Four leading U.S. crypto advocacy organizations are urging the Senate to swiftly pass the GENIUS bill, which aims to establish clear regulations for stablecoins in the United States. They warn that political infighting over unrelated amendments, particularly those regarding credit card fees, could delay or derail the legislation.
š§© What Is the GENIUS Bill?
The GENIUS Act (short for Governance and Innovation for U.S. Stablecoins) is designed to create a comprehensive regulatory framework for stablecoinsācryptocurrencies pegged to fiat currencies like the U.S. dollar. The bill already passed a procedural vote in the Senate on May 19 and is awaiting approval in the House of Representatives.
š£ Crypto Lobby: Donāt Derail the Bill
Organizations such as the Blockchain Association, Crypto Council for Innovation, Digital Chamber, and DeFi Education Fund issued a joint statement on June 2, urging lawmakers to pass the bill without unrelated additions.
They emphasized the importance of staying focused on the billās original goal: to deliver clear and targeted oversight for stablecoins, rather than complicating it with unrelated political battles.
š³ Controversy: Credit Cards vs. Crypto?
Tensions rose when Senators Dick Durbin and Roger Marshall proposed attaching a credit card competition bill to GENIUS. This legislation seeks to regulate merchant processing fees and increase competition among major payment networks like Visa, Mastercard, and American Express.
The proposal met strong resistance from banks and card networks, who view it as government overreach. Meanwhile, crypto supporters warn that such amendments distract from the original purpose and could jeopardize the entire bill.
š§Ø Other Controversial Additions?
According to journalist Eleanor Terrett, additional proposed amendments include:
š¹ Restrictions on stablecoin issuers with Chinese or foreign ownership
š¹ Disclosure requirements for government officials with stablecoin holdings
š¹ Guardrails against influence from crypto projects linked to the Trump family
š¹ Updates to anti-money laundering and Bank Secrecy Act regulations
All of these proposals threaten to delay final voting, which may now be pushed back to June 9 due to procedural complications.
š Hope Remains, But Time Is Ticking
Despite rising political tension, crypto advocates remain hopeful that the GENIUS bill will pass in time and finally bring regulatory clarity to the U.S. stablecoin market. They argue the framework is crucial for consumer protection, innovation, and global competitiveness in the digital asset space.
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