Crypto lobby urges quick Senate vote on stablecoin bill

The Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act is set for debate in the US Senate, with crypto industry groups urging lawmakers to pass the bill swiftly without delays from amendments.

The bill, which aims to create a regulatory framework for stablecoins, advanced in a procedural Senate vote on May 19 and could move to the House as soon as this week.

Crypto lobbying organisations including the Blockchain Association, Crypto Council for Innovation, Digital Chamber, and DeFi Education Fund issued a joint statement on June 2 calling on senators to maintain “positive momentum” and focus on the bill’s core goal of providing “a targeted and comprehensive approach to stablecoin oversight.”

The legislation has regained support from many Democrats after initial concerns related to former President Donald Trump’s connections to crypto, including his family’s stablecoin platform.

However, the bill faces potential obstacles from unrelated amendments, particularly a proposal by Senators Dick Durbin and Roger Marshall to attach the Credit Card Competition Act (CCCA) to the stablecoin bill.

The CCCA would require payment networks such as Visa, Mastercard, and American Express to compete on merchant fees, a measure opposed by banks and card companies who argue it constitutes government overreach.

Crypto advocates are working to prevent these credit card fee amendments from derailing the stablecoin legislation.

James Czerniawski of Americans for Prosperity described the proposed changes as “unacceptable” and “bad policy” that could limit Americans’ access to credit.

Additional suggested amendments include disclosure rules for government officials holding stablecoins, restrictions on Trump family crypto ties, bans on foreign ownership of stablecoin issuers, and reforms to anti-money laundering regulations.

Crypto journalist Eleanor Terrett noted that failure to reach agreement on amendments could slow the bill’s progress, potentially delaying final passage until the week of June 9.