin issuer or foreign payment stablecoin issuer shall 
     pay the holder of any payment stablecoin any form of interest 
     or yield (whether in cash, tokens, or other consideration) 
     solely in connection with the holding, use, or retention of 
     such payment stablecoin.
       On page 36, between lines 12 and 13, insert the following:
       (12) Non-financial services public companies.--
       (A) Definitions.--In this paragraph:
       (i) Financial activities.--The term ``financial 
     activities''--

       (I) has the meaning given that term in section 4(k) of the 
     Bank Holding Company Act of 1956 (12 U.S.C. 1843(k)); and
       (II) for the avoidance of doubt, includes those activities 
     described in subparagraphs (A) and (B) of section 2(7) and 
     section 4(a)(7)(A) of this Act.

       (ii) Public company.--The term ``public company'' means an 
     issuer that is required to file reports under section 13(a) 
     or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 
     78m(a), 78o(d)).
       (B) Prohibition.--
       (i) In general.--A public company that is not predominantly 
     engaged in 1 or more financial activities, and its wholly or 
     majority owned subsidiaries or affiliates, may not issue a 
     payment stablecoin unless the public company obtains a 
     unanimous vote of the Stablecoin Certification Review 
     Committee finding that--

       (I) it will not pose a material risk to the safety and 
     soundness of the United States banking system, the financial 
     stability of the United States, or the Deposit Insurance 
     Fund;
       (II) the public company will comply with data use 
     limitations providing that, unless the public company 
     receives consent from the consumer, nonpublic personal 
     information obtained from stablecoin transaction data may not 
     be--

       (aa) used to target, personalize, or rank advertising or 
     other content;
       (bb) sold to any third party; or
       (cc) shared with non-affiliates; and

       (III) the public company and the affiliates of the public 
     company will comply with the tying prohibitions under 
     paragraph (8).

       (ii) Exception.--The prohibition under clause (i) against 
     the sharing of consumer information shall not apply to 
     sharing of such information--

       (I) to comply with Federal, State, or local laws, rules, 
     and other applicable legal requirements;
       (II) to comply with a properly authorized civil, criminal, 
     or regulatory investigation, subpoena, or summons by a 
     Federal, State, or local authority; or
       (III) to respond to judicial process or a government 
     regulatory authority having jurisdiction over the public 
     company.

       (C) Extension of prohibition.--
       (i) In general.--Any company not domiciled in the United 
     States or its Territories that is not predominantly engaged 
     in 1 or more financial activities, may not issue a payment 
     stablecoin unless the public company obtains a unanimous vote 
     of the Stablecoin Certification Review Committee finding 
     that--

       (I) it will not pose a material risk to the safety and 
     soundness of the United States banking system, the financial 
     stability of the United States, or the Deposit Insurance 
     Fund;
       (II) the public company will comply with data use 
     limitations providing that, unless the public company 
     receives consent from the consumer, nonpublic personal 
     information obtained from stablecoin transaction data may not 
     be--

       (aa) used to target, personalize, or rank advertising or 
     other content;
       (bb) sold to any third party; or
       (cc) shared with non-affiliates; except

       (III) the public company and the affiliates of the public 
     company will comply with the tying prohibitions under 
     paragraph (8).

       (ii) Exception.--The prohibition under clause (i) against 
     the sharing of consumer information shall not apply to 
     sharing of such information--

       (I) to comply with Federal, State, or local laws, rules, 
     and other applicable legal requirements;
       (II) to comply with a properly authorized civil, criminal, 
     or regulatory investigation, subpoena, or summons by a 
     Federal, State, or local authority; or

[[Page S3076]]

       (III) to respond to judicial process or a government 
     regulatory authority having jurisdiction over the public 
     company.

       (D) Rulemaking.--Not later than 1 year after the date of 
     enactment of this Act, the Stablecoin Certification Review 
     Committee shall issue an interpretive rule clarifying the 
     application of this paragraph.
       (13) Eligibility.--Nothing in this Act shall be construed 
     as expanding or contracting legal eligibility to receive 
     services available from a Federal Reserve bank or to make 
     deposits with a Federal Reserve bank, in each case pursuant 
     to the Federal Reserve Act.
       On page 36, line 13, strike ``(12)'' and insert ``(14)''.
       On page 38, lines 2 and 3, strike ``that subsection'' and 
     insert ``this Act''.
       On page 40, line 13, insert ``any'' after ``to''.
       On page 43, line 1, insert ``(or the Vice Chair for 
     Supervision, as delegated by the Chair of the Board)'' after 
     ``Board''.
       On page 46, line 16, strike ``a''.
       On page 46, line 17, strike ``stablecoin'' and insert 
     ``stablecoins''.
       On page 47, line 18, strike ``, provided that'' and all 
     that follows through line 25.
       On page 49, line 6, strike ``may'' and insert ``shall''.
       On page 51, lines 14 and 15, strike ``House of 
     Representatives and the Senate'' and insert ``Senate and the 
     House of Representatives''.
       On page 51, lines 19 and 20, strike ``House of 
     Representatives and the Senate'' and insert ``Senate and the 
     House of Representatives''.
       On page 51, line 22, strike ``product''.
       On page 51, line 23, insert ``For the purposes of this 
     paragraph, an employee described in section 202 of title 18, 
     United States Code, shall be deemed an executive branch 
     employee for purposes of complying with section 208 of that 
     title.'' after ``public service.''.
       On page 60, line 21, insert ``Nothing in this subsection 
     shall preempt or supersede the authority of a State to 
     charter, license, supervise, or regulate an insured 
     depository institution or credit union chartered in such 
     State or to supervise a subsidiary of such insured depository 
     institution or credit union that is approved under this 
     section to be a permitted payment stablecoin issuer.'' after 
     ``stablecoin issuer.''.
       On page 61, line 9, strike ``including,''.
       On page 63, lines 22 and 23, strike ``to be'' and insert 
     ``and''.
       On page 64, line 9, strike ``with'' and insert ``within''.
       On page 66, line 5, insert ``or recklessly'' after 
     ``willfully'' each place it appears.
       On page 73, strike lines 3 through 8 and insert the 
     following:
       (c) Rule of Construction.--Nothing in this Act may be 
     construed to modify or otherwise affect any right or remedy 
     under any Federal consumer financial law, including 12 U.S.C. 
     5515 and 15 U.S.C. 41 et seq.
       On page 81, lines 5 and 6, strike ``Unless otherwise 
     provided in this Act'' and insert ``Notwithstanding any other 
     provision of law''.
       On page 82, lines 8 and 9, strike ``as specified in this 
     subsection'' and insert ``for State laws relating to the 
     chartering, licensure, or other authorization to do business 
     as a permitted payment stablecoin issuer''.
       On page 82, line 13, strike ``Stablecoin'' and insert 
     ``Stablecoins''.
       On page 82, line 15, strike ``Payment'' and insert ``A 
     payment''.
       On page 82, line 18, insert ``by a digital asset service 
     provider'' after ``United States''.
       On page 83, lines 6 and 7, strike ``that is''.
       On page 83, line 25, insert ``except as provided in 
     subsection (c)'' after ``(a),''.
       On page 83, line 25, strike ``may'' and insert ``shall''.
       On page 85, between lines 4 and 5, insert the following:
       (C) Publication.--Upon a determination under subparagraph 
     (A), the Secretary of the Treasury shall publish the 
     determination in the Federal Register, including a statement 
     detailing how the foreign payment stablecoin issuer has met 
     the criteria described in subparagraph (B).
       On page 86, line 9, insert ``Notwithstanding the foregoing, 
     the Secretary of Treasury may determine that multiple acts of 
     noncompliance constitute separate violations if such acts 
     were the result of gross negligence, a reckless disregard 
     for, or a pattern of indifference to, money laundering, 
     financing of terrorism, or sanctions evasion requirements.'' 
     after ``cause.''.
       On page 88, line 15, insert ``(2), or (3),'' after 
     ``(1),''.
       On page 88, lines 15 and 16, strike ``a report''.
       On page 88, line 19, insert ``a report, which may include a 
     classified annex, if applicable,'' after ``House of 
     Representatives,''.
       On page 88, between lines 22 and 23, insert the following:
       (d) Rule of Construction.--Nothing in this Act shall be 
     construed as altering the existing authority of the Secretary 
     of the Treasury to block, restrict, or limit transactions 
     involving payment stablecoins that reference or are 
     denominated in United States dollars that are subject to the 
     jurisdiction of the United States.
       On page 91, line 22, strike ``Best practices'' and insert 
     ``Standards''.
       On page 92, line 2, strike ``and'' and insert ``or''.
       On page 92, line 3, strike ``Best practices'' and insert 
     ``Standards''.
       On page 92, between lines 9 and 10, insert the following:
       (4) Tailored risk management standards for financial 
     institutions interacting with decentralized finance 
     protocols.
       On page 92, line 11, strike ``Not later than'' and all that 
     follows through page 93, line 7, and insert the following:
       (1) In general.--Not later than 180 days after the date of 
     enactment of this Act, the Secretary of the Treasury shall 
     submit to the chairs and ranking members of the Committee on 
     Banking, Housing, and Urban Affairs of the Senate and the 
     Committee on Financial Services of the House of 
     Representatives a report on--
       (A) legislative and regulatory proposals to allow regulated 
     financial institutions to develop and implement novel and 
     innovative methods, techniques, or strategies to detect 
     illicit activity, such as money laundering and sanctions 
     evasion, involving digital assets;
       (B) the results of the research and risk assessments 
     conducted pursuant to this section;
       (C) efforts to support the ability of financial 
     institutions to implement novel and innovative methods, 
     techniques, or strategies to detect illicit activity, such as 
     money laundering and sanctions evasion, involving digital 
     assets;
       (D) the extent to which transactions on distributed 
     ledgers, digital asset mixing services, tumblers, or other 
     similar services that mix payment stablecoins in such a way 
     as to make such transaction or the identity of the 
     transaction parties less identifiable may facilitate illicit 
     activity; and
       (E) legislative recommendations relating to the scope of 
     the term ``digital asset service provider'' and the 
     application of that term to decentralized finance.
       (2) Classified annex.--A report under this section may 
     include a classified annex, if applicable.
       On page 95, strike line 1 through 25 and insert the 
     following:
       (b) Customer Property Requirement.--A person described in 
     subsection (a) shall, with respect to other property 
     described in that subsection--
       (1) treat and deal with the payment stablecoins, private 
     keys, cash, and other property of a person for whom or on 
     whose behalf the person described in that subsection 
     receives, acquires, or holds payment stablecoins, private 
     keys, cash, and other property (hereinafter referred to in 
     this section as the ``customer'') as belonging to such 
     customer and not as the property of such person; and
       (2) take such steps as are appropriate to protect the 
     payment stablecoins, private keys, cash, and other property 
     of a customer from the claims of creditors of the person.
       On page 98, line 8, insert ``provided such treatment is 
     consistent with Federal law'' after ``deposit''.
       On page 99, strike lines 6 through 18 and insert the 
     following:
       (a) In General.--Subject to section 507(e) of title 11, 
     United States Code, as added by subsection (d), in any 
     insolvency proceeding of a permitted payment stablecoin 
     issuer under Federal or State law, including any proceeding 
     under that title and any insolvency proceeding administered 
     by a State payment stablecoin regulator with respect to a 
     permitted payment stablecoin issuer--
       (1) the claim of a person holding payment stablecoins 
     issued by the permitted payment stablecoin issuer shall have 
     priority over the claims of the permitted payment stablecoin 
     issuer and any other creditor of the permitted payment 
     stablecoin issuer, with respect to required payment 
     stablecoin reserves;
       (2) notwithstanding any other provision of law, including 
     the definition of ``claim'' under section 101(5) of title 11, 
     United States Code, any person holding a payment stablecoin 
     issued by the permitted payment stablecoin issuer shall be 
     deemed to hold a claim; and
       (3) the priority under paragraph (1) shall not apply to 
     claims other than those arising directly from the holding of 
     payment stablecoins or required payment stablecoin reserves 
     maintained by the permitted payment stablecoin issuer.
       On page 101, lines 16 and 17, strike ``of a person holding 
     payment stablecoin'' and insert ``arising from a person's 
     holding of a payment stablecoin''.
       On page 103, between lines 7 and 8, insert the following:
       (h) Study by Primary Federal Payment Stablecoin 
     Regulators.--
       (1) Study required.--The primary Federal payment stablecoin 
     regulators shall perform a study of the potential insolvency 
     proceedings of permitted payment stablecoin issuers, 
     including an examination of--
       (A) existing gaps in the bankruptcy laws and rules for 
     permitted payment stablecoin issuers;
       (B) the ability of payment stablecoin holders to be paid 
     out in full in the event a permitted payment stablecoin 
     issuer is insolvent; and
       (C) the utility of orderly insolvency administration 
     regimes and whether any additional authorities are needed to 
     implement such regimes.
       (2) Report.--Not later than 3 years after the date of 
     enactment of this Act, the primary Federal payment stablecoin 
     regulators shall submit to the Committee on Banking, Housing, 
     and Urban Affairs of the Senate and the Committee on 
     Financial Services of the House of Representatives a report 
     that contains all findings of the study under paragraph (1), 
     including any legislative recommendations.
       On page 110, line 13, strike ``8'' and insert ``10''.

