Public official certification requirement

(a) Definitions In this section: (1) Permitted payment stablecoin issuer The term permitted payment stablecoin issuer means a payment stablecoin issuer that has received approval to operate under subsection (c). (2) Public official The term public official means an individual described in section 13103(f) of title 5, United States Code. (3) Special Government employee The term special Government employee has the meaning given that term in section 202(a) of title 18, United States Code. (b) Requirement A permitted payment stablecoin issuer shall ensure that no public official shall profit from the issuance of payment stablecoins of the permitted payment stablecoin issuer. (c) Certification (1) Initial certification To receive approval to operate as a permitted payment stablecoin issuer, each payment stablecoin issuer shall submit to the Director of the Office of Government Ethics and the primary Federal payment stablecoin regulator of the payment stablecoin issuer a certification that no public official has a financial interest related to a particular matter in which the public official participates personally and substantially as a Government officer or employee, including as a special Government employee, from the issuance of payment stablecoins of the payment stablecoin issuer. (2) Recertification Not later than 90 days after the issuance of the first payment stablecoin by a permitted payment stablecoin issuer, and on a quarterly basis thereafter, each permitted stablecoin issuer shall submit to the Director of the Office of Government Ethics and the primary Federal payment stablecoin regulator of the permitted payment stablecoin issuer a certification that no public official has a financial interest related to a particular matter in which the public official participates personally and substantially as a Government officer or employee, including as a special Government employee, from the issuance of payment stablecoins of the permitted payment stablecoin issuer. (3) Public disclosure The Director of the Office of Government Ethics shall make the certifications submitted under paragraphs (1) and (2) publicly available through databases maintained on the official website of the Office of Government Ethics. (d) Penalties (1) Approval revocation The primary Federal payment stablecoin regulator of a permitted payment stablecoin issuer that does not submit a certification pursuant to subsection (c) shall revoke the approval to operate of the permitted payment stablecoin issuer. (2) Criminal penalty (A) In general Any person that submits a certification pursuant to subsection (c) that is false shall be subject to the criminal penalties set forth under section 1001 of title 18, United States Code. (B) Referral to Attorney General If a Federal payment stablecoin regulator has reason to believe that any person has violated subsection (c), the Federal payment stablecoin regulator shall refer the matter to the Attorney General.