A stablecoin-regulating bill will soon be on the US Senate floor for debate, and crypto lobbying groups have called on lawmakers to focus on passing the bill, as some senators have flagged possible amendments.
The Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act could pass the Senate as soon as this week. It seemingly has enough votes to pass to the House after the Senate moved the bill forward in a procedural vote on May 19.
Now, crypto groups the Blockchain Association, the Crypto Council for Innovation, the Digital Chamber and the DeFi Education Fund have said they’re ready to help lawmakers maintain “positive momentum” to get the bill before the House.
“As the bill continues through the amendment process, we respectfully urge lawmakers to remain committed to its central goal: providing a targeted and comprehensive approach to stablecoin oversight,” the groups said in a joint statement on June 2.
Many Democrats have again backed the bill after pulling support, originally citing concerns over President Donald Trump’s ties to crypto, including his family’s crypto platform launching a stablecoin.
However, the stablecoin legislation could now hit a roadblock from an unrelated amendment about credit card fees.
Senators Dick Durbin and Roger Marshall want to attach their “swipe fee” legislation, the Credit Card Competition Act (CCCA), to the stablecoin bill, Politico reported on June 2.
The amendment would force payment networks like Visa, Mastercard and American Express to compete on the fees they charge merchants for processing transactions.
The controversial measure has been strongly opposed by banks and card networks, claiming government overreach.
Meanwhile, crypto advocates are scrambling to prevent their long-sought victory from being derailed by the unrelated credit card amendments, which have created a political minefield.
James Czerniawski from the libertarian group Americans for Prosperity said last month that the changes are “unacceptable,” and claimed that the proposed amendment was “bad policy,” which undermines Americans’ access to credit.
The amendment list is growing
Other suggested amendments include new disclosure requirements for government officials holding stablecoins, guardrails against Trump family crypto ties, bans on Chinese and foreign ownership of stablecoin issuers, and reforms to the Bank Secrecy Act and Anti-Money Laundering rules, crypto journalist Eleanor Terrett reported on June 2.
“If no agreement is reached, procedural hurdles will likely slow things down and potentially push final passage into the week of June 9,” she said.
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