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Highlights
- The US Senate is set to vote on a number of amendments for the GENIUS Act.
- An agreement on all issues will see the Senate pass the stablecoin bill before the end of the week.
- Global interest in stablecoins have reached frenetic levels with the US keen on setting the pace.
The US Senate may pass the GENIUS Act by the end of the week if Congressmen reach a consensus on key issues. U.S. senators will deliberate on key amendment proposals to the stablecoin bill that has faced a gale of headwinds from critics.
US Senators To Vote On Stablecoin Bill To Speed Up Processes
According to a report posted on X by US-based cryptocurrency journalist Eleanor Terrett, the GENIUS Act may become law by the end of the week. Terrett notes that US lawmakers are working under the hood to achieve a consensus that will allow the stablecoin bill to scale through the legislative process.
Right off the bat, Terrett says the bill sponsors are negotiating to reach a consent agreement with all lawmakers to allow voting on key issues. If the politicking goes according to plan, the stablecoin bill will sidestep the requirement of the full cloture process.
After a series of setbacks, the Senate advanced the GENIUS Act to undergo amendments after May’s cloture vote. US senators are expected to vote on key issues relating to the bill, including a new disclosure requirement for government officials.
Furthermore, the Senate will vote on a proposal to ban Chinese ownership of stablecoin issuers under the stablecoin bill. Terrett notes that the Senate will decide on a potential amendment to US anti-money laundering rules and the Bank Secrecy Act.
A previous prediction for GENIUS Act passage by Senator Bill Hagerty fell through, blighted by a series of legislative hurdles, including criticisms over conflicts of interest.
Credit Card Competition Act Threatens GENIUS Act Passage
Despite the charted course for GENIUS Act passage by the end of the week, one amendment proposal threatens to derail plans. Senator Dick Durbin is pushing to insert the text of the Credit Card Competition Act (CCCA) into the stablecoin bill, drawing the ire of several lawmakers.
The CCCA, introduced on the House floor in 2023, has failed to pass through the legislative process. The bill seeks to mandate major banks to use a payment network apart from Visa and Mastercard, but an amendment proposal to merge it with the stablecoin bill has generated dissent.
“I would withdraw my support on the Senate floor,” remarked Sen. Thom Tillis, expressing his displeasure over the proposal to merge the GENIUS Act with the CCCA.
Senator Bill Hagerty says the GENIUS Act will improve payments in the US while positioning the US dollar’s global position if passed into law.
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