According to cryptocurrency journalist Eleanor Terrett, the US Senate has voted to open the GENIUS Act for discussion. This landmark stablecoin regulation bill advanced with a 66-32 majority in a preliminary vote on Monday, and was passed with broad support in this morning’s vote of 69-31. With the bill now moving into the formal debate phase, the difficult process of amendments begins. Republican and Democratic senators are lining up to add various additions to the bill. The proposed changes include ethics regulations regarding the Trump family’s crypto connections, Texas Senator Ted Cruz’s proposed ban on the Central Bank Digital Currency (CBDC), and some language improvements regarding combating money laundering. Related News: 50-year Veteran Analyst Peter Brandt Reveals What He Expects After Bitcoin's Record: He Gives a Price and Date for the Peak The most notable move came from Kansas Senator Roger Marshall, who introduced an amendment to add the entire “Credit Card Competition Act” (CCCA), which was introduced in 2023 and aims to increase competition in the credit card market by requiring major banks to support at least two payment networks, to the GENIUS bill. The bill, which previously failed to pass on its own, is now attempting to be “glued” to the higher-priority stablecoin bill. However, there are objections to this move. North Carolina Senator Thom Tillis has made it clear that he will withdraw his support if the CCCA is added to the bill. On the other hand, the American Bankers Association (ABA) is also reacting strongly. The association’s CEO Rob Nichols called the change a “toxic bill,” arguing that it will result in consumers losing their card rewards and increase the risk of fraud. Nichols called out crypto advocates and urged them to side with banks against this addition. The final version of the GENIUS law and whether it will pass or not will become clear through intense negotiations and votes in the coming days. *This is not investment advice. Continue Reading: New Development in GENIUS Bill That Will Determine the Fate of Cryptocurrencies in the US
