Crypto Group Pushes Back to Keep GENIUS Act on Track

Crypto News Regulation

Written by Aaron S.,

Editor-In-Chief

Last Updated: June 03, 2025

Key Takeaways

Crypto lobbying groups urge lawmakers to pass the stablecoin bill, GENIUS Act, without unrelated add-ons;
A proposed amendment on credit card fees may slow progress on the stablecoin bill;
Democratic support for the bill has returned after earlier concerns over Trump’s crypto ties.

Stop overpaying - start transferring money with Ogvio. Sign up, invite friends & grab Rewards now! 🎁

Crypto Group Pushes Back to Keep GENIUS Act on Track

BITDEGREE IN YOUR SOCIAL FEED

Crypto industry groups are urging US lawmakers not to delay a new 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".

The Most Rewarding Play-to-Earn Project? BitDegree Explained (ANIMATED)

Did you know?

Want to get smarter & wealthier with crypto?

Subscribe - We publish new crypto explainer videos every week!

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.