SEC. 8 › (b) › (4)

(4) .— Civil monetary penalties

🏛️ Treasuryenforcement

Bill Text

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The Secretary of the Treasury may impose a civil monetary penalty as follows:

§8(b)(4)(A)

(A) .— Digital asset service providers

Any digital asset service provider that knowingly violates a prohibition under paragraph (1)(B) shall be subject to a civil monetary penalty of not more than $100,000 per violation per day.

§8(b)(4)(B)

(B) .— Foreign payment stablecoin issuers

Any foreign payment stablecoin issuer that knowingly continues to publicly offer a payment stablecoin in the United States after publication of the determination of noncompliance under paragraph (1)(A) shall be subject to a civil monetarypenalty of not more than $1,000,000 per violation per day, and the Secretary of the Treasury may seek an injunction in a district court of the United States to bar the foreign payment stablecoin issuer from engaging in financial transactions in the United States or with United States persons.

§8(b)(4)(C)

(C) .— Determination of the number of violations

For purposes of determining the number of violations for which to impose a penalty under subparagraph (A) or (B), separate acts of noncompliance are a single violation when the acts are the result of a common or substantially overlapping originating cause. 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.

The Secretary of the Treasury may commence a civil action against a foreign payment stablecoin issuer in a district court of the United States to—