Crypto Lobby Goes Full Court Press as Stablecoin Bill Hits Senate—Will It Fly or Flop?
Crypto’s power players are leaning hard on DC—again—as the long-debated stablecoin bill finally reaches the Senate floor. Lobbyists want it fast-tracked, but Wall Street’s old guard is already sharpening their knives. Here’s the play-by-play.
Why the rush? Stablecoins are the Trojan horse of crypto adoption—regulated enough to placate skeptics, but still decentralized enough to matter. The industry smells blood in the water after last year’s regulatory pile-on.
The bill’s fate? Could go either way. Senators love blockchain in theory—until they realize it might cut their banking buddies out of the loop. Meanwhile, TradFi execs are suddenly ’very concerned about systemic risk’ (translation: their 30% profit margins).
One thing’s certain: if this passes, the floodgates open. If it fails? Another decade of US regulators playing whack-a-mole with innovation while Singapore eats their lunch. Place your bets—the Senate’s about to show its hand.
Crypto Groups Urge Lawmakers to Prioritize Stablecoin Oversight Bill
Several crypto advocacy organizations, the Blockchain Association, Crypto Council for Innovation, Digital Chamber, and DeFi Education Fund, issued a joint statement on June 2, calling on lawmakers to prioritize the bill’s “targeted and comprehensive approach to stablecoin oversight” as it advances through potential amendments.
After initial Democratic hesitation due to concerns over former President Donald Trump’s crypto ties, including a family-backed stablecoin initiative, support for the bill has strengthened in recent weeks.
However, the legislation faces a new hurdle: a proposed amendment on credit card fees.
Senators Dick Durbin and Roger Marshall are pushing to attach the Credit Card Competition Act (CCCA), which would force networks like Visa and Mastercard to compete on swipe fees charged to merchants.
The MOVE is strongly opposed by banks and card companies, who argue it represents government overreach.
Crypto advocates fear the controversial amendment could derail progress.
“Unacceptable,” is how James Czerniawski of Americans for Prosperity described the proposal, adding that it would harm consumer credit access.
Today, the executives of the four leading digital asset industry groups jointly issued the following statement on the GENIUS Act.
Read below@BlockchainAssn @crypto_council @DigitalChamber @Fund_defi pic.twitter.com/L7I25AZgdO
Additional proposed amendments include enhanced disclosure rules for government officials holding stablecoins, restrictions on foreign and Chinese ownership of stablecoin issuers, provisions addressing TRUMP family crypto involvement, and updates to Bank Secrecy Act and Anti-Money Laundering regulations.
Without consensus on these amendments, procedural delays could push final Senate passage into the week of June 9, according to journalist Eleanor Terrett.
Stablecoin Market to Surge 10x to $2 Trillion by 2030
Citigroup has projected a dramatic rise in the stablecoin market, forecasting that its total market capitalization could soar from nearly $240 billion today to over $2 trillion by 2030.
The prediction says the growth in adoption would be driven by regulatory developments and increased interest from both financial institutions and the public sector.
According to the banking giant, stablecoin supply could reach $1.6 trillion by the end of the decade under its base-case scenario, while a more optimistic outlook places the figure at $3.7 trillion.
As reported, the number of active stablecoin wallets has surged by over 50% in the past year, reflecting growing adoption and engagement within the digital asset ecosystem.
