GENIUS Act Gains Support, Faces Amendments

GENIUS Act Progresses Despite Political Tensions

GENIUS Act– The Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act is heading to the US Senate floor for debate this week, aiming to establish a clear regulatory framework for stablecoins. The bill already cleared a key procedural vote on May 19, signaling it could pass the Senate and move to the House soon.

Leading crypto advocacy groups — including the Blockchain Association, Crypto Council for Innovation, the Digital Chamber, and the DeFi Education Fund — are urging lawmakers to keep the bill’s momentum.

As the bill continues through the amendment process, we respectfully urge lawmakers to remain committed to its central goal: providing a targeted and comprehensive approach to stablecoin oversight.

Many Democrats have renewed support for the bill after earlier hesitation linked to former President Donald Trump’s family launching a stablecoin through a crypto platform.

A major obstacle has emerged in the form of an unrelated amendment from Senators Dick Durbin and Roger Marshall. They aim to attach the Credit Card Competition Act (CCCA), which would regulate transaction fees charged by card networks like Visa and Mastercard.

Crypto advocates are concerned the amendment could derail stablecoin progress. James Czerniawski of Americans for Prosperity called the move “unacceptable” and said it risks limiting credit access.

Growing List of Amendments Threatens Delay

Other proposed amendments include restrictions on foreign ownership, mandatory disclosures for officials holding stablecoins, and additions to anti-money laundering rules.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.