[[Page S3077]]

       On page 113, line 8, insert a period at the end.
       On page 114, between lines 11 and 12, insert the following:
       (4) The foreign country in which the foreign payment 
     stablecoin issuer is domiciled and regulated is not subject 
     to comprehensive economic sanctions by the United States or 
     in a jurisdiction that the Secretary of the Treasury has 
     determined to be a jurisdiction of primary money laundering 
     concern.
       On page 114, line 19, insert ``Prior to such determination 
     taking effect, the Secretary of the Treasury shall publish in 
     the Federal Register a justification for such determination, 
     including how the foreign country's regulatory and 
     supervisory regime is comparable to the requirements 
     established under this Act, including the requirements under 
     section 4(a). The Stablecoin Certification Review Committee 
     shall have not less than 7 days' notice of a determination 
     under this paragraph to reject such determination prior to 
     publication in the Federal Register. Such rejection shall be 
     published in the Federal Register.'' after ``section 4(a).''.
       On page 115, line 13, insert ``Prior to such rescission 
     taking effect, the Secretary of the Treasury shall publish in 
     the Federal Register a justification for the rescission.'' 
     after ``under this Act.''.
       On page 118, line 22, insert ``Prior to such rescission 
     taking effect, the Comptroller shall publish in the Federal 
     Register a justification for the rescission.'' after 
     ``financial stability risk.''.
       On page 119, strike lines 9 through 19 and insert the 
     following:
       (1) In general.--The Secretary of the Treasury may create 
     and implement reciprocal arrangements or other bilateral 
     agreements between the United States and jurisdictions with 
     payment stablecoin regulatory regimes that are comparable to 
     the requirements established under this Act. The Secretary of 
     the Treasury shall consider whether the jurisdiction's 
     requirements for payment stablecoin issuers include--
       (A) similar requirements to those under section 4(a);
       (B) adequate anti-money laundering and counter-financing of 
     terrorism program and sanction compliance standards; and
       (C) adequate supervisory and enforcement capacity to 
     facilitate international transactions and interoperability 
     with United States dollar-denominated payment stablecoins 
     issued overseas.
       On page 119, between lines 19 and 20, insert the following:
       (2) Publication.--Not later than 90 days prior to the entry 
     into force of any arrangement or agreement under paragraph 
     (1), the Secretary of the Treasury shall publish the 
     arrangement or agreement in the Federal Register.
       On page 119, in line 20, strike ``(2)'' and insert ``(3)''.
                                 ______
                                 
  SA 2242. Mr. WHITEHOUSE submitted an amendment intended to be 
proposed by him 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:

       Add at the end the following:

     SEC. 20. EMISSIONS FROM POWER CONSUMPTION OF DATA CENTERS AND 
                   CRYPTOMINING FACILITIES.

       (a) Amendment.--Part A of title I of the Clean Air Act (42 
     U.S.C. 7401 et seq.) is amended by adding at the end the 
     following:

     ``SEC. 139. EMISSIONS FROM POWER CONSUMPTION OF DATA CENTERS 
                   AND CRYPTOMINING FACILITIES.

       ``(a) Definitions.--In this section:
       ``(1) Covered facility.--The term `covered facility' means 
     a data center or cryptomining facility that has more than 100 
     kilowatts of installed information technology nameplate 
     power.
       ``(2) Cryptomining facility.--The term `cryptomining 
     facility' means a facility used to mine or create 
     cryptocurrencies or other blockchain based digital assets, 
     which may be--
       ``(A) a freestanding structure; or
       ``(B) a facility within a larger structure that uses 
     environmental control equipment to maintain the proper 
     conditions for the operation of electronic equipment.
       ``(3) Data center.--The term `data center' has the meaning 
     given the term in section 453(a) of the Energy Independence 
     and Security Act of 2007 (42 U.S.C. 17112(a)).
       ``(4) Electric utility.--The term `electric utility' has 
     the meaning given the term in section 3 of the Federal Power 
     Act (16 U.S.C. 796).
       ``(5) Region.--The term `region' means a geographic region 
     described in the National Transmission Needs Study of the 
     Department of Energy, dated October 30, 2023.
       ``(b) Annual Data Collection of Energy Consumption of Data 
     Centers and Cryptomining Facilities.--
       ``(1) In general.--The Administrator, in conjunction with 
     the Administrator of the Energy Information Administration, 
     shall annually collect--
       ``(A) the information described in paragraph (2) from the 
     owners of covered facilities, including federally owned data 
     centers located within the United States and territories of 
     the United States; and
       ``(B) the information described in paragraph (3) from the 
     electric utilities that serve covered facilities.
       ``(2) Information described for covered facilities.--The 
     information referred to in paragraph (1)(A), with respect to 
     a covered facility, is--
       ``(A) the location of the covered facility, including in 
     which balancing authority area the covered facility is 
     located;
       ``(B) whether the covered facility is a data center or a 
     cryptomining facility;
       ``(C) the owner of the covered facility;
       ``(D) the electric utility, if any, that provides power to 
     the covered facility;
       ``(E) the total annual electricity consumption of the 
     covered facility;
       ``(F) the total annual electricity consumed by the covered 
     facility from electricity generation assets located behind 
     the power meter of the covered facility;
       ``(G) subject to paragraph (5), the percentage of 
     electricity consumed annually by the covered facility from 
     electricity generation assets located behind the power meter 
     of the covered facility that is generated from wind, solar, 
     hydropower, nuclear, coal, gas, and any other power source;
       ``(H) the terms of any power purchase agreements or other 
     contractual mechanisms for procuring power from an 
     electricity generator that the covered facility is party to; 
     and
       ``(I) any other relevant information, as reasonably 
     determined by the Administrator and the Administrator of the 
     Energy Information Administration.
       ``(3) Information described for electric utilities.--The 
     information referred to in paragraph (1)(B), with respect to 
     each covered facility served by an electric utility, is--
       ``(A) the total annual electricity consumed by the covered 
     facility from the electric grid;
       ``(B) subject to paragraph (4), the percentage of 
     electricity consumed annually by the covered facility from 
     the electric grid that is generated from wind, solar, 
     hydropower, nuclear, coal, gas, and any other power source;
       ``(C) the rates charged by the electric utility for each 
     class of electric consumer for the current year and each of 
     the 3 prior years; and
       ``(D) any other relevant information, as reasonably 
     determined by the Administrator and the Administrator of the 
     Energy Information Administration.
       ``(4) Electricity consumed from the electric grid.--For 
     purposes of collecting the information described in paragraph 
     (3)(B) with respect to a covered facility--
       ``(A) the Administrator, in conjunction with the 
     Administrator of the Energy Information Administration, shall 
     consider the average resource mix of the electric utilities 
     that serve the covered facility to be the resource mix for 
     the portion of electricity consumed annually from the 
     electric grid by a covered facility that is not described in 
     subparagraph (B); and
       ``(B) if the covered facility or the owner of the covered 
     facility is party to a power purchase agreement or other 
     contractual mechanism for procuring power from an electricity 
     generation asset (such as the voluntary higher rate described 
     in subsection (c)(4)(C)(iii)(I)(aa)), or purchases and 
     retires energy attribute certificates, the Administrator, in 
     conjunction with the Administrator of the Energy Information 
     Administration, shall consider the electricity generation 
     represented by those instruments as part of the electricity 
     consumed annually by the covered facility from the electric 
     grid only if the owner of the covered facility can 
     demonstrate that--
       ``(i)(I) the electricity generation asset began commercial 
     operations not more than 36 months before the date on which 
     operations began at the covered facility;
       ``(II) the electricity generation asset would otherwise be 
     retired and the retirement could not be prevented by the use 
     of existing public funding programs;
       ``(III) the electricity provided by the electricity 
     generation asset would otherwise be curtailed;
       ``(IV) the power that the electricity generation asset 
     provides to the covered facility resulted from an uprate that 
     occurred not more than 36 months before the date on which 
     operations began at the covered facility;
       ``(V) the power purchase agreement or other contractual 
     mechanism was finalized before the date of enactment of this 
     section; or
       ``(VI)(aa) the electricity generation asset has undergone 
     or will undergo a retrofit that reduces the greenhouse 
     emissions intensity of the electricity generation asset, 
     expressed in terms of metric tons of carbon dioxide-
     equivalent of greenhouse gases per kilowatt-hour, by not less 
     than 75 percent, as compared to before the retrofit; and
       ``(bb) the retrofit otherwise would not have occurred, even 
     after the use of existing public funding programs, without 
     the power purchase agreement or other contractual mechanism;
       ``(ii) the electricity is generated--

       ``(I) in the same calendar year as the electricity is 
     consumed by the covered facility, in the case of electricity 
     that is generated before January 1, 2028; and
       ``(II) in the same hour as the electricity is consumed by 
     the covered facility or an energy storage asset that serves 
     the covered facility, in the case of electricity that is 
     generated after December 31, 2027;

       ``(iii)(I) the electricity generation asset that produced 
     the electricity is electrically interconnected to a balancing 
     authority located in the same region as the covered facility; 
     or

[[Page S3078]]

       ``(II) the owner of the electricity generation asset can 
     demonstrate that the power produced by the electricity 
     generation asset is physically delivered to the covered 
     facility, as determined by the Administrator, in coordination 
     with the Secretary of Energy; and
       ``(iv) the electricity generation represented by the power 
     purchase agreement or other contractual mechanism for 
     procuring power from an electricity generation asset are 
     claimed exclusively by the covered facility through the 
     retirement of an equivalent quantity of energy attribute 
     certificates.
       ``(5) Electricity consumed from assets behind the meter.--
     For purposes of collecting the information described in 
     paragraph (2)(G) with respect to a covered facility--
       ``(A) the Administrator, in conjunction with the 
     Administrator of the Energy Information Administration, shall 
     consider the average resource mix of the electric utilities 
     that serve the covered facility to be the resource mix for 
     the portion of electricity consumed annually by the covered 
     facility from electricity generation assets located behind 
     the power meter of a covered facility that is not described 
     in subparagraph (B); and
       ``(B) the Administrator, in conjunction with the 
     Administrator of the Energy Information Administration, shall 
     consider the electricity generated by electricity generation 
     assets located behind the power meter of the covered facility 
     as part of the electricity consumed annually by the covered 
     facility from electricity generation assets located behind 
     the power meter of the covered facility only if--
       ``(i) the owner of the covered facility can demonstrate 
     that--

