The Senate is gearing up for a potential vote on the GENIUS Act as amendment negotiations heat up, a new poll adds pressure on lawmakers to act quickly, and we take a look at what else is happening in D.C. this week.
The Senate returns to work Monday with a 5:30 PM EST vote on one of Trump’s Defense Department nominees, but the real focus will be behind the scenes, where lawmakers are working to advance the bipartisan GENIUS Act — stablecoin legislation that GOP leaders are hoping will pass the Senate this week.
Sources familiar with the proceedings say sponsors of the bill are working to reach a unanimous consent agreement that would allow for votes on a series of amendments without going through the full cloture process.
That package would include the bipartisan stablecoin framework, and could also incorporate several related proposals: new disclosure requirements for government officials holding stablecoins (a priority for Democratic Sen. Adam Schiff of California); a ban on Chinese and foreign adversary ownership of stablecoin issuers (pushed by Republican Sen. Tommy Tuberville of Alabama); and reforms to the Bank Secrecy Act and anti-money laundering rules, backed by Republican Sen. Mike Lee of Utah. Top Democrat on the Senate Banking Committee, Sen. Elizabeth Warren, is also expected to push for some amendments.
Perhaps the biggest one to watch is the Credit Card Competition Act from Sens. Roger Marshall (R-KS) and Dick Durbin (D-IL) — a controversial measure strongly opposed by banks and card networks that could reshape the credit card industry by forcing greater competition among payment processors. Marshall is reportedly insisting on a vote, a move that has the potential to derail a broader agreement. Sen. Thom Tillis of North Carolina has already warned he would withdraw his support for the GENIUS Act if the CCCA is attached.
If all sides can come to an agreement, the Senate could move quickly — with votes on the bipartisan deal and other amendments, followed by limited debate and final passage of the GENIUS Act potentially before the end of the week. If no agreement is reached, procedural hurdles will likely slow things down and potentially push final passage into the week of June 9.
As always with the upper chamber, timelines can shift quickly if there’s unanimous consent — but as of now, Senate staffers tell Crypto In America the path forward remains “fluid.