Reported by Cointelegraph, it has been revealed that crypto lobbying groups are urging the US Senate to expedite the process of passing a bill regulating stablecoins, without the need for further debate. A bill aimed at establishing regulatory frameworks for US stablecoins, known as the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, could see successful passage through the Senate as early as this week.
The Blockchain Association, the Crypto Council for Innovation, the Digital Chamber, and the DeFi Education Fund, all significant players in the crypto industry, have expressed their readiness to assist lawmakers in maintaining the “positive momentum” necessary to move the bill forward. They collectively implored lawmakers in a joint statement on June 2 to stay focused on the primary objective of the bill: a comprehensive and targeted oversight of stablecoins.
Despite previous reservations due to perceived connections between President Donald Trump’s family and the crypto industry, many Democrats have re-endorsed the bill. However, an unrelated amendment concerning credit card fees could potentially disrupt the smooth passage of the stablecoin legislation. Senators Dick Durbin and Roger Marshall are seeking to attach their “swipe fee” legislation, the Credit Card Competition Act (CCCA), to the stablecoin bill, according to a report from Politico on June 2.
The amendment, which has faced strong opposition from banks and card networks, would mandate payment networks like Visa, Mastercard, and American Express to compete on transaction processing fees charged to merchants. Crypto advocates are fighting to prevent this unrelated amendment from derailing their efforts to gain regulatory clarity for stablecoins.
A variety of other amendments have been suggested, including new disclosure requirements for government officials holding stablecoins, restrictions on foreign ownership of stablecoin issuers, and reforms to the Bank Secrecy Act and Anti-Money Laundering rules. If no consensus is reached soon, the bill’s final passage could be delayed until the week of June 9.