       ``(I) the electricity generation asset began operations not 
     more than 36 months before the date on which operations began 
     at the covered facility; or
       ``(II) the electricity generation asset would otherwise be 
     retired and the retirement could not be prevented by the use 
     of existing public funding programs; or

       ``(ii) the Administrator determines that the greenhouse gas 
     emissions intensity, expressed in terms of metric tons of 
     carbon dioxide-equivalent of greenhouse gases per kilowatt-
     hour, of the electricity generation asset is higher than the 
     greenhouse gas emissions intensity of the electric utilities 
     that serve the covered facility, based on the average 
     resource mix of those electric utilities.
       ``(6) Greenhouse gas emissions intensity.--Based on the 
     information collected under paragraph (1), for each covered 
     facility, the Administrator shall determine the greenhouse 
     gas emission intensity, expressed in terms of metric tons of 
     carbon dioxide-equivalent of greenhouse gases per kilowatt-
     hour, of--
       ``(A) the total annual electricity consumed by the covered 
     facility from the electric grid; and
       ``(B) the total annual electricity consumed by the covered 
     facility from electricity generation assets located behind 
     the power meter of the covered facility.
       ``(7) Publicly available.--The Administrator shall make 
     publicly available on an annual basis--
       ``(A) for each covered facility--
       ``(i) the information described in each of subparagraphs 
     (A), (B), (C), and (D) of paragraph (2);
       ``(ii) the percent of electricity consumed annually by the 
     covered facility that is generated from wind, solar, 
     hydropower, nuclear, coal, gas, and any other power source; 
     and
       ``(iii) the greenhouse gas emissions intensity of the total 
     annual electricity consumed by the covered facility, as 
     determined under paragraph (6); and
       ``(B) for each owner of a covered facility, the aggregate 
     annual electricity consumption of all covered facilities 
     owned by that owner.
       ``(8) Confidential business information.--
       ``(A) In general.--Except as provided in subparagraph (B), 
     of the information collected under paragraph (1), the 
     Administrator and the Administrator of the Energy Information 
     Administration shall treat the information described in each 
     of subparagraphs (E) and (F) of paragraph (2) and 
     subparagraph (A) of paragraph (3) as confidential business 
     information.
       ``(B) Exception.--Subparagraph (A) does not apply to 
     information that is required to be made publicly available 
     pursuant to paragraph (7)(C).
       ``(c) Emissions Performance Standard.--
       ``(1) Definitions.--In this subsection:
       ``(A) Baseline.--The term `baseline', with respect to a 
     covered facility in a calendar year, means the baseline of 
     the region the covered facility is located in for that 
     calendar year as determined under paragraph (2).
       ``(B) Greenhouse gas.--
       ``(i) In general.--The term `greenhouse gas' means the air 
     pollutants carbon dioxide, any hydrofluorocarbon, methane, 
     nitrous oxide, any perfluorocarbon, and sulfur hexafluoride.
       ``(ii) Global warming potential.--For purposes of the term 
     `methane' in clause (i), the Administrator shall use the 20-
     year global warming potential of methane, as determined in 
     accordance with the Sixth Assessment Report of the 
     Intergovernmental Panel on Climate Change.
       ``(2) Determination of baseline.--
       ``(A) Publication of baseline.--Not later than December 31, 
     2025, the Administrator shall determine and publish in the 
     Federal Register the greenhouse gas emissions intensities of 
     the electric grid of each region, expressed in terms of 
     metric tons of carbon dioxide-equivalent of greenhouse gases 
     per kilowatt-hour.
       ``(B) Initial baseline.--For purposes of calendar year 
     2026, the baseline of each region shall be the baseline of 
     that region published under subparagraph (A).
       ``(C) Baselines through 2034.--For each of calendar years 
     2027 through 2034, the baseline of each region for that 
     calendar year shall be determined by reducing the baseline 
     from the previous calendar year by 11 percent of the baseline 
     of that region for calendar year 2026.
       ``(D) Baseline in 2035 and thereafter.--For calendar year 
     2035 and each calendar year thereafter, the baseline for each 
     region shall be 0 metric tons of carbon dioxide-equivalent of 
     greenhouse gases per kilowatt-hour.
       ``(3) Assessment of fees.--
       ``(A) Fee on utilities.--
       ``(i) Imposition of fee on utilities.--Beginning on January 
     1, 2026, the Administrator shall, in accordance with this 
     subparagraph and using the information collected under 
     subsection (b) but subject to subparagraphs (C) and (D), 
     assess on the owner of any electric utility providing power 
     to a covered facility a fee with respect to the greenhouse 
     gas emissions of the electricity consumed by the covered 
     facility from the electric grid above the baseline of the 
     region the covered facility is located in for that calendar 
     year.
       ``(ii) Amount of fee.--The amount of a fee assessed under 
     clause (i) with respect to an electric utility for a calendar 
     year shall be the sum obtained by adding, for each covered 
     facility served by the electric utility, the product (rounded 
     to the nearest dollar) obtained by multiplying--

       ``(I) the total electricity consumed by the covered 
     facility from the electric grid during the calendar year, as 
     expressed in kilowatt-hours;
       ``(II) subject to clause (iii), $20; and
       ``(III) the amount, if any, that the greenhouse gas 
     emissions intensity of the electricity consumed by the 
     covered facility from the electric grid, expressed in terms 
     of metric tons of carbon dioxide-equivalent of greenhouse 
     gases per kilowatt-hour, exceeds the baseline of the region 
     the covered facility is located in for the calendar year.

       ``(iii) Fee adjustment.--Beginning in calendar year 2027, 
     the Administrator shall annually increase the amount 
     described in clause (ii)(II) by the sum obtained by adding--

       ``(I) the product obtained by multiplying--

       ``(aa) the applicable amount under clause (ii)(II) during 
     the previous calendar year; and
       ``(bb) the rate of inflation, as determined by the 
     Administrator using the changes for the 12-month period 
     ending the preceding November 30 in the Consumer Price Index 
     for All Urban Consumers published by the Bureau of Labor 
     Statistics of the Department of Labor; and

       ``(II) $10.

       ``(iv) Notification of fee amount.--Not later than January 
     31, 2027, and not later than January 31 of each calendar year 
     thereafter, the Administrator shall notify--

       ``(I) the owner of each electric utility subject to a fee 
     under clause (i) of the amount of the fee that is assessed 
     with respect to the electric utility for the previous 
     calendar year under clause (i); and
       ``(II) the owner of each covered facility of the total 
     amount of any fee assessed for the previous calendar year 
     under clause (i) that is attributable, pursuant to clause 
     (ii), to the electricity consumed by the covered facility.

       ``(v) Remittance of fee amount.--A fee assessed under 
     clause (i) for a calendar year shall be due and payable to 
     the Administrator not later than March 31 of the calendar 
     year after the calendar year for which the fee is assessed.
       ``(vi) Pass-through limitation.--

       ``(I) In general.--Any electric utility assessed a fee 
     under clause (i) may not recoup the cost of the fee by 
     raising rates or assessing fees on any customer that is not a 
     covered facility.
       ``(II) Monitoring compliance.--The Administrator, in 
     conjunction with the Administrator of the Energy Information 
     Administration, shall use the best available data, including 
     the information collected pursuant to subsection (b)(1)(B) 
     and described in subsection (b)(3)(C), to monitor the 
     compliance of electric utilities with subclause (I).
       ``(III) Penalty.--If the Administrator, in conjunction with 
     the Administrator of the Energy Information Administration, 
     determines that an electric utility has violated subclause 
     (I), the Administrator shall assess a fine on the electric 
     utility in an amount equal to 2 times the amount recouped by 
     the electric utility, as described in subclause (I), from 
     customers that are not covered facilities.

       ``(B) Fee on covered facilities.--
       ``(i) Imposition of fee on covered facilities.--Beginning 
     on January 1, 2026, the Administrator shall, in accordance 
     with this subparagraph and using the information collected 
     under subsection (b) but subject to subparagraphs (C) and 
     (D), assess on the owner of any covered facility a fee with 
     respect to the greenhouse gas emissions of the electricity 
     consumed by the covered facility from electricity generation 
     assets located

[[Page S3079]]

     behind the power meter of the covered facility above the 
     baseline of the region the covered facility is located in for 
     that calendar year.
       ``(ii) Amount of fee.--The amount of a fee assessed under 
     clause (i) with respect to a covered facility for a calendar 
     year shall be the product (rounded to the nearest dollar) 
     obtained by multiplying--

       ``(I) the total electricity consumed by the covered 
     facility from electricity generation assets located behind 
     the power meter of the covered facility during the calendar 
     year, as expressed in kilowatt-hours;
       ``(II) subject to clause (iii), $20; and
       ``(III) the amount, if any, that the greenhouse gas 
     emissions intensity of the electricity consumed by the 
     covered facility from electricity generation assets located 
     behind the power meter of the covered facility, expressed in 
     terms of metric tons of carbon dioxide-equivalent of 
     greenhouse gases per kilowatt-hour, exceeds the baseline of 
     the region the covered facility is located in for the 
     calendar year.

       ``(iii) Fee adjustment.--Beginning in calendar year 2027, 
     the Administrator shall annually increase the amount 
     described in clause (ii)(II) by the sum obtained by adding--

       ``(I) the product obtained by multiplying--

       ``(aa) the applicable amount under clause (ii)(II) during 
     the previous calendar year; and
       ``(bb) the rate of inflation, as determined by the 
     Administrator using the changes for the 12-month period 
     ending the preceding November 30 in the Consumer Price Index 
     for All Urban Consumers published by the Bureau of Labor 
     Statistics of the Department of Labor; and

       ``(II) $10.

       ``(iv) Notification of fee amount.--Not later than January 
     31, 2027, and not later than January 31 of each calendar year 
     thereafter, the Administrator shall notify the owner of each 
     covered facility the amount of the fee that is assessed with 
     respect to the covered facility for the previous calendar 
     year under clause (i).
       ``(v) Remittance of fee amount.--A fee assessed under 
     clause (i) for a calendar year shall be due and payable to 
     the Administrator not later than March 31 of the calendar 
     year after the calendar year for which the fee is assessed.
       ``(C) Applicability to zero-carbon electricity generation 
     assets.--This paragraph shall not apply to a covered facility 
     if the Administrator, in conjunction with the Administrator 
     of the Energy Information Administration, determines, 
     pursuant to the information collected under subsection (b), 
     that the covered facility is powered entirely by zero-carbon 
     electricity generation assets during all hours of the 
     operation of the covered facility.
       ``(D) Alternative baseline.--If the Administrator 
     determines at any point that the greenhouse gas emissions 
     intensity of the electric grid of any region falls below the 
     baseline of that region, during the period beginning on the 
     date of that determination and ending on the date on which 
     the Administrator determines that the determination is no 
     longer applicable, subparagraphs (A) and (B) shall be applied 
     to covered facilities located in that region by substituting 
     `greenhouse gas emissions intensity of the electric grid' for 
     `baseline'.
       ``(4) Use of funds.--
       ``(A) Administration.--For fiscal year 2028 and each fiscal 
     year thereafter, there are appropriated, out of any funds in 
     the Treasury not otherwise appropriated, to the Administrator 
     an amount equal to 3 percent of the amounts collected 
     pursuant to fees and penalties assessed under paragraph (3) 
     during the previous calendar year to support the 
     administration of the reporting program under subsection (b) 
     and the assessment of the fees and penalties under this 
     subsection.
       ``(B) Consumer energy costs.--For fiscal year 2028 and each 
     fiscal year thereafter, there are appropriated, out of any 
     funds in the Treasury not otherwise appropriated, to the 
     Administrator an amount equal to 25 percent of the amounts 
     collected pursuant to fees and penalties assessed under 
     paragraph (3) during the previous calendar year to award 
     grants to States, Indian Tribes, municipalities, and electric 
     utilities to support programs that lower residential 
     electricity consumer energy costs, such as through energy use 
     savings or direct rebates, to offset cost increases resulting 
     from increased data center electricity consumption.
       ``(C) Clean firm grants.--
       ``(i) In general.--For fiscal year 2028 and each fiscal 
     year thereafter, there are appropriated, out of any funds in 
     the Treasury not otherwise appropriated, to the Administrator 
     an amount equal to 70 percent of the amounts collected 
     pursuant to fees and penalties assessed under paragraph (3) 
     during the previous calendar year to award to eligible 
     entities, as determined by the Administrator, grants, 
     rebates, advanced market commitments, or low-interest loans, 
     as determined appropriate by the Administrator, for the 
     research, development, demonstration, and deployment of--

       ``(I) zero-carbon electricity generation assets that are 
     capable of generating electricity throughout the year, with 
     the exception of planned outages for maintenance, refueling, 
     or retrofits, at capacity factors greater than 70 percent; or
       ``(II) long-duration energy storage assets that are capable 
     of continuously discharging energy at their rated power 
     output for at least 10 hours.

       ``(ii) Application.--An eligible entity seeking an award 
     under clause (i) shall submit to the Administrator an 
     application at such time, in such manner, and containing such 
     information as the Administrator may require.
       ``(iii) Certification and clawback.--

       ``(I) Certification.--An eligible entity that receives an 
     award under clause (i) for the purpose of financing the 
     construction or operation of an electricity generation asset 
     or energy storage asset shall certify that any electric 
     utility selling or contracted to sell electricity generated 
     or stored by the asset shall--

       ``(aa) not later than 2 years after the date on which the 
     eligible entity receives the award, allow the customers of 
     the electric utility to voluntarily pay a higher rate for the 
     purchase of electricity service that is sourced from zero-
     carbon electricity generation, including long-duration energy 
     storage assets charged by zero-carbon electricity, in all 
     hours of the year; and
       ``(bb) exclusively use the additional amounts collected 
     pursuant to those higher rates to support the financing, 
     development, or acquisition of--
       ``(AA) zero-carbon electricity generation assets that are 
     capable of generating electricity throughout the year, with 
     the exception of planned outages for maintenance, refueling, 
     or retrofits, at capacity factors greater than 70 percent; or
       ``(BB) long-duration energy storage assets that are capable 
     of continuously discharging energy at their rated power 
     output for at least 10 hours.

       ``(II) Clawback.--If the Administrator determines that a 
     recipient of an award described in subclause (I) has violated 
     the certification required under that subclause, the 
     Administrator shall seek reimbursement of the full amount of 
     the award from the recipient.

       ``(d) Applicability to Leased Facilities.--For purposes of 
     this section--
       ``(1) if a covered facility is leased to a tenant, the 
     tenant shall be considered the owner of the facility; and
       ``(2) if a portion of a covered facility is leased to a 
     tenant and the leased space also meets the requirements 
     described in subsection (a)(1)--
       ``(A) the leased space shall be considered to be a separate 
     covered facility from the rest of the larger facility; and
       ``(B) the tenant shall be considered the owner of the 
     covered facility that comprises the leased space.''.
       (b) Severability.--If any provision of this section, an 
     amendment made by this section, or the application of such 
     provision or amendment to any person or circumstance is held 
     to be unconstitutional, the remainder of this section and the 
     amendments made by this section, and the application of the 
     provision or amendment to any other person or circumstance, 
     shall not be affected by the holding.
       (c) Effective Date.--Notwithstanding section 19, this 
     section and the amendments made by this section shall take 
     effect on the date of enactment of this Act.
                                 ______
                                 
  SA 2243. Mr. DURBIN submitted an amendment intended to be proposed by 
him 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:

       At the appropriate place, insert the following:

     SEC. __. TREATMENT OF PERMITTED PAYMENT STABLECOIN ISSUERS AS 
                   DEPOSITORY INSTITUTIONS.

        A permitted payment stablecoin issuer shall be deemed to 
     be an insured depository institution for the purpose of any 
     requirement applicable to an insured depository institution 
     to file a charter, submit suspicious activity reports, report 
     large transactions under the Bank Secrecy Act, meet 
     regulatory capital standards, and undergo audits.
                                 ______
                                 
  SA 2244. Mr. DURBIN (for himself and Mr. Warnock) submitted an 
amendment intended to be proposed by him 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:

       At the appropriate place, insert the following:

     SEC. __. FEDERAL CONSUMER FINANCIAL LAW SAVINGS CLAUSE.

        No authority granted or conferred to a primary Federal 
     payment stablecoin regulator or State payment stablecoin 
     regulator under this Act, or pursuant to any rule or order 
     issued thereunder, or pursuant to any other provision in this 
     Act, shall be construed, either directly or in conjunction 
     with any other provision of law, including the Consumer 
     Financial Protection Act of 2010 (Public Law 110-203; 124 
     Stat. 1955) and the Electronic Fund Transfer Act (15 U.S.C. 
     1693 et. seq.), to limit or otherwise abridge the authority 
     of the Director of the Consumer Financial Protection Bureau 
     to enforce Federal consumer financial laws with respect to 
     any person. For the avoidance of doubt, the Consumer 
     Financial Protection Bureau has jurisdiction over permitted 
     payment stablecoin issuers to enforce the consumer financial 
     laws under the purview of the Consumer Financial Protection 
     Bureau, and all enumerated consumer protection provisions 
     under the Consumer Financial Protection

[[Page S3080]]

     Act of 2010 (12 U.S.C. 5481 et seq.) are applicable to 
     payment stablecoins.
                                 ______
                                 
  SA 2245. Mr. DURBIN submitted an amendment intended to be proposed by 
him 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:

       In section 4(a)(1)(B)(i), strike ``; and'' and insert a 
     semicolon.
       In section 4(a)(1)(B), add at the end the following:
       ``(iii) provide for fee limitations associated with 
     purchasing or redeeming the payment stablecoins; and''.
                                 ______
                                 
  SA 2246. Mr. DURBIN (for himself, Mr. Blumenthal, Mr. Reed, and Ms. 
Warren) submitted an amendment intended to be proposed by him 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:

       At the appropriate place, insert the following:

     SEC. __. CRYPTO ATM FRAUD PREVENTION.

       (a) Registration With the Secretary of the Treasury.--
     Section 5330 of title 31, United States Code, is amended--
       (1) in subsection (d)--
       (A) in paragraph (1)(A), by inserting ``, any person who 
     owns, operates, or manages a virtual currency kiosk in the 
     United States or its territories,'' after ``similar 
     instruments''; and
       (B) by adding at the end the following:
       ``(3) Virtual currency; virtual currency address; virtual 
     currency kiosk; virtual currency kiosk operator.--The terms 
     `virtual currency', `virtual currency address', `virtual 
     currency kiosk', and `virtual currency kiosk operator' have 
     the meanings given those terms, respectively, in section 
     5337.''; and
       (2) by adding at the end the following:
       ``(f) Registration of Virtual Currency Kiosk Locations.--
       ``(1) In general.--Not later than 90 days after the 
     effective date of this subsection, and not less than once 
     every 90 days thereafter, the Secretary of the Treasury shall 
     require virtual currency kiosk operators to submit an updated 
     list containing the physical address of each virtual currency 
     kiosk owned or operated by the virtual currency kiosk 
     operator.
       ``(2) Form and manner of registration.--Each submission by 
     a virtual currency kiosk operator pursuant to paragraph (1) 
     shall include--
       ``(A) the legal name of the virtual currency kiosk 
     operator;
       ``(B) any fictitious or trade name of the virtual currency 
     kiosk operator;
       ``(C) the physical address of each virtual currency kiosk 
     owned, operated, or managed by the virtual currency kiosk 
     operator that is located in the United States or the 
     territories of the United States;
       ``(D) the start date of operation of each virtual currency 
     kiosk;
       ``(E) the end date of operation of each virtual currency 
     kiosk, if applicable; and
       ``(F) each virtual currency address used by the virtual 
     currency kiosk operator.
       ``(3) False and incomplete information.--The filing of 
     false or materially incomplete information in a submission 
     required under paragraph (1) shall be deemed a failure to 
     comply with the requirements of this subsection.''.
       (b) Preventing Fraudulent Transactions at Virtual Currency 
     Kiosks.--
       (1) In general.--Subchapter II of Chapter 53 of Title 31, 
     United States Code, is amended by adding at the end the 
     following:

     ``Sec. 5337. Virtual currency kiosk fraud prevention

       ``(a) Definitions.--In this section:
       ``(1) Blockchain analytics.--The term `blockchain 
     analytics' means the analysis of data from blockchains or 
     public distributed ledgers, and associated transaction 
     information, to provide risk-specific information about 
     virtual currency transactions and virtual currency addresses.
       ``(2) Customer.--The term `customer' means any person that 
     purchases or sells virtual currency through a virtual 
     currency kiosk.
       ``(3) Existing customer.--The term `existing customer' 
     means a customer other than a new customer.
       ``(4) FinCEN.--The term `FinCEN' means the Financial Crimes 
     Enforcement Network of the Department of the Treasury.
       ``(5) New customer.--The term `new customer', with respect 
     to a virtual currency kiosk operator, means a customer during 
     the 14-day period beginning on the date of the first virtual 
     currency kiosk transaction of the customer with the virtual 
     currency kiosk operator.
       ``(6) Transaction hash.--The term `transaction hash' means 
     a unique identifier made up of a string of characters that 
     act as a record of and provide proof that a transaction was 
     verified and added to the blockchain.
       ``(7) Virtual currency.--The term `virtual currency' means 
     any digital representation of value that is recorded on a 
     cryptographically secured distributed ledger or any similar 
     technology or another implementation, which was designed and 
     built as part of a system to leverage or replace blockchain, 
     distributed ledger technology, or their derivatives.
       ``(8) Virtual currency address.--The term `virtual currency 
     address' means an alphanumeric identifier associated with a 
     virtual currency wallet identifying the location to which 
     virtual currency purchased through a virtual currency kiosk 
     can be sent or from which virtual currency sold through a 
     virtual currency kiosk can be accessed.
       ``(9) Virtual currency kiosk.--The term `virtual currency 
     kiosk' means a stand-alone machine that is capable of 
     accepting or dispensing legal tender in exchange for virtual 
     currency.
       ``(10) Virtual currency kiosk operator.--The term `virtual 
     currency kiosk operator' means a person who owns, operates, 
     or manages a virtual currency kiosk located in the United 
     States or its territories.
       ``(11) Virtual currency kiosk transaction.--The term 
     `virtual currency kiosk transaction' means the purchase or 
     sale of virtual currency via a virtual currency kiosk.
       ``(12) Virtual currency wallet.--The term `virtual currency 
     wallet' means a software application or other mechanism 
     providing a means for holding, storing, and transferring 
     virtual currency.
       ``(b) Disclosures.--Before entering into a virtual currency 
     transaction with a customer, a virtual currency kiosk 
     operator shall disclose in a clear, conspicuous, and easily 
     readable manner--
       ``(1) all relevant terms and conditions of the virtual 
     currency kiosk transaction, including--
       ``(A) the amount of the virtual currency kiosk transaction;
       ``(B) the type and nature of the virtual currency kiosk 
     transaction;
       ``(C) a warning that the virtual currency kiosk transaction 
     is final, is not refundable, and may not be reversed; and
       ``(D) the type and amount of any fees or other expenses 
     paid by the customer;
       ``(2) a warning relating to consumer fraud including--
       ``(A) a warning that consumer fraud often starts with 
     contact from a stranger, and that the customer should never 
     send money to someone they do not know;
       ``(B) a warning about the most common types of fraudulent 
     schemes involving virtual currency kiosks, such as--
       ``(i) impersonation of a government official or a bank 
     representative;
       ``(ii) threats of jail time or financial penalties;
       ``(iii) offers of a job or reward in exchange for payment, 
     or offers of deals that seem too good to be true;
       ``(iv) claims of a frozen bank account or credit card; or
       ``(v) requests for donations to charity or disaster relief; 
     and
       ``(C) a statement that the customer should contact the 
     virtual currency kiosk operator's customer service helpline 
     or State or local law enforcement if they suspect fraudulent 
     activity.
       ``(c) Acknowledgment of Disclosures.--Each time a customer 
     uses a virtual currency kiosk, the virtual currency kiosk 
     operator shall ensure acknowledgment of all disclosures 
     required under subsection (b) via confirmation of consent of 
     the customer at the virtual currency kiosk.
       ``(d) Receipts.--Upon completion of each virtual currency 
     kiosk transaction, the virtual currency kiosk operator shall 
     provide the customer with a receipt, which shall include the 
     following information:
       ``(1) The name and contact information of the virtual 
     currency kiosk operator, including a telephone number for a 
     customer service helpline.
       ``(2) The name of the customer.
       ``(3) The type, value, date, and precise time of the 
     virtual currency kiosk transaction, transaction hash, and 
     each applicable virtual currency address.
       ``(4) The amount of the virtual currency kiosk transaction 
     expressed in United States dollars.
       ``(5) All fees charged.
       ``(6) A statement that the customer may be entitled by law 
     to a refund if the customer reports fraudulent activity in 
     conjunction with the virtual currency kiosk transaction not 
     later than 30 days after the date of the virtual currency 
     kiosk transaction.
       ``(7) The refund policy of the virtual currency kiosk 
     operator or a Uniform Resource Locator where the refund 
     policy of the virtual currency kiosk operator can be found.
       ``(8) A statement that the customer should contact law 
     enforcement if they suspect fraudulent activity, such as 
     scams, including contact information for a relevant law 
     enforcement or government agency.
       ``(9) Any additional information the virtual currency kiosk 
     operator determines appropriate.
       ``(e) Physical Receipts Required.--Not later than 1 year 
     after the effective date of this section, each receipt 
     required under subsection (d) shall be issued to the customer 
     as a physical receipt at the virtual currency kiosk at the 
     time of the virtual currency kiosk transaction, but such 
     receipt may also be provided in additional forms or 
     communications.
       ``(f) Anti-fraud Policy.--
       ``(1) In general.--Each virtual currency kiosk operator 
     shall take reasonable steps to detect and prevent fraud, 
     including establishing and maintaining a written anti-fraud 
     policy that includes--
       ``(A) the identification and assessment of fraud-related 
     risk areas;

[[Page S3081]]

       ``(B) procedures and controls to protect against risks 
     identified under subparagraph (A);
       ``(C) allocation of responsibility for monitoring the risks 
     identified under subparagraph (A); and
       ``(D) procedures for the periodic evaluation and revision 
     of the anti-fraud procedures, controls, and monitoring 
     mechanisms under subparagraphs (B) and (C).
       ``(2) Submission of anti-fraud policy to fincen.--Each 
     virtual currency kiosk operator shall submit to FinCEN the 
     anti-fraud policy required under paragraph (1) not later than 
     90 days after the later of--
       ``(A) the effective date of this section; or
       ``(B) the date on which the virtual currency kiosk operator 
     begins operating.
       ``(g) Appointment of Compliance Officer.--Each virtual 
     currency kiosk operator shall designate and employ a 
     compliance officer who--
       ``(1) is qualified to coordinate and monitor compliance 
     with this section and all other applicable Federal and State 
     laws, rules, and regulations;
       ``(2) is employed full-time by the virtual currency kiosk 
     operator;
       ``(3) is not the chief executive officer of the virtual 
     currency kiosk operator; and
       ``(4) does not own or control more than 20 percent of any 
     interest in the virtual currency kiosk operator.
       ``(h) Use of Blockchain Analytics.--
       ``(1) In general.--Each virtual currency kiosk operator 
     shall use blockchain analytics to prevent sending virtual 
     currency to a virtual currency wallet known to be affiliated 
     with fraudulent activity at the time of a virtual currency 
     kiosk transaction and to detect transaction patterns 
     indicative of fraud or other illicit activities.
       ``(2) Compliance.--The Director of FinCEN may request 
     evidence from any virtual currency kiosk operator to confirm 
     compliance with this subsection.
       ``(i) Verbal Confirmation Required Before New Customer 
     Transactions.--
       ``(1) In general.--Before entering into a virtual currency 
     kiosk transaction valued at 500 dollars or more with a new 
     customer, a virtual currency kiosk operator shall obtain 
     verbal confirmation from the new customer that--
       ``(A) the new customer wishes to proceed with the virtual 
     currency kiosk transaction;
       ``(B) the new customer understands the nature of the 
     virtual currency kiosk transaction; and
       ``(C) the new customer is not being fraudulently induced to 
     engage in the transaction.
       ``(2) Reasonable effort.--A virtual currency kiosk operator 
     shall make a reasonable effort to determine whether the 
     customer is being fraudulently induced to engage in the 
     virtual currency kiosk transaction.
       ``(3) Method of confirmation.--Each verbal confirmation 
     required under paragraph (1) shall be given by way of a live 
     telephone or video call to a person employed by, or on behalf 
     of, the virtual currency kiosk operator.
       ``(j) Refunds.--
       ``(1) In general.--
       ``(A) New customers.--Not later than 30 days after 
     receiving an application under paragraph (2), a virtual 
     currency kiosk operator shall issue a refund to a customer 
     for the full amount of each virtual currency kiosk 
     transaction, including the dollar value of virtual currency 
     exchanged and all transaction fees, made during the period in 
     which the customer was a new customer and for which the 
     customer was fraudulently induced to engage in the virtual 
     currency kiosk transaction.
       ``(B) Existing customers.--Not later than 30 days after 
     receiving an application under paragraph (2), a virtual 
     currency kiosk operator shall issue a refund to a customer 
     for the full amount of all transaction fees associated with 
     each virtual currency kiosk transaction made during the 
     period in which the customer was an existing customer and for 
     which the customer was fraudulently induced to engage in the 
     virtual currency kiosk transaction.
       ``(2) Application.--A customer seeking a refund under 
     paragraph (1) shall, not later than 30 days after the date of 
     the virtual currency kiosk transaction, submit an application 
     to the virtual currency kiosk operator that includes the 
     following:
       ``(A) The name, address, and phone number of the customer.
       ``(B) The transaction hash of the virtual currency kiosk 
     transaction or information sufficient to determine the type, 
     value, date, and time of the virtual currency kiosk 
     transaction.
       ``(C) A copy of a report to a State or local law 
     enforcement or government agency, made not later than 30 days 
     after the virtual currency kiosk transaction, that includes a 
     sworn affidavit attesting that the customer was fraudulently 
     induced to engage in the virtual currency kiosk transaction.
       ``(3) Enhanced damages.--Any person who willfully denies a 
     refund to a customer in violation of paragraph (1) shall be 
     liable to the customer for 3 times the amount of the refund 
     owed under that paragraph or $10,000, whichever is greater. A 
     penalty under this paragraph shall be in addition to any 
     penalty under subsection (n).
       ``(k) Transaction Limits With Respect to New Customers.--
       ``(1) In a 24-hour period.--A virtual currency kiosk 
     operator shall not accept more than $2,000, or the equivalent 
     amount in virtual currency, from any new customer during any 
     24-hour period.
       ``(2) Total.--A virtual currency kiosk operator shall not 
     accept a total of more than $10,000, or the equivalent amount 
     in virtual currency, from any new customer.
       ``(l) Customer Service Helpline.--Each virtual currency 
     kiosk operator shall provide live customer service during all 
     hours that the virtual currency kiosk operator accepts 
     virtual currency kiosk transactions, the phone number for 
     which is regularly monitored and displayed in a clear, 
     conspicuous, and easily readable manner upon each virtual 
     currency kiosk.
       ``(m) Communications With Law Enforcement.--
       ``(1) In general.--Each virtual currency kiosk operator 
     shall provide a dedicated and frequently monitored phone 
     number and email address for relevant law enforcement and 
     government agencies to facilitate communication with the 
     virtual currency kiosk operator in the event of reported or 
     suspected fraudulent activity.
       ``(2) Submission.--Not later than 90 days after the 
     effective date of this section, each virtual currency kiosk 
     operator shall submit the phone number and email address 
     described in paragraph (1) to FinCEN and all other relevant 
     law enforcement and government agencies.
       ``(n) Civil Penalties.--
       ``(1) In general.--Any person who fails to comply with any 
     requirement of this section, or any regulation prescribed 
     under this section, shall be liable to the United States for 
     a civil monetary penalty of $10,000 for each such violation.
       ``(2) Continuing violation.--Each day that a violation 
     described in paragraph (1) continues shall constitute a 
     separate violation for purposes of such paragraph.
       ``(3) Assessments.--Any penalty imposed under this section 
     shall be assessed and collected by the Secretary of the 
     Treasury as provided in section 5321 and any such assessment 
     shall be subject to the provisions of that section.
       ``(o) Relationship to State Laws.--The provisions of this 
     section shall preempt any State law, rule, or regulation only 
     to the extent that such State law, rule, or regulation 
     conflicts with a provision of this section. Nothing in this 
     section shall be construed to prohibit a State from enacting 
     a law, rule, or regulation that provides greater protection 
     to customers than the protection provided by the provisions 
     of this section.''.
       (2) Clerical amendment.--The table of sections for chapter 
     53 of title 31, United States Code, is amended by inserting 
     after the item relating to section 5336 the following:
``5337. Virtual currency kiosk fraud prevention.''.
       (c) Effective Date.--The amendments made by this section 
     shall take effect 90 days after the date of enactment of this 
     Act.
                                 ______
                                 
  SA 2247. Mr. LEE submitted an amendment intended to be proposed by 
him 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:

       At the appropriate place, insert the following:

     SEC. ___. BANK SECRECY ACT REFORMS.

       (a) Right to Financial Privacy Act of 1978.--The Right to 
     Financial Privacy Act of 1978 (12 U.S.C. 3401 et seq.) is 
     amended--
       (1) by amending section 1102 (12 U.S.C. 3402) to read as 
     follows:

     ``SEC. 1102. CONFIDENTIALITY OF RECORDS--GOVERNMENT 
                   AUTHORITIES.

