On June 3rd, the U.S. Senate is set to debate the stablecoin regulation bill titled 'Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act'. Crypto lobbying groups are urging senators to pass the bill quickly, as a proposed amendment regarding credit card fees might delay the legislation. The bill has already passed a procedural vote in May and is expected to obtain sufficient votes to pass the Senate and be submitted to the House of Representatives this week.
Crypto organizations including Blockchain Association, Crypto Council for Innovation, Digital Chamber, and DeFi Education Fund issued a joint statement, emphasizing that the bill's core objective is to provide a comprehensive solution for stablecoin regulation and calling on legislators to maintain momentum for its advancement. (Cointelegraph)
