🚨 Crypto Lobby Urges Swift Senate Passage of GENIUS Act Amidst Mounting Amendments 🚨
The Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, a pivotal bill aiming to regulate stablecoins, is poised for Senate debate. Crypto advocacy groups, including the Blockchain Association and the DeFi Education Fund, are pressing lawmakers to expedite its passage, cautioning against delays from unrelated amendments. $RPL #MyCOSTrade
One significant hurdle is the proposed attachment of the Credit Card Competition Act (CCCA) by Senators Dick Durbin and Roger Marshall. This amendment seeks to reform credit card fee structures, a move that crypto proponents argue could derail the GENIUS Act's progress. $ME #BinanceAlphaAlert
Additional proposed amendments include:
· Enhanced disclosure requirements for government officials holding stablecoins
· Restrictions on foreign ownership of stablecoin issuers
· Reforms to the Bank Secrecy Act and Anti-Money Laundering regulations
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The GENIUS Act, having cleared a procedural vote on May 19, could advance to the House if passed by the Senate. However, the influx of amendments and political complexities, including concerns over potential benefits to former President Donald Trump's crypto ventures, have introduced uncertainties.
Crypto industry stakeholders emphasize the urgency of establishing a clear regulatory framework for stablecoins to maintain the U.S. dollar's dominance in the digital economy. They warn that further delays could hinder innovation and the country's competitive edge in the crypto space.
📊 Poll: Do you believe the GENIUS Act should be passed without additional amendments?
· ✅ Yes — To ensure timely regulation
· 🛑 No
· 🤔 Undecided
💬 Share your thoughts and tag @FaisalCrypto007 !
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