As the U.S. Senate enters the final stages of debating the GENIUS Act, a bill aimed at regulating stablecoin issuers, leading crypto industry groups are calling on lawmakers to avoid distractions and keep the focus on the bill’s core mission.
Credit Card Amendment Threatens to Derail Focus
A new wrinkle has emerged in the debate: an attempt to attach the Credit Card Competition Act to the stablecoin legislation as an amendment. This move has raised concerns that the stablecoin bill could become bogged down by unrelated policy debates.
“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,” stated a joint message from top advocacy organizations.
The letter was signed by the Blockchain Association, Crypto Council for Innovation, DeFi Education Fund, and Digital Chamber, underscoring industry-wide unity on the issue.
GENIUS Act Holds Bipartisan Momentum
The Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act already passed through the Senate Banking Committee and an earlier test vote with bipartisan support. The legislation aims to provide clear oversight of stablecoins such as Tether’s USDT and Circle’s USDC, which are digital tokens pegged to the U.S. dollar.
This could become the first major piece of crypto legislation to successfully pass through the Senate.
However, Democratic concerns have emerged, linking the bill to the crypto interests of former President Donald Trump, which may complicate its path to full approval.
Senate Leader Opens Floor to Amendments
Senate Majority Leader John Thune has allowed more than 50 amendments to be submitted during the final debate, increasing the risk that unrelated measures could dilute or derail the bill’s focus.
Despite this, analysts remain optimistic. Capital Alpha Partners gives the GENIUS Act a 60–65% chance of becoming law this year, though they estimate only a 10–15% chance for the unrelated credit card initiative.
Next Steps: House Approval Still Needed
Even if the GENIUS Act clears the Senate, it must still gain approval from the House of Representatives, where lawmakers could introduce their own changes. Still, passage in the Senate would be a historic breakthrough for crypto regulation in the U.S.
A clear, focused approach to stablecoin oversight could bring long-term market stability and investor confidence.