A major U.S. stablecoin bill is headed for Senate debate this week, and top crypto lobbying groups are urging lawmakers to maintain focus as potential amendments threaten to derail its progress.
Leading industry groups — including the Blockchain Association, Crypto Council for Innovation, Digital Chamber, and the DeFi Education Fund — issued a joint statement on June 2, calling on lawmakers to stay committed to the bill’s core objective: a clear and comprehensive framework for stablecoin regulation.
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
— Blockchain Association (@BlockchainAssn) June 2, 2025
“As the bill continues through the amendment process, we respectfully urge lawmakers to remain committed to its central goal,”
the groups stated, emphasizing the need to avoid distractions that could derail months of progress.
The Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, aimed at establishing a framework for US stablecoins, advanced through a Senate vote on May 19, paving the way for a potential House passage. With bipartisan support, its backers are hopeful, though last-minute political moves could impede progress. The bill recently regained support from some Democrats who had previously expressed concerns over former President Trump’s crypto affiliations, including a stablecoin linked to a platform backed by the Trump family.
However, the legislation now faces turbulence from an unrelated proposal. Senators Dick Durbin (D-IL) and Roger Marshall (R-KS) are pushing to attach their Credit Card Competition Act (CCCA) to the stablecoin bill, Politico reported on June 2. The measure would force major payment processors like Visa and Mastercard to compete on merchant fees — a move strongly opposed by banks and card networks, who call it government overreach.
Crypto advocates fear the amendment could bog down the GENIUS Act and shift attention away from the core issue. James Czerniawski of Americans for Prosperity slammed the proposal last month, calling it “bad policy” that threatens consumer access to credit.
Crypto journalist Eleanor Terrett noted that without consensus on the amendments, the final vote could be delayed until the week of June 9 as lawmakers face procedural barriers.
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