According to a report published in X by American cryptocurrency journalist Eleanor Terrett, the GENIUS Act could become law by the end of this week. Terrett notes that U.S. lawmakers are working in secret to reach a consensus that allows the stablecoin bill to fit into the legislative process. Terrett claims upfront that the bill's sponsors are negotiating an agreement with all lawmakers to allow a vote on key issues. If the politics unfold as expected, the stablecoin bill will avoid the requirement for a full closure.
After a series of setbacks, the Senate approved the GENIUS Act for review following the closure vote in May. U.S. senators are expected to vote on key issues related to the bill, including a new disclosure requirement for government officials.
Additionally, the Senate will vote on a proposal to ban Chinese ownership of stable cryptocurrencies under the GENIUS Act. Terrett notes that the Senate will decide on a possible amendment to U.S. anti-money laundering regulations and the Bank Secrecy Act.
Despite the plan for the GENIUS Act's approval by the end of the week, an amendment proposal threatens to derail the plans. Senator Dick Durbin is pushing to insert the text of the Credit Card Competition Act (CCCA) into the stablecoin bill, which has provoked the anger of several lawmakers.
The CCCA, introduced in the House of Representatives in 2023, has failed to pass in the legislative process. The bill seeks to require major banks to use a payment network other than Visa and Mastercard, but an amendment proposal to merge it with the GENIUS Act has generated disagreement.