Crypto lobbyists are urging lawmakers to pass the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act without delay, as proposed amendments, particularly those related to credit card fees, threaten to stall its progress.
The push followed signals from some senators that they might seek to add amendments. Crypto lobbyists, however, have pressed lawmakers to move on passing the bill before the step is taken.
The bill could pass the Senate as soon as this week. It was approved on a procedural vote on May 19, indicating it had enough support to advance to the House.
The heads of the four largest digital asset industry groups issued a statement today regarding the GENIUS Act.
Crypto organizations offer support to lawmakers to pass the GENIUS Act
Leading crypto advocacy organizations—including the Blockchain Association, the Crypto Council for Innovation, the Digital Chamber, and the DeFi Education Fund—issued a joint statement on June 2, calling on lawmakers to maintain positive momentum to get the bill before the House.
The groups stated that as the bill continues through the amendment process, they respectfully urge lawmakers to remain committed to its central goal: providing a targeted and comprehensive approach to stablecoin oversight.
The bill has regained support from several Democratic lawmakers who had previously withdrawn, citing concerns over President Donald Trump’s ties to the crypto sector, particularly a stablecoin launched by his family’s crypto platform.
Despite the assertion that the bill has enough votes to advance to the House, the stablecoin measure may now face a roadblock in legislation related to credit card fees.
Two senators seek to link “swipe fee” legislation to the GENIUS Act
Senators Dick Durbin and Roger Marshall are pushing to attach the Credit Card Competition Act (CCCA) to the stablecoin bill, according to a June 2 report from Politico.
The measure would mandate competition among payment networks like Visa, Mastercard, and American Express on merchant processing fees—an idea strongly opposed by banks and card companies.
The measure has been vehemently protested by banks and card networks, which have called it an example of government overreach.
Crypto advocates, meanwhile, are fighting to ensure their long-sought victory is not scuttled by the off-topic credit card amendments, which have turned the vote into a political minefield.
The proposed amendment was a “bad policy” that would compromise the average American’s access to credit, said James Czerniawski from the libertarian group Americans for Prosperity last month.
Other amendments proposed include a new disclosure rule for government officials living on stablecoins, guardrails to curb Trump family crypto connections, a restriction on Chinese and foreign ownership of stablecoin issuers, as well as updates to the Bank Secrecy Act and Anti-Money Laundering rules, said crypto journalist Eleanor Terrett on June 2.
Based on Terrett’s reporting, procedural delays will probably slow everything down and could delay final approval until June 9 if an agreement is not made.
Despite growing political friction, crypto lobbying groups remain hopeful that the GENIUS Act will pass and provide long-awaited regulatory clarity for stablecoin issuers and users in the US.
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