What to Know:
- The discussion around a credit-card bill may complicate the Senate’s stablecoin legislation.
- Lobbyists are pushing for focus on regulating stablecoin issuers.
The U.S. Senate is revisiting its stablecoin bill, with advocacy groups urging lawmakers to concentrate on the legislative goal amidst distractions from other proposed legislation.
As the GENIUS Act moves through the Senate, some senators aim to introduce amendments related to the Credit Card Competition Act, which is perceived as an attempt to expand discussions beyond stablecoins.
If the GENIUS Act succeeds, it will represent a milestone as the first significant piece of cryptocurrency regulation passed by the Senate.
The bill aims to create a structured approach to stablecoin oversight, currently spotlighted by the Blockchain Association and other key lobby groups, including DeFi Education Fund and Crypto Council for Innovation. They have called on lawmakers to keep their focus directed toward enhancing stablecoin regulations while proceeding with the amendment process.
In a joint statement, the leaders behind these organizations emphasized the importance of perseverance in the bill’s fundamental purpose.
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For more insights on the implications of this bill’s potential approval: U.S. Stablecoin Bill Approval Could Trigger a Long-Term Crypto Bull Market: Bitwise
Tags:
crypto legislation
stablecoins
u.s. congress
u.s. senate
