Crypto industry groups are urging US lawmakers not to delay a the stablecoin bill as new proposals threaten to slow its progress.
Four crypto lobbying organizations—the Blockchain Association, the Crypto Council for Innovation, the Digital Chamber, and the DeFi Education Fund—issued a joint statement on June 2.
They said, “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“.
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The bill, known as the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, is expected to reach the Senate floor for final debate on June 3. A procedural vote on May 19 showed it has enough support to pass and move on to the House of Representatives.
However, Senators Dick Durbin and Roger Marshall want to attach a separate bill, called the Credit Card Competition Act (CCA), to the stablecoin legislation.
Their proposal would require major payment companies, such as Visa, Mastercard, and American Express, to compete more directly on the fees they charge when people make purchases. This amendment has nothing to do with crypto but could complicate the bill’s path.
The stablecoin bill had briefly lost backing from several Democratic lawmakers on May 8 due to concerns about President Donald Trump’s involvement in crypto.
On May 15, senators removed Trump-related provisions from the GENIUS Act to help restore bipartisan support. What did Senators Cynthia Lummis and Kirsten Gillibrand say about the change? Read the full story.
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