Crypto Advocates Urge Quick Approval of Stablecoin Legislation as It Advances to Senate Floor

Key Takeaways:

• The GENIUS Act is progressing to the Senate floor to create regulations for stablecoin oversight.
• Crypto organizations are urging legislators to maintain the bill’s focus, as unrelated amendments could cause delays.
• Citigroup predicts the stablecoin market may expand to $2 trillion by 2030.

Crypto industry organizations are calling on US lawmakers to move forward with a significant stablecoin bill as it approaches the Senate floor this week, cautioning that unrelated amendments might hinder the long-awaited regulatory clarity.

The Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act is set for Senate discussion, following a procedural approval on May 19.

This legislation aims to create definitive guidelines for stablecoin issuance and regulation, and it is anticipated to garner enough votes to advance to the House.

Crypto Groups Urge Lawmakers to Prioritize Stablecoin Oversight Bill

A coalition of crypto advocacy groups, including the Blockchain Association, Crypto Council for Innovation, Digital Chamber, and DeFi Education Fund, released a joint statement on June 2, urging lawmakers to focus on the bill’s “targeted and comprehensive approach to stablecoin oversight” as it navigates potential amendments.

Following initial Democratic reluctance due to concerns regarding former President Donald Trump’s connections to crypto, including a family-supported stablecoin initiative, backing for the bill has gained momentum in recent weeks.

Nonetheless, the legislation encounters a new challenge: a proposed amendment concerning credit card fees.

Senators Dick Durbin and Roger Marshall are advocating for the inclusion of the Credit Card Competition Act (CCCA), which would compel networks such as Visa and Mastercard to compete on the fees they charge merchants.

This initiative is strongly opposed by banks and card companies, who contend it constitutes government overreach.

Crypto proponents are concerned that the contentious amendment could impede progress.

“Unacceptable,” is how James Czerniawski of Americans for Prosperity characterized the proposal, noting that it would negatively impact consumer access to credit.

Today, the leaders of the four major 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

— Blockchain Association (@BlockchainAssn) June 2, 2025

Other proposed amendments include stricter disclosure requirements for government officials holding stablecoins, limitations on foreign and Chinese ownership of stablecoin issuers, provisions addressing Trump family involvement in crypto, and updates to Bank Secrecy Act and Anti-Money Laundering regulations.

Without agreement on these amendments, procedural delays could postpone final Senate approval until the week of June 9, according to journalist Eleanor Terrett.

Stablecoin Market to Surge 10x to $2 Trillion by 2030

Citigroup has forecast a significant increase in the stablecoin market, estimating that its total market capitalization could rise from nearly $240 billion today to over $2 trillion by 2030.

The forecast indicates that the growth in adoption will be fueled by regulatory advancements and heightened interest from both financial institutions and the public sector.

According to the banking giant, stablecoin supply could reach $1.6 trillion by the decade’s end under its base-case scenario, while a more optimistic projection estimates the figure at $3.7 trillion.

As reported, the number of active stablecoin wallets has increased by over 50% in the past year, indicating rising adoption and engagement within the digital asset ecosystem.

The post Crypto Lobby Pushes for Swift Passