Crypto Lobby Pushes for Swift Passage of Stablecoin Bill as it Reaches Senate Floor

The GENIUS Act, aimed at establishing clear oversight rules for stablecoins, is advancing to the Senate floor this week. crypto advocacy groups, including the Blockchain Association and Crypto Council for Innovation, are urging lawmakers to prioritize the bill, warning that unrelated amendments could delay long-awaited regulatory clarity.

Citigroup projects the stablecoin market could reach $2 trillion by 2030, underscoring the urgency for structured regulation. Initial Democratic hesitations, linked to concerns over former President Donald Trump’s crypto ties, have waned as support for the bill gains momentum.

The legislation seeks to provide a targeted framework for stablecoin issuance, balancing innovation with consumer protection. Its progression marks a pivotal moment for the crypto industry, which has long sought definitive regulatory guidelines.