Encryption lobbying groups urge the Senate to quickly pass the GENIUS Act.

Gate News bot news, the U.S. stablecoin regulatory bill “Guidance and Establishment of the American Stablecoin Innovation Act” (GENIUS Act) could be passed in the Senate as early as this week. The Senate conducted a procedural vote on May 19, and the bill appears to have garnered enough votes to be submitted for consideration in the House.

Multiple cryptocurrency lobbying organizations, including the Blockchain Association, Crypto Council for Innovation, Digital Chamber, and DeFi Education Fund, have stated that they are ready to help lawmakers maintain “positive momentum” to ensure the bill can be submitted for consideration in the House.

These organizations stated in a joint statement on June 2: “As the amendment process of the bill continues to advance, we sincerely urge lawmakers to remain committed to its core objective: to provide a targeted and comprehensive approach to stablecoin regulation.”

It is worth mentioning that the legislation for this stablecoin may now be stalled due to an unrelated amendment regarding credit card fees.

According to a report by Politico on June 2, Senators Dick Durbin and Roger Marshall want to combine their “swipe fee” bill - the Credit Card Competition Act (CCCA) - with the stablecoin bill. The amendment would force payment networks such as Visa, Mastercard, and American Express to compete on the transaction processing fees they charge merchants.

The GENIUS bill may soon be submitted for Senate debate, as cryptocurrency lobbyists urge senators to quickly pass the bill, since proposed amendments regarding credit card fees could delay the legislation.

Source: Cointelegraph