Crypto Lobby Pushes Senate to Pass Stablecoin Bill, Threatening Roadblock from Credit Card Fees

The US Senate is on the verge of passing a stablecoin bill, and key players in the crypto industry are urging lawmakers to prioritize its swift passage. The Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act is likely to gain momentum in the Senate this week after gaining enough votes to proceed to the House. However, a potential roadblock could emerge from an unrelated amendment about credit card fees. Senators Dick Durbin and Roger Marshall have proposed attaching their Credit Card Competition Act (CCCA), which forces payment networks like Visa, Mastercard, and American Express to compete on transaction fees charged to merchants. This has sparked fierce opposition from banks and card networks, who argue against government intervention in the market.