GENIUS Act: Crypto Advocacy Groups Urge Swift Senate Passage of Stablecoin Bill
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Key Insights: The GENIUS Act, a stablecoin bill, nears Senate passage with bipartisan support. Democrats added stronger consumer and anti-fraud provisions to the bill recently. A credit card fee amendment threatens to delay the GENIUS Act’s progress. Crypto industry lobby groups are pressing Capitol Hill to rapidly approve a landmark stablecoin bill. Warning that unrelated amendments could derail long-awaited legislation. The GENIUS Act – aimed at creating a federal framework for the U.S.-dollar-backed stablecoins- has already cleared key steps in the Senate. It won a 66-32 procedural vote on May 19 and again on June 2 after Democrats secured stronger consumer and anti-fraud provisions. Stablecoins now represent a roughly $250 billion market, and supporters say clear rules are needed. But industry backers fear a separate fight over credit card swipe fees could slow the bill down. GENIUS Act Stablecoin Bill Nears Senate Finish Line The revised GENIUS Act – named for “Guiding and Establishing National Innovation for U.S. Stablecoins” – is sponsored by Senators Cynthia Lummis (R-Wyo.) and Kirsten Gillibrand (D-N.Y.). It would require stablecoin issuers to register with regulators and hold secure reserves. After initial bipartisan support, Democrats had paused the bill in early May, demanding tighter rules to curb risks, including on foreign-issued coins and money laundering. Those fixes were added, and on June 2, the Senate voted 66-32 to advance the bill to final passage. “We need clear rules of the road to protect consumers, defend national security, and support responsible innovation,” said Sen. Mark Warner (D‑Va.), noting the stablecoin market “has reached nearly $250 billion”. With that vote, stablecoin legislation appears on track to pass the Senate this week. Industry spending on crypto advocacy has been heavy: lobbyists spent over $119 million supporting pro-crypto candidates last year and have a growing war chest. Analysts at Capital Alpha…
