I'm closely following a crucial development in the U.S. crypto space. Four major advocacy groups—the Blockchain Association, Crypto Council for Innovation, Digital Chamber, and DeFi Education Fund—are calling on the U.S. Senate to pass the GENIUS Bill without unrelated amendments that could derail it.
🔍 What’s the GENIUS Bill?
The GENIUS Act (Governance and Innovation for U.S. Stablecoins) aims to establish a clear regulatory framework for stablecoins—crypto assets tied to traditional currencies like the U.S. dollar. The bill cleared a procedural vote in the Senate on May 19 and now awaits final passage.
⚠️ Crypto Lobby: Focus on the Goal
These organizations are urging lawmakers to keep the bill clean—focused only on stablecoin regulation—without adding unrelated political issues that could delay or destroy its progress.
💳 Distraction: Credit Card Fee Bill
Controversy began when Senators Dick Durbin and Roger Marshall proposed attaching a bill on credit card processing fees to the GENIUS Act. While it aims to increase competition among payment giants like Visa and Mastercard, many in the crypto space see this as a distraction that puts the whole bill at risk.
🧨 More Political Add-Ons?
Journalist Eleanor Terrett reports other proposed amendments, including:
Restrictions on stablecoin issuers with Chinese ownership
Disclosure rules for officials holding stablecoins
Clauses targeting Trump-linked crypto projects
Updates to anti-money laundering laws
All of this could delay a final vote until June 9 or later.
⏳ Time Is Running Out
Despite the political noise, there’s still hope the GENIUS Bill will pass. If it does, it could finally bring much-needed clarity to the U.S. stablecoin market—protecting consumers, fostering innovation, and keeping the country globally competitive.#MarketPullback #SaylorBTCPurchase #MarketRebound #BinanceAlphaAlert #ElonMuskDOGEDeparture