       ``Except as provided by subsection (c) or (d) of section 
     1103 or section 1113, no Government authority may have access 
     to or obtain copies of, or the information contained in the 
     financial records of any customer from a financial 
     institution unless the financial records are reasonably 
     described and such financial records are disclosed in 
     response to a search warrant which meets the requirements of 
     section 1106.'';
       (2) by striking sections 1104 (12 U.S.C. 3404), 1105 (12 
     U.S.C. 3405), 1107 (12 U.S.C. 3407), and 1108 (12 U.S.C. 
     3408); and
       (3) in section 1109(a) (12 U.S.C. 3409(a)), by striking 
     ``section 1104(c), 1105(2), 1106(c), 1107(2), 1108(4),'' and 
     inserting ``section 1106(c)''.
       (b) Title 31.--Chapter 53 of title 31, United States Code, 
     is amended--
       (1) by amending section 5311 to read as follows:

     ``Sec. 5311. Declaration of purpose

       ``It is the purpose of this subchapter to require financial 
     institutions to retain transaction records that include 
     information identified with or identifiable as being derived 
     from the financial records of particular customers.'';
       (2) in section 5312(a)--
       (A) in paragraph (2), by repealing subparagraphs (O), (Q), 
     (S), (T), (V), (Y), and (Z); and
       (B) by amending paragraph (4) to read as follows:
       ``(4) `nonfinancial trade or business' means any entity 
     engaged in trade or business other than a financial 
     institution.'';
       (3) by striking sections 5313, 5314, 5315, 5316, 5317, 
     5318A, 5324, 5326, 5331, 5332, and 5336;
       (4) in section 5318--
       (A) in subsection (a)--
       (i) in the matter preceding paragraph (1), by striking 
     ``(except under section 5315 of this title and regulations 
     prescribed under section 5315)'';

[[Page S3082]]

       (ii) by striking paragraph (2); and
       (iii) by redesignating paragraphs (3) through (7) as 
     paragraphs (2) through (6), respectively; and
       (B) in subsection (k)--
       (i) in paragraph (1)(C), by striking ``has the same meaning 
     as in section 5318A(e)(1)(B)'' and inserting ``means an 
     account established to receive deposits from, make payments 
     on behalf of a foreign financial institution, or handle other 
     financial transactions related to such institution''; and
       (ii) in paragraph (3)(A)(i)--

       (I) in subclause (II), by adding ``or'' at the end;
       (II) in subclause (III), by striking ``; or'' and inserting 
     a period; and
       (III) by striking subclause (IV);

       (5) in section 5321--
       (A) in subsection (a)--
       (i) in paragraph (1), by striking ``(except sections 5314, 
     5315, and 5336 of this title or a regulation prescribed under 
     sections 5314, 5315, and 5336)'';
       (ii) by striking paragraphs (2), (3), (4), and (5);
       (iii) in paragraph (6), by striking ``(except section 
     5336)'' each place that term appears;
       (iv) in paragraph (7), by striking ``or any special 
     measures imposed under section 5318A''; and
       (v) by redesignating paragraphs (6) and (7) as paragraphs 
     (2) and (3), respectively;
       (B) by striking subsection (c); and
       (C) by redesignating subsections (d) through (g) as 
     subsection (c) through (f), respectively;
       (6) in section 5322--
       (A) by striking ``(except section 5315, 5324, or 5336 of 
     this title or a regulation prescribed under section 5315, 
     5324, or 5336)'' each place that term appears; and
       (B) in subsection (d)--
       (i) by striking ``, or any special measures imposed under 
     section 5318A,''; and
       (ii) by striking ``or section 5318A'';
       (7) in section 5325(a), in the matter preceding paragraph 
     (1), by inserting after ``$3,000'' the following: ``(as such 
     amount is annually adjusted by the Secretary to reflect the 
     percentage change in the Consumer Price Index for All Urban 
     Consumers published by the Bureau of Labor Statistics of the 
     Department of Labor)'';
       (8) in section 5330(d)(1)--
       (A) in subparagraph (A), by adding ``and'' at the end;
       (B) by striking subparagraph (B); and
       (C) by redesignating subparagraph (C) as subparagraph (B);
       (9) in section 5335--
       (A) by striking subsection (c); and
       (B) by redesignating subsections (d) and (e) as subsections 
     (c) and (d), respectively;
       (10) by striking subchapter III; and
       (11) in the table of contents for chapter 53, by striking 
     the items relating to--
       (A) sections 5313, 5314, 5315, 5316, 5317, 5318A, 5324, 
     5326, 5331, 5332, and 5336; and
       (B) subchapter III.

     SEC. ___. WARRANT REQUIREMENTS AND EXCEPTIONS.

       The Right to Financial Privacy Act of 1978 (12 U.S.C. 3401 
     et seq.) is amended--
       (1) in section 1108 (12 U.S.C. 3408)--
       (A) by striking paragraph (2); and
       (B) by redesignating paragraphs (3) and (4) as paragraphs 
     (2) and (3), respectively; and
       (2) in section 1113 (12 U.S.C. 3413)--
       (A) by repealing subsections (a), (d), (e), (f), (g), (i), 
     (l), (m), (n), (p), (q), and (r); and
       (B) by adding at the end the following:
       ``(s) Access of Records.--
       ``(1) In general.--Notwithstanding any other provision of 
     this title, the Federal Government may not access the 
     financial records or information of an individual in a manner 
     that is prohibited by the Fourth Amendment to the 
     Constitution of the United States with respect to the records 
     or information in question.
       ``(2) Aid in statutory construction.--It is the sense of 
     Congress that, through the enactment of this title, Congress 
     has established a statutory right that ensures that the 
     expectation of privacy that the people of the United States 
     have with respect to financial records is protected.''.
                                 ______
                                 
  SA 2248. Mr. TUBERVILLE submitted an amendment intended to be 
proposed to amendment SA 2228 proposed by Mr. Thune (for Mr. Ricketts 
(for himself and Ms. Lummis)) 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:

        Add at the end the following:
       (d) Prohibition on Foreign Adversary Ownership.--A foreign 
     payment stablecoin issuer may not be owned, in whole or in 
     part, by--
       (1) the People's Republic of China, including the Hong Kong 
     Special Administrative Region and the Macao Special 
     Administrative Region;
       (2) the Republic of Cuba;
       (3) the Islamic Republic of Iran;
       (4) the Democratic People's Republic of Korea;
       (5) the Russian Federation; or
       (6) the Bolivarian Republic of Venezuela under the regime 
     of Nicolas Maduro Moros.
                                 ______
                                 
  SA 2249. Mr. REED submitted an amendment intended to be proposed by 
him 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:

       In section 4(a)(10)(A)(i), strike ``$50,000,000,000'' and 
     insert ``$10,000,000,000''.
                                 ______
                                 
  SA 2250. Mr. REED submitted an amendment intended to be proposed by 
him 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:

       In section 4(a)(1), strike subparagraph (A) and insert the 
     following:
       (A) maintain reserves backing the issuer's payment 
     stablecoins outstanding on an at least 1 to 1 basis, with 
     reserves comprising--
       (i) United States coins and currency (including Federal 
     reserve notes);
       (ii) funds held as insured demand deposits (or other 
     deposits that may be withdrawn upon request at any time) at 
     insured depository institutions or insured shares at insured 
     depository institutions, subject to limitations established 
     by the Corporation and the National Credit Union 
     Administration, respectively, to address safety and soundness 
     risks of such insured depository institutions; or
       (iii) Treasury bills--

       (I)(aa) with a remaining maturity of 93 days or less; or
       (bb) issued with a maturity of 93 days or less; and
       (II) with a weighted average maturity of not more than 30 
     days;

                                 ______
                                 
  SA 2251. Mr. REED submitted an amendment intended to be proposed by 
him 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:

       At the appropriate place, insert the end the following:

     SEC. ___. ACQUISITION AND DISPOSITION OF DIGITAL ASSETS.

       (a) In General.--No funds shall be used to acquire 
     additional digital assets, other than in connection with 
     criminal or civil asset forfeiture proceedings or in 
     satisfaction of any civil money penalty imposed by any 
     agency.
       (b) Disposition.--The Secretary of the Treasury and the 
     Attorney General shall dispose of any digital assets in the 
     Department of the Treasury Forfeiture Fund and the Department 
     of Justice Assets Forfeiture Fund, respectively, in a 
     reliable and predictable manner over time in order to--
       (1) be returned to identifiable and verifiable victims of 
     crime;
       (2) be used for law enforcement operations;
       (3) be equitably shared with State and local law 
     enforcement partners; or
       (4) for any other purpose described in section 9705 of 
     title 31, United States Code, section 524(c) of title 28, 
     United States Code, section 981 of title 18, United States 
     Code, or section 511 of the Controlled Substances Act (21 
     U.S.C. 881).
       (c) Reports.--The reports to Congress described in 9705 of 
     title 31, United States Code, and section 524(c) of title 28, 
     United States Code, shall include a report on the time 
     horizons over which the Secretary and the Attorney General 
     anticipate disposing of digital assets in the Funds.
                                 ______
                                 
  SA 2252. Mr. REED submitted an amendment intended to be proposed by 
him 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:

       Add at the end the following:

     SEC. ___. STANDARD OF REVIEW.

       If this Act is silent or ambiguous as to the proper 
     construction of a particular term or provision or set of 
     terms or provisions, and a primary Federal payment stablecoin 
     regulator has followed the applicable procedures in sections 
     551 through 559 of title 5, United States Code, has otherwise 
     lawfully adjudicated a matter, or has followed the 
     corresponding procedural provisions of this Act, as 
     applicable, a reviewing court shall defer to the reasonable 
     or permissible interpretation of that statute by an agency, 
     regardless of the significance of the related agency action 
     or a possible future agency action.
                                 ______
                                 
  SA 2253. Mr. REED submitted an amendment intended to be proposed by 
him 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)(10) and insert the following:
       (10) Auditing and internal controls.--
       (A) Management responsibility for financial statements and 
     internal controls.--Each payment stablecoin issuer shall 
     prepare--
       (i) annual financial statements in accordance with 
     generally accepted accounting principles and such other 
     disclosure requirements as the primary Federal payment 
     stablecoin regulators and State payment stablecoin regulators 
     may prescribe; and
       (ii) a report signed by the chief executive officer and the 
     chief accounting or financial officer of the institution 
     which contains--

       (I) a statement of the management's responsibilities for--

       (aa) preparing financial statements;
       (bb) establishing and maintaining an adequate internal 
     control structure and procedures for financial reporting; and
       (cc) complying with the laws and regulations relating to 
     safety and soundness which

[[Page S3083]]

     are designated by the primary Federal payment stablecoin 
     regulators and State payment stablecoin regulators; and

       (II) an assessment, as of the end of the institution's most 
     recent fiscal year, of--

       (aa) the effectiveness of such internal control structure 
     and procedures; and
       (bb) the institution's compliance with the laws and 
     regulations relating to safety and soundness which are 
     designated by the primary Federal payment stablecoin 
     regulators and State payment stablecoin regulators.
       (B) Internal control evaluation and reporting requirements 
     for independent public accountants.--
       (i) In general.--With respect to any internal control 
     report of any institution, the institution's independent 
     public accountant shall attest to, and report separately on, 
     the assertions of the institution's management contained in 
     such report.
       (ii) Attestation requirements.--Any attestation pursuant to 
     clause (i) shall be made in accordance with generally 
     accepted standards for attestation engagements.
       (C) Annual independent audits of financial statements.--
       (i) Audits required.--The primary Federal payment 
     stablecoin regulators and State payment stablecoin regulators 
     shall prescribe regulations requiring that each payment 
     stablecoin issuer shall have an annual independent audit made 
     of the institution's financial statements by an independent 
     public accountant in accordance with generally accepted 
     auditing standards.
       (ii) Scope of audit.--In connection with any audit under 
     this subparagraph, the independent public accountant shall 
     determine and report whether the financial statements of the 
     issuer--

       (I) are presented fairly in accordance with generally 
     accepted accounting principles; and
       (II) comply with such other disclosure requirements as the 
     primary Federal payment stablecoin regulators and State 
     payment stablecoin regulators may prescribe.

       (D) Form and content of reports and auditing standard.--The 
     scope of each report by an independent public accountant 
     pursuant to this paragraph, and the procedures followed in 
     preparing such report, shall meet or exceed the scope and 
     procedures required by generally accepted auditing standards 
     and other applicable standards recognized by the primary 
     Federal payment stablecoin regulators and State payment 
     stablecoin regulators.
                                 ______
                                 
  SA 2254. Mr. REED submitted an amendment intended to be proposed by 
him 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:

       At the appropriate place, insert the following:

     SEC. __. SANCTIONS ENFORCEMENT.

       (a) Extraterritorial Jurisdiction.--For purposes of any 
     provision of law authorizing sanctions or sanctions 
     enforcement actions, a payment stablecoin denominated in 
     United States dollars, wherever located, shall be considered 
     property subject to the jurisdiction of the United States.
       (b) Authorities Over Digital Asset Platforms.--Section 203 
     of the International Emergency Economic Powers Act (50 U.S.C. 
     1702) is amended by adding at the end the following:
       ``(d) Digital Asset Platforms.--
       ``(1) In general.--For the purposes of this section, any 
     digital asset platform, wherever located, shall be considered 
     subject to the jurisdiction of the United States if the 
     Secretary of the Treasury determines the platform is engaged 
     in the business of performing any of the functions of a 
     digital asset platform in interstate commerce.
       ``(2) Definition.--For purposes of paragraph (1), the term 
     `digital asset platform' means any person that the Secretary 
     determines--
       ``(A) facilitates the exchange, purchase, sale, custody, 
     transfer, issuance, or lending of digital assets (as defined 
     in section 2 of the Guiding and Establishing National 
     Innovation for U.S. Stablecoins Act);
       ``(B) makes available any service in connection with 
     digital asset transactions; or
       ``(C) controls any person engaged in an activity described 
     in subparagraph (A) or (B).''.
                                 ______
                                 
  SA 2255. Mr. REED submitted an amendment intended to be proposed by 
him 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:

       At the appropriate place, insert the following:

     SEC. __. USE OF SANCTIONS AUTHORITIES UNDER INTERNATIONAL 
                   EMERGENCY ECONOMIC POWERS ACT WITH RESPECT TO 
                   BLOCKCHAIN-ENABLED SMART CONTRACTS.

       Section 203 of the International Emergency Economic Powers 
     Act (50 U.S.C. 1702) is amended--
       (1) in subsection (a), by adding at the end the following:
       ``(4) The President may exercise the authorities granted by 
     this subsection with respect to blockchain-enabled smart 
     contracts, or other similar technology, without regard to 
     whether such contracts operate autonomously, can be modified, 
     or are owned.''; and
       (2) by adding at the end the following:
       ``(d) In this section:
       ``(1) The term `interest' includes any interest of any 
     nature whatsoever, direct or indirect, present, future, or 
     contingent, and legal, equitable, or beneficial, or 
     otherwise, without regard to whether such interest is legally 
     cognizable.
       ``(2) The terms `person' and `national' include--
       ``(A) any individual;
       ``(B) any entity, association, group, or other 
     organization; and
       ``(C) any body of persons joined by common purpose or 
     interest.
       ``(3) The term `property' includes--
       ``(A) property of any nature whatsoever, real, personal, or 
     mixed, tangible or intangible, even if such property is 
     abandoned or ownerless;
       ``(B) services of any nature whatsoever; and
       ``(C) contracts of any nature whatsoever.''.
                                 ______
                                 
  SA 2256. Mr. REED submitted an amendment intended to be proposed by 
him 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:

       At the appropriate place in section 4(a), insert the 
     following:
       (__) Additional standards authorized.--The primary Federal 
     payment stablecoin regulators and State payment stablecoin 
     regulators may establish additional prudential standards, 
     including enhanced public disclosures, for payment stablecoin 
     issuers that such regulators determine are appropriate, in 
     their discretion.
                                 ______
                                 
  SA 2257. Mr. REED submitted an amendment intended to be proposed by 
him 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:

       At the appropriate place, insert the following:

     SEC. ___. PROHIBITIONS OR CONDITIONS ON CERTAIN TRANSMITTALS 
                   OF FUNDS.

       Section 5318A of title 31, United States Code, is amended--
       (1) in subsection (a)(2)(C), by striking ``subsection 
     (b)(5)'' and inserting ``paragraphs (5) and (6) of subsection 
     (b)''; and
       (2) in subsection (b)--
       (A) in paragraph (5), by striking ``for or on behalf of a 
     foreign banking institution''; and
       (B) by adding at the end the following:
       ``(6) Prohibitions or conditions on certain transmittals of 
     funds.--If the Secretary finds a jurisdiction outside the 
     United States, 1 or more financial institutions operating 
     outside the United States, 1 or more types of accounts 
     within, or involving, a jurisdiction outside the United 
     States, or 1 or more classes of transactions within, or 
     involving, a jurisdiction outside the United States to be of 
     primary money laundering concern, the Secretary, in 
     consultation with the Secretary of State, the Attorney 
     General, and the Chairman of the Board of Governors of the 
     Federal Reserve System, may prohibit, or impose conditions 
     upon, certain transmittals of funds (to be determined by the 
     Secretary) to or from any domestic financial institution or 
     domestic financial agency if that transmittal of funds 
     involves any such jurisdiction, institution, class of 
     transaction, or type of account.''.
                                 ______
                                 
  SA 2258. Mr. REED submitted an amendment intended to be proposed by 
him 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:

        At the appropriate place in section 4(a)(8), insert the 
     following:
       (__) Management officials.--
       (i) In general.--A management official of a permitted 
     payment stablecoin issuer may not serve as a management 
     official of any other permitted payment stablecoin issuer 
     that is not an institution-affiliated party.
       (ii) Enforcement.--In the enforcement of any violation of 
     clause (i), the Attorney General shall have all of the 
     functions and powers afforded the Attorney General under the 
     Clayton Act (15 U.S.C. 12 et seq.) without respect to any 
     jurisdictional limitations under that Act, including the 
     power to bring an enforcement action in the same manner as if 
     the violation of this subsection had been a violation of that 
     Act. All of the functions and powers of the Attorney General 
     or the Assistant Attorney General in charge of the Antitrust 
     Division of the Department of Justice are available to the 
     Attorney General or to such Assistant Attorney General to 
     investigate a possible violation of clause (i) in the same 
     manner as if such possible violation was a possible violation 
     of that Act.
                                 ______
                                 
  SA 2259. Mr. MURPHY submitted an amendment intended to be proposed by 
him 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:

       At the appropriate place, insert the following:

     SEC. ___. MEME ACT.

       (a) Short Title.--This section may be cited as the ``Modern 
     Emoluments and Malfeasance Enforcement Act'' or the ``MEME 
     Act''.
       (b) Sense of Congress.--It is the sense of Congress that--

[[Page S3084]]

       (1) federally elected officials must not utilize those 
     positions, granted by the trust of the public, for private 
     financial gain;
       (2) the issuance, sponsorship, or promotion of financial 
     instruments by public office holders deprives the public of 
     the honest services of the public office holders, facilitates 
     bribery by investors or purchasers, and results in public 
     exploitation and corrupt foreign influence; and
       (3) Members of Congress and the executive branch must not 
     seek to use public office to benefit financially, but rather 
     those positions should be held in trust for the benefit of 
     the public in the United States.
       (c) Prohibited Financial Transactions.--
       (1) Financial exploitation by public office holders.--
       (A) In general.--Chapter 131 of title 5, United States 
     Code, is amended by adding at the end the following:

    ``Subchapter IV--Financial Exploitation by Public Office Holders

     ``Sec. 13151. Definitions

       ``In this subchapter:
       ``(1) Adjacent individual.--The term `adjacent individual' 
     means--
       ``(A) each officer or employee in the executive branch 
     holding a Senior Executive Service position (as defined in 
     section 3132(a)(2));
       ``(B) each member of a uniformed service whose pay grade is 
     at or in excess of O-7 under section 201 of title 37;
       ``(C) each officer or employee in any other position in the 
     executive branch determined by the Office of the Special 
     Counsel, in consultation with the Director of the Office of 
     Government Ethics, to be of equal classification to a 
     position described in subparagraph (A) or (B); or
       ``(D) the spouse or dependent child of any individual 
     described in subparagraph (A), (B), or (C).
       ``(2) Covered asset.--The term `covered asset' means--
       ``(A) a security (as defined in section 3(a) of Securities 
     Exchange Act of 1934 (15 U.S.C. 78c(a)));
       ``(B) a security future (as defined in section 3(a) of 
     Securities Exchange Act of 1934 (15 U.S.C. 78c(a)));
       ``(C) a commodity (as defined in section 1a of the 
     Commodity Exchange Act (7 U.S.C. 1a));
       ``(D) a digital asset that can be sold for remuneration, 
     including a cryptocurrency, a meme coin, a token, or a non-
     fungible token; or
       ``(E) any derivative, option, warrant, mutual fund, or 
     exchange-traded fund of an asset described in subparagraphs 
     (A) through (D).
       ``(3) Covered individual.--The term `covered individual' 
     means--
       ``(A) the President;
       ``(B) the Vice President;
       ``(C) a public official (as defined in section 201(a) of 
     title 18); or
       ``(D) the spouse or dependent child of any individual 
     described in subparagraph (A), (B), or (C).
       ``(4) Dependent child.--The term `dependent child' has the 
     meaning given the term in section 13101.
       ``(5) Prohibited financial transaction.--The term 
     `prohibited financial transaction' means the issuance, 
     sponsorship, or promotion of a covered asset for pecuniary 
     gain.

     ``Sec. 13152. Prohibition on certain transactions

       ``(a) Prohibition.--Except as provided in subsection (b), a 
     covered individual or an adjacent individual may not engage 
     in or benefit from a prohibited financial transaction--
       ``(1) during the term of service of the covered individual 
     or adjacent individual;
       ``(2) during the 180-day period ending on the date on which 
     the service of the covered individual or adjacent individual 
     commences; or
       ``(3) during the 180-day period beginning on the date on 
     which the service of the covered individual or adjacent 
     individual is terminated.
       ``(b) Adjacent Individuals.--With respect to adjacent 
     individuals, nothing in this section shall be construed to 
     limit the application of section 208 of title 18.
       ``(c) Liability and Immunity.--For purposes of any 
     immunities to civil liability, any conduct comprising or 
     relating to a prohibited financial transaction under this 
     section shall be deemed an unofficial act and beyond the 
     scope of the official duties of the relevant covered 
     individual or adjacent individual.

     ``Sec. 13153. Civil penalties

       ``(a) Civil Action.--The Attorney General may bring a civil 
     action in any appropriate district court of the United States 
     against any covered individual or adjacent individual who 
     violates section 13152(a).
       ``(b) Civil Penalty.--Any covered individual or adjacent 
     individual who knowingly violates section 13152(a) shall be 
     subject to a civil monetary penalty of not more than 
     $250,000.
       ``(c) Disgorgement.--A covered individual or an adjacent 
     individual who is found to have violated section 13152(a) in 
     a civil action under subsection (a) of this section shall 
     disgorge to the Treasury of the United States any profit from 
     the unlawful activity that is the subject of that civil 
     action.''.
       (B) Clerical amendment.--The table of sections for chapter 
     131 of title 5, United States Code, is amended by adding at 
     the end the following:

    ``subchapter iv--financial exploitation by public office holders

``13151. Definitions.
``13152. Prohibition on certain transactions.
``13153. Civil penalties.''.
       (2) Criminal penalties.--
       (A) Prohibited financial transactions.--Chapter 11 of title 
     18, United States is amended by inserting after section 220 
     the following:

     ``Sec. 221. Prohibited financial transactions

       ``(a) Definitions.--In this section:
       ``(1) Adjacent individual.--The term `adjacent individual' 
     means--
       ``(A) each officer or employee in the executive branch 
     holding a Senior Executive Service position (as defined in 
     section 3132(a)(2) of title 5);
       ``(B) each member of a uniformed service whose pay grade is 
     at or in excess of O-7 under section 201 of title 37;
       ``(C) each officer or employee in any other position in the 
     executive branch determined by the Office of the Special 
     Counsel, in consultation with the Director of the Office of 
     Government Ethics, to be of equal classification to a 
     position described in subparagraph (A) or (B); or
       ``(D) the spouse or dependent child of any individual 
     described in subparagraph (A), (B), or (C).
       ``(2) Covered asset.--The term `covered asset' means--
       ``(A) a security (as defined in section 3(a) of Securities 
     Exchange Act of 1934 (15 U.S.C. 78c(a)));
       ``(B) a security future (as defined in section 3(a) of 
     Securities Exchange Act of 1934 (15 U.S.C. 78c(a)));
       ``(C) a commodity (as defined in section 1a of the 
     Commodity Exchange Act (7 U.S.C. 1a));
       ``(D) a digital asset that can be sold for remuneration, 
     including a cryptocurrency, a meme coin, a token, or a non-
     fungible token; or
       ``(E) any derivative, option, warrant, mutual fund, or 
     exchange-traded fund of an asset described in subparagraphs 
     (A) through (D).
       ``(3) Covered individual.--The term `covered individual' 
     means--
       ``(A) the President;
       ``(B) the Vice President;
       ``(C) a public official (as defined in section 201(a)); or
       ``(D) the spouse or dependent child of any individual 
     described in subparagraph (A), (B), or (C).
       ``(4) Dependent child.--The term `dependent child' has the 
     meaning given the term in section 13101 of title 5.
       ``(5) Prohibited financial transaction.--The term 
     `prohibited financial transaction' means the issuance, 
     sponsorship, or promotion of a covered asset for pecuniary 
     gain.
       ``(b) Benefit From Prohibited Financial Transaction.--Any 
     covered individual or adjacent individual who--
       ``(1) knowingly violates any provision of section 13152(a) 
     of title 5; and
       ``(2) through such violation--
       ``(A) causes an aggregate loss of not less than $1,000,000 
     to 1 or more persons in the United States; or
       ``(B) benefits financially, through profit, gain, or 
     advantage, directly or indirectly through any family member 
     or business associate of the covered individual or adjacent 
     individual, from the sale, purchase, or distribution of the 
     covered asset issued in violation of section 13152(a) of 
     title 5,
     shall be fined under this title or imprisoned for not more 
     than 5 years, or both.
       ``(c) Bribery.--Any covered individual or adjacent 
     individual who--
       ``(1) knowingly violates any provision of section 13152(a) 
     of title 5; and
       ``(2) directly or indirectly, corruptly demands, seeks, 
     receives, accepts, or agrees to receive or accept any thing 
     of value personally or for any other person or entity, in 
     return for--
       ``(A) being influenced in the performance of any official 
     act;
       ``(B) being influenced to commit or aid in committing, or 
     to collude in, or allow, any fraud, or make opportunity for 
     the commission of any fraud, on the United States; or
       ``(C) being induced to do or omit to do any act in 
     violation of the official duty of such official or person,
     shall be fined under this title or not more than 3 times the 
     amount of financial gain, if any, that the individual 
     benefitted from relating to the prohibited conduct, whichever 
     is greater, or imprisoned for not more than 15 years, or 
     both, and may be disqualified from holding any office of 
     honor, trust, or profit under the United States.
       ``(d) Insider Trading.--Any covered individual or adjacent 
     individual who knowingly violates section 13152(a) of title 5 
     and, in committing such violation, knowingly violates section 
     10(b) of the Securities Exchange Act of 1934 (15 U.S.C. 
     78j(b)), shall be fined under this title or not more than 3 
     times the amount of financial gain, if any, that the 
     individual benefitted from relating to the prohibited 
     conduct, whichever is greater, or imprisoned for not more 
     than 15 years, or both, and may be disqualified from holding 
     any office of honor, trust, or profit under the United 
     States.
       ``(e) Liability and Immunity.--For purposes of any 
     immunities to civil and criminal liability, any conduct 
     comprising or relating to a prohibited financial transaction 
     under this section shall be deemed an unofficial act and 
     beyond the scope of the official duties of the relevant 
     covered individual or adjacent individual.''.
       (B) Clerical amendment.--The table of sections for chapter 
     11 of title 18, United

[[Page S3085]]

     States Code, is amended by inserting after the item relating 
     to section 220 the following:

``221. Prohibited financial transactions.''.
                                 ______
                                 
  SA 2260. Mr. SCHIFF submitted an amendment intended to be proposed by 
him 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:

       At the appropriate place in section 4, insert the 
     following:
       (__) Disclosure Relating to Payment Stablecoins.--Section 
     13104 of title 5, United States Code, is amended--
       (1) in subsection (a)--
       (A) in paragraph (5)--
       (i) in subparagraph (B), by inserting ``payment stablecoins 
     (as defined in section 2 of the GENIUS ACT),'' after 
     ``commodities futures,''; and
       (ii) in the flush matter following subparagraph (B), by 
     adding at the end the following: ``Reporting is not required 
     under subparagraph (B) of any exchange of payment stablecoins 
     (as defined in section 2 of the GENIUS Act) for goods and 
     services.''; and
       (B) by adding at the end the following:
       ``(9) Payment stablecoins.--The identity and category of 
     value of any payment stablecoin (as defined in section 2 of 
     the GENIUS Act) that has a fair market value that exceeds 
     $1,000 as of the close of the preceding calendar year held by 
     the reporting individual during the preceding calendar 
     year.'';
       (2) in subsection (b)(1)(B), by striking ``(3) and (4)'' 
     and inserting ``(3), (4), and (9)''; and
       (3) in subsection (d)(1)--
       (A) in the paragraph heading, by striking ``(3), (4), (5), 
     and (8)'' and inserting ``(3), (4), (5), (8), and (9)''; and
       (B) in the matter preceding subparagraph (A), by striking 
     ``(3), (4), (5), and (8)'' and inserting ``(3), (4), (5), 
     (8), and (9)''.
                                 ______
                                 
  SA 2261. Mr. SCHIFF submitted an amendment intended to be proposed by 
him 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:

       At the appropriate place in section 4, insert the 
     following:
       (__) Disclosure Relating to Payment Stablecoins.--Section 
     13104(a) of title 5, United States Code, is amended--
       (1) in paragraph (3)--
       (A) in the paragraph heading, by inserting ``and payment 
     stablecoins'' after ``property''; and
       (B) in the first sentence, by inserting ``or payment 
     stablecoins (as defined in section 2 of the GENIUS Act)'' 
     after ``any interest in property''; and
       (2) in paragraph (5)--
       (A) in subparagraph (B), by inserting ``payment stablecoins 
     (as defined in section 2 of the GENIUS ACT),'' after 
     ``commodities futures,''; and
       (B) in the flush matter following subparagraph (B), by 
     adding at the end the following: ``Reporting is not required 
     under subparagraph (B) of any exchange of payment stablecoins 
     (as defined in section 2 of the GENIUS Act) for goods and 
     services.''.
                                 ______
                                 
  SA 2262. Mr. REED submitted an amendment intended to be proposed by 
him 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:

       In section 6(b), strike ``attempted'' each place that term 
     appears and insert ``potential''.
        In section 6(b)(1)(A), strike ``or has willfully 
     recklessly violated'' and insert ``, has willfully or 
     recklessly violated, or is about to willfully or recklessly 
     violate''.
       In section 6(b)(2), in the matter preceding subparagraph 
     (A), strike ``attempting'' and insert ``about''.
       In section 6(b)(2), in the matter preceding subparagraph 
     (A), strike ``application or other request'' and insert 
     ``application, notice, or other request by the permitted 
     payment stablecoin issuer or institution-affiliated party or 
     any written agreement entered into with the regulator''.
                                 ______
                                 
  SA 2263. Mr. REED submitted an amendment intended to be proposed by 
him 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:

       In section 2(13), insert ``, or agent for,'' after 
     ``controlling stockholder of''.
       In section 6(b)(3), in the matter preceding subparagraph 
     (A), strike ``all such permitted payment stablecoin issuers'' 
     and insert ``all such permitted payment stablecoin issuers, 
     any insured depository institution, any savings association, 
     any Farm Credit System institution chartered under, and 
     subject to the provisions of, the Farm Credit Act of 1971 (12 
     U.S.C. 2001 et seq.), any appropriate Federal banking agency 
     (as defined in section 3 of the Federal Deposit Insurance Act 
     (12 U.S.C. 1813)), the Federal Housing Finance Agency, any 
     Federal Home Loan Bank, or the Bureau of Consumer Financial 
     Protection''.
       In section 6(b)(3)(A), strike ``; or'' and insert a 
     semicolon.
       In section 6(b)(3)(B), strike the period and insert a 
     semicolon.
       In section 6(b)(3), add at the end the following:
       (C) the institution-affiliated party has participated in 
     any unsafe or unsound practice; or
       (D) the institution-affiliated party has breached any 
     fiduciary duty.
                                 ______
                                 
  SA 2264. Mr. REED submitted an amendment intended to be proposed by 
him 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:

       In section 4(f), in the subsection heading, strike ``or 
     Directors'' and insert ``Directors, or Principal 
     Shareholders''.
       In section 4(f)(1)(A), strike ``; or'' and insert a 
     semicolon.
       In section 4(f)(1)(B), strike the period and insert ``; 
     or''.
       In section 4(f)(1), add at the end the following:
       (C) a principal shareholder of a payment stablecoin issuer.
       In section 4(f), add at the end the following:
       (3) Principal shareholder.--For purposes of paragraph 
     (1)(C), a person is a principal shareholder of a payment 
     stablecoin issuer if that person controls more than 5 percent 
     of a class of equity securities of a payment stablecoin 
     issuer.
       In section 5(c)(2), insert ``any crime involving dishonesty 
     or breach of trust or'' after ``convicted of''.
                                 ______
                                 
  SA 2265. Mr. REED submitted an amendment intended to be proposed by 
him 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:

       At the end of section 4(a), add the following:
       (__) Executive compensation standards.--Each primary 
     Federal payment stablecoin regulator and State payment 
     stablecoin regulator shall prescribe, with respect to each 
     permitted payment stablecoin issuer within the jurisdiction 
     of the regulator--
       (A) standards prohibiting, as an unsafe and unsound 
     practice, any employment contract, compensation or benefit 
     agreement, fee arrangement, perquisite, stock option plan, 
     post-employment benefit, or other compensatory arrangement 
     that--
       (i) would provide any executive officer, employee, 
     director, or principal shareholder of the issuer with 
     excessive compensation, fees, or benefits; or
       (ii) could lead to material financial loss to the issuer;
       (B) standards specifying when compensation, fees, or 
     benefits described in subparagraph (A) are excessive, which 
     shall require the regulator to determine whether the amounts 
     are unreasonable or disproportionate to the services actually 
     performed by the applicable individual, taking into 
     consideration--
       (i) the combined value of all cash and non-cash benefits 
     provided to the individual;
       (ii) the compensation history of the individual and other 
     individuals with comparable expertise at the issuer;
       (iii) the financial condition of the issuer;
       (iv) comparable compensation practices at comparable 
     issuers, which shall be based on such factors as asset size, 
     geographic location, and the complexity of the asset 
     portfolio;
       (v) with respect to post-employment benefits, the projected 
     total cost and benefit to the issuer;
       (vi) any connection between the individual and any 
     fraudulent act or omission, breach of trust or fiduciary 
     duty, or insider abuse with respect to the issuer; and
       (vii) other factors that the regulator determines to be 
     relevant; and
       (C) such other standards relating to compensation, fees, 
     and benefits as the regulator determines to be appropriate.

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