The section is intended to reach conduct abroad aimed at a person in the United States
What the document says“This section is intended to have extraterritorial effect if conduct involves the offer or sale of a payment stablecoin to a person located in the United States.”
Subsection (e). The trigger is the location of the buyer rather than the location of the seller: the section is intended to reach conduct wherever it takes place, if that conduct involves an offer or sale to a person located in the United States.
What the document actually says“This section is intended to have extraterritorial effect if conduct involves the offer or sale of a payment stablecoin to a person located in the United States.”
This part is meant to reach acts done in other countries. It does so when the coin is put up for sale to someone here.
Most laws stop at the border. This one says it does not. What matters is where the buyer is, not the seller.
No action is recorded against this proposal. That is not evidence that none has been taken, and nobody has yet read it against the record. See what the tracker does not yet cover.