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Senators Face Pressure to Approve GENIUS Act Without Credit Card Amendment
A group of prominent cryptocurrency advocacy organizations is urging the U.S. Senate to pass the long-anticipated stablecoin legislation without attaching unrelated provisions that could derail its progress. The call comes as the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act nears a full Senate vote—potentially within days.
The bill, which advanced through a procedural vote on May 19, appears to have the support needed to move to the House of Representatives. However, new political complications have surfaced, raising concerns among the crypto industry that efforts to regulate stablecoins could be delayed or diluted.
Industry Pushes for Narrow Focus
Crypto groups, including the Blockchain Association, the Crypto Council for Innovation, the Digital Chamber, and the DeFi Education Fund, issued a joint appeal on June 2. They called on lawmakers to focus on the bill’s core objective: establishing a comprehensive framework for stablecoin oversight.
Their message emphasized the need to avoid distractions during the amendment process. Although the bill has regained support from many Senate Democrats—some of whom previously withdrew due to concerns over former President Donald Trump’s connections to digital assets—the current threat comes from an unrelated policy issue.
Amendment on Credit Card Fees Sparks Tensions
Senators Dick Durbin and Roger Marshall have proposed adding the Credit Card Competition Act (CCCA) as an amendment to the GENIUS Act. This provision would require credit card networks such as Visa, Mastercard, and American Express to offer multiple routing options for transaction processing, effectively forcing competition on swipe fees.
The move has drawn strong opposition from banks, payment networks, and free-market groups. They argue that the amendment constitutes government interference in private contracts and could restrict consumer access to credit.
Crypto advocates are now concerned that the controversy surrounding swipe fee regulation could entangle the stablecoin legislation in broader debates, delaying its passage or risking bipartisan support.
Stakes High for Stablecoin Policy
For the digital asset sector, the GENIUS Act represents a rare opportunity for tailored regulation. The bill is viewed as a foundational step in bringing legal clarity to the issuance and use of U.S. dollar-pegged stablecoins, which are widely used across the crypto ecosystem for payments, trading, and financial applications.
The current version of the bill outlines licensing requirements for stablecoin issuers, establishes reserve standards, and introduces federal oversight without overstepping into broader cryptocurrency regulation. Industry stakeholders believe this focused approach can help prevent market fragmentation and improve consumer protections.
A delay or failure to pass the bill, they argue, would leave the sector operating under a patchwork of state-level rules and unclear federal expectations, potentially stifling innovation and increasing risk.
Lawmakers Face Pressure From All Sides
The debate over the amendment has created a politically sensitive moment. While some senators support the idea of addressing interchange fees through legislative reform, others are wary of tying unrelated financial policy to a bill already carrying bipartisan momentum.
Advocates within the crypto industry are working behind the scenes to persuade senators to avoid reopening larger debates that could slow or collapse negotiations. They maintain that combining two complex financial reforms into a single package is likely to backfire, especially when the window for legislative action is limited.
Uncertain Path Ahead
Although the GENIUS Act appears close to Senate approval, its path forward depends on whether lawmakers choose to keep the legislation narrowly tailored or allow the addition of broader financial provisions.
The outcome will not only determine the immediate future of stablecoin regulation in the United States but could also signal how Congress plans to handle digital asset legislation more broadly.
For now, crypto groups continue to lobby aggressively for a clean vote. They see this as a critical test of whether lawmakers can deliver precise, sector-specific rules without getting mired in unrelated battles. If the bill reaches the House without major changes, supporters believe it stands a strong chance of becoming law before the end of the legislative session.
The next few days will be decisive. Whether the Senate holds the line or allows competing interests to alter the course remains to be seen.
