The crypto lobby is urging the Senate to pass the stablecoin bill without debate to avoid potential delays caused by amendments. Here’s the background and details:
Bill Overview: The “Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act” aims to create a legal framework for the legitimate use of stablecoins in the US. It requires that all stablecoins be fully backed by the US dollar or short – term US bonds, with issuers required to publicly disclose the composition of their reserves monthly and subject to third – party audits. Larger issuers with a market capitalization of over $10 billion will be directly regulated by the Federal Reserve, while smaller issuers can choose a state – level license but must be “substantially compliant.”
Recent Developments: The bill has seemingly gathered enough votes to pass to the House after the Senate advanced it in a procedural vote on May 19. However, on June 2, it was reported that some senators intended to amend the bill. For example, Dick Durbin and Roger Marshall want to attach the “swipe fee” legislation, the Credit Card Competition Act, to the stablecoin bill. Other proposed amendments include new disclosure requirements for government officials holding stablecoins, measures to prevent ties between the Trump family and crypto, bans on Chinese and foreign ownership of stablecoin issuers, and reforms to the Bank Secrecy Act and anti – money – laundering rules.
Lobbyists’ Plea: On June 2, crypto lobbying groups such as the Blockchain Association, the Crypto Council for Innovation, the Digital Chamber, and the DeFi Education Fund jointly stated that they are ready to help lawmakers maintain “positive momentum” to get the bill to the House. They respect fully urge lawmakers to remain committed to the bill’s central goal of providing a targeted and comprehensive approach to stablecoin oversight, hoping that the Senate will focus on passing the bill without being distracted by amendments.
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