A crucial stablecoin bill is hitting the Senate floor, but hold up—it might get tangled in credit card fee drama! 🤯 Crypto groups are pushing hard for the GENIUS Act, which aims to regulate stablecoins in the US. It seemed like smooth sailing after a key vote on May 19, but now some senators want to add an amendment about "swipe fees" for credit card transactions.
This could throw a wrench into the whole thing, as banks and card networks are strongly against it. Plus, there are other proposed changes like disclosing government officials' stablecoin holdings and blocking foreign ownership of stablecoin issuers. Will this long-awaited crypto win get derailed? Stay tuned for the latest updates!
Stay tuned for the latest updates!
#Stablecoins #GENIUSAct #CryptoLegislation #DeFi #Blockchain