Amendments to clarify that payment stablecoins are not securities or commodities and permitted payment stablecoin issuers are not investment companies

(a) Investment Advisers Act of 1940 Section 202(a)(18) of the Investment Advisers Act of 1940 (15 U.S.C. 80b–2(a)(18)) is amended by adding at the end the following: The term security does not include a payment stablecoin issued by a permitted payment stablecoin issuer, as such terms are defined in section 2 of the Guiding and Establishing National Innovation for U.S. Stablecoins Act of 2025.. (b) Investment Company Act of 1940 The Investment Company Act of 1940 is amended— (1) in section 2(a)(36) (15 U.S.C. 80a–2(a)(36))(15 U.S.C. 80a–2(a)(36)), by adding at the end the following: The term security does not include a payment stablecoin issued by a permitted payment stablecoin issuer, as such terms are defined in section 2 of the Guiding and Establishing National Innovation for U.S. Stablecoins Act of 2025.; and (2) in section 3(c)(3) (15 U.S.C. 80a–3(c)(3)), by inserting any permitted payment stablecoin issuer, as such term is defined in section 2 of the Guiding and Establishing National Innovation for U.S. Stablecoins Act of 2025; after therefor;. (c) Securities Act of 1933 Section 2(a)(1) of the Securities Act of 1933 (15 U.S.C. 77b(a)(1)) is amended by adding at the end the following: The term security does not include a payment stablecoin issued by a permitted payment stablecoin issuer, as such terms are defined in section 2 of the Guiding and Establishing National Innovation for U.S. Stablecoins Act of 2025.. (d) Securities Exchange act of 1934 Section 3(a)(10) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)(10)) is amended by adding at the end the following: The term security does not include a payment stablecoin issued by a permitted payment stablecoin issuer, as such terms are defined in section 2 of the Guiding and Establishing National Innovation for U.S. Stablecoins Act of 2025.. (e) Securities Investor Protection Act of 1970 Section 16(14) of the Securities Investor Protection Act of 1970 (15 U.S.C. 78lll(14)) is amended by adding at the end the following: The term security does not include a payment stablecoin issued by a permitted payment stablecoin issuer, as such terms are defined in section 2 of the Guiding and Establishing National Innovation for U.S. Stablecoins Act of 2025.. (f) Commodity Exchange Act Section 1a of the Commodity Exchange Act (7 U.S.C. 1a) is amended by adding at the end the following: The term commodity does not include a payment stablecoin issued by a permitted payment stablecoin issuer, as such terms are defined in section 2 of the Guiding and Establishing National Innovation for U.S. payment stablecoins Act of 2025.

(a) Investment Advisers Act of 1940 Section 202(a)(18) of the Investment Advisers Act of 1940 (15 U.S.C. 80b–2(a)(18)) is amended by adding at the end the following: The term security does not include a payment stablecoin issued by a permitted payment stablecoin issuer, as such terms are defined in section 2 of the Guiding and Establishing National Innovation for U.S. Stablecoins Act of 2025.. (b) Investment Company Act of 1940 The Investment Company Act of 1940 is amended— (1) in section 2(a)(36) (15 U.S.C. 80a–2(a)(36))(15 U.S.C. 80a–2(a)(36)), by adding at the end the following: The term security does not include a payment stablecoin issued by a permitted payment stablecoin issuer, as such terms are defined in section 2 of the Guiding and Establishing National Innovation for U.S. Stablecoins Act of 2025.; and (2) in section 3(c)(3) (15 U.S.C. 80a–3(c)(3)), by inserting any permitted payment stablecoin issuer, as such term is defined in section 2 of the Guiding and Establishing National Innovation for U.S. Stablecoins Act of 2025; after therefor;. (c) Securities Act of 1933 Section 2(a)(1) of the Securities Act of 1933 (15 U.S.C. 77b(a)(1)) is amended by adding at the end the following: The term security does not include a payment stablecoin issued by a permitted payment stablecoin issuer, as such terms are defined in section 2 of the Guiding and Establishing National Innovation for U.S. Stablecoins Act of 2025.. (d) Securities Exchange act of 1934 Section 3(a)(10) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)(10)) is amended by adding at the end the following: The term security does not include a payment stablecoin issued by a permitted payment stablecoin issuer, as such terms are defined in section 2 of the Guiding and Establishing National Innovation for U.S. Stablecoins Act of 2025.. (e) Securities Investor Protection Act of 1970 Section 16(14) of the Securities Investor Protection Act of 1970 (15 U.S.C. 78lll(14)) is amended by adding at the end the following: The term security does not include a payment stablecoin issued by a permitted payment stablecoin issuer, as such terms are defined in section 2 of the Guiding and Establishing National Innovation for U.S. Stablecoins Act of 2025.. (f) Commodity Exchange Act Section 1a of the Commodity Exchange Act (7 U.S.C. 1a) is amended by adding at the end the following: The term commodity does not include a payment stablecoin issued by a permitted payment stablecoin issuer, as such terms are defined in section 2 of the Guiding and Establishing National Innovation for U.S. payment stablecoins Act of 2025.