Key Takeaways
- Sponsors of the GENIUS Act aim for bipartisan support with new amendments.
- Fairshake, a crypto-focused super PAC, is increasing pressure for faster regulation.
- The stablecoin bill failed to secure majority support in its first Senate vote.
The Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, a highly anticipated U.S. stablecoin bill, is preparing for a second Senate vote amid increasing lobbying efforts and strategic amendments designed to win bipartisan approval.
This time, sponsors are working to build bipartisan support by introducing several amendments aimed at easing political concerns.
You’ll Want To See This
GENIUS Act Returns to Senate
According to a report from Crypto in America , the bill’s sponsors hope the newly revised bill will attract broader support, potentially enabling unanimous consent on the Senate floor.
The bill’s initial failure largely stemmed from Democratic opposition and concerns over the scope of regulatory measures.
Among the proposed amendments is a measure from Republican Senator Tommy Tuberville, who advocates for a ban on ownership of stablecoin issuers by Chinese entities and other foreign adversaries.
Democratic Senator Adam Schiff has prioritized transparency, pushing for new disclosure requirements specifically for government officials holding stablecoins.
Meanwhile, Republican Senator Mike Lee is pushing reforms to the Bank Secrecy Act and anti-money laundering (AML) regulations to better align with the evolving crypto landscape.
While the bill initially struggled to gain traction, these changes reflect an effort to balance national security, transparency, and innovation — key concerns from both sides of the aisle.
Fairshake PAC Steps Up Pressure for Clearer Crypto Rules
As legislative sponsors rally to refine the GENIUS Act, the crypto industry’s political arm, Fairshake Super PAC, is ramping up pressure for swift passage.
Funded by major players in the crypto industry, Fairshake has played a significant role in the 2024 U.S. elections, backing candidates supportive of crypto innovation and regulation.
The PAC’s associated nonprofit, Cedar Innovation Foundation, recently published a survey revealing broad public support for new crypto regulations.
The data showed that 58% of voters believe existing financial rules do not adequately address crypto, while 74% want clear federal guidelines to protect consumers and foster innovation.
Support for new legislation cuts across party lines, with 61% favoring federal crypto laws overall.
With the public and industry pushing for clarity, Fairshake’s efforts are adding a new layer of momentum to the push for crypto-friendly policies.
Looking Ahead: Can the GENIUS Act Bridge Partisan Divides?
The GENIUS Act’s return to the Senate comes at a pivotal moment for the crypto sector.
The combination of strategic amendments and heightened industry advocacy could prove decisive in bridging partisan divides that stalled the bill’s initial progress.
Lawmakers will need to balance concerns about national security, consumer protection, and innovation while addressing political sensitivities surrounding crypto’s high-profile supporters.
The outcome will likely shape the U.S. regulatory landscape for stablecoins and digital assets for years to come.
Was this Article helpful?
