Crypto lobbying groups are rallying behind the GENIUS Act as it barrels toward a critical Senate vote this week, with top advocacy groups calling on lawmakers to focus on passing the bill which could grant the U.S their long-awaited regulatory clarity.
Hopes are high, as the supporters are hoping for the act to be passed as soon as this week.
It also seems that the bill already has enough votes to pass to the House after the Senate moved the bill forwards in a procedural vote on May 19.
Many crypto groups have also stood behind the bill, vowing to help lawmakers maintain the positive momentum to get the bill before the House.
"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."
Many democrats have also showed their support for the bill after initial skepticism, citing concerns over president Donald Trump's ties to crypto, including his family's crypto platform launching a stablecoin.
But now the stablecoin legislation faces a new roadblock after Senators Dick Durbin and Roger Marshall's voiced their decision to attach their "swipe fee" legislation, the Credit Card Competition Act (CCCA), to the stablecoin bill.
The amendment would force payment networks like Visa, Mastercard, and American Express to compete on fees they charge merchants for processing transactions.
The amendment would force Visa and Mastercard to compete on merchant fees—a move fiercely opposed by banks and card networks, who argue it amounts to government overreach.
James Czerniawski from the libertarian group Americans for Prosperity have expressed his dissatisfaction with this move, saying the changes are unacceptable and the proposed amendments were a bad policy which undermines Americans' access to credit.
On top of this amendment, crypto advocates are also worried that there might be other amendments that could affect the progress of the bill being passed.
This includes enhanced disclosure rules for government officials, foreign ownership restrictions, and updates to anti-money laundering rules, could bog down the process and delay final passage.
Crypto journalists also said that these amendments could also jeopardise the future of the bill.
"If no agreement is reached, procedural hurdles will likely slow things down and potentially push final passage into the week of June 9."
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