U.S. Senate stablecoin bill faces amendment pressure, industry calls for focus

The U.S. Senate’s stablecoin bill, the GENIUS Act, has moved into its final phase of floor discussion, with crypto industry lobbyists encouraging lawmakers to keep attention on its primary objective, according to CoinDesk. Senate Majority Leader John Thune has allowed the bill to be opened for amendments, leading some legislators to attempt adding unrelated measures. One such effort includes attaching the Credit Card Competition Act to the stablecoin bill. Several crypto advocacy organizations—including the Blockchain Association, Crypto Council for Innovation, DeFi Education Fund and the Digital Chamber—issued a joint statement urging the Senate to maintain the bill’s original focus on stablecoin regulation.