US EditionCrypto Lobbyists Urge U.S. Senators to Dodge Distraction in Stablecoin Debate
- U.S. Senate crypto lobbyists urged senators in early June 2025 to focus on passing the GENIUS Act, a bill regulating stablecoin issuers amid increasing amendments.
- The push follows debates over the bill's failures to prevent illicit use and stablecoin runs, with critics comparing it to the risky 2000 Commodity Futures Modernization Act.
- Key concerns include too high reserve thresholds, a lack of federal oversight for state-licensed issuers, and risks posed by foreign stablecoins like Tether potentially circumventing regulation.
- James Czerniawski stated the proposed amendments "undermine Americans' access to credit," while analysts estimate the GENIUS Act has a 60-65% chance of passing but linked credit card fee amendments might complicate that outcome.
- If enacted, the bill could enhance regulatory clarity for stablecoins but faces roadblocks from unrelated credit card legislation, risking delayed passage and uncertain impacts on financial innovation and security.
18 Articles
18 Articles
Crypto Lobbyists Urge U.S. Senators to Dodge Distraction in Stablecoin Debate
The U.S. Senate's stablecoin bill is heading back into the final days of floor debate, and the crypto industry's Washington lobbyists are calling for senators to stay focused on the task even as other legislative efforts muscle into the debate.If the bill clears those potential obstacles and passes this week, it'll mark the first time a major piece of crypto legislation has cleared the Senate.The Guiding and Establishing National Innovation for …
CoinStats - Will Crypto Lobby Get Its Way? Senate Faces S...
The US cryptocurrency industry is launching its most vigorous lobbying push to date as the Senate weighs a historic vote on the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act — a 15-page bill that would bring much anticipated federal regulations to the $150 billion stablecoin market. The stakes are high: if enacted, it will be the first significant crypto law to make it to the Senate, setting a precedent for regulat…
Paul Krugman denounces the stables as useless and dangerous, claiming that they are only used to circumvent regulation and facilitate criminal activity via anonymity. He compares these assets to 19th-century wildcat banks, stressing the systemic risk they would pose in the event of widespread panic or mass withdrawals. According to him, the GENIUS Act, which is being adopted in the United States, would legitimize a "criminal enterprise", influen…
Opposition Mounts to The Durbin Marshall Amendment - Digital Transactions
Airlines, airline unions, and commercial aircraft manufacturers sent a letter to Congress late Monday voicing their opposition to attaching the Durbin Marhsall credit card amendment to the GENIUS Act, a bill to regulate stablecoins. The letter states that attaching the Durbin Marshall amendment to the GENIUS Act would impose “onerous, unnecessary regulations on business-to-business credit card transactions” and “negatively impact” consumers with…
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