The stablecoin bill faces an unexpected hurdle
The key stablecoin bill is up for consideration in the Senate, but wait — it may get tangled in drama over credit card fees! 🤯 Crypto groups are actively supporting the GENIUS bill, which aims to regulate stablecoins in the U.S. It seemed everything was going smoothly after the key vote on May 19, but now some senators want to add an amendment regarding "transaction processing fees for card transactions".
This could throw chaos into the whole affair, as banks and card networks are firmly against it. Additionally, there are other proposed changes, such as disclosing stablecoin holdings by government officials and blocking foreign ownership by stablecoin issuers. Will this long-awaited crypto success be derailed? Stay tuned for the latest updates!
