Crypto Lobby Pushes for Swift Passage of Stablecoin Bill as it Reaches Senate Floor

Key Takeaways:

• The GENIUS Act is advancing to the Senate floor to establish stablecoin oversight rules.
• Crypto groups urge lawmakers to keep the bill focused, as unrelated amendments threaten delays.
• Citigroup forecasts the stablecoin market could grow to $2 trillion by 2030.

Crypto industry groups are urging US lawmakers to advance a landmark stablecoin bill as it heads to the Senate floor this week, warning that unrelated amendments could derail long-awaited regulatory clarity.

The Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act is poised for Senate debate, following a procedural green light on May 19.

The measure, which would establish clear rules for stablecoin issuance and oversight, is expected to have sufficient votes to move to the House.

Several crypto advocacy organizations, the Blockchain Association, Crypto Council for Innovation, Digital Chamber, and DeFi Education Fund, issued a joint statement on June 2, calling on lawmakers to prioritize the bill’s “targeted and comprehensive approach to stablecoin oversight” as it advances through potential amendments.

After initial Democratic hesitation due to concerns over former President Donald Trump’s crypto ties, including a family-backed stablecoin initiative, support for the bill has strengthened in recent weeks.

However, the legislation faces a new hurdle: a proposed amendment on credit card fees.

Senators Dick Durbin and Roger Marshall are pushing to attach the Credit Card Competition Act (CCCA), which would force networks like Visa and Mastercard to compete on swipe fees charged to merchants.

The move is strongly opposed by banks and card companies, who argue it represents government overreach.

Crypto advocates fear the controversial amendment could derail progress.

“Unacceptable,” is how James Czerniawski of Americans for Prosperity described the proposal, adding that it would harm consumer credit access.

Today, the executives of the four leading digital asset industry groups jointly issued the following statement on the GENIUS Act.

Read below@BlockchainAssn @crypto_council @DigitalChamber @Fund_defi pic.twitter.com/L7I25AZgdO

Additional proposed amendments include enhanced disclosure rules for government officials holding stablecoins, restrictions on foreign and Chinese ownership of stablecoin issuers, provisions addressing Trump family crypto involvement, and updates to Bank Secrecy Act and Anti-Money Laundering regulations.

Without consensus on these amendments, procedural delays could push final Senate passage into the week of June 9, according to journalist Eleanor Terrett.

Citigroup has projected a dramatic rise in the stablecoin market, forecasting that its total market capitalization could soar from nearly $240 billion today to over $2 trillion by 2030.

The prediction says the growth in adoption would be driven by regulatory developments and increased interest from both financial institutions and the public sector.

According to the banking giant, stablecoin supply could reach $1.6 trillion by the end of the decade under its base-case scenario, while a more optimistic outlook places the figure at $3.7 trillion.

As reported, the number of active stablecoin wallets has surged by over 50% in the past year, reflecting growing adoption and engagement within the digital asset ecosystem.

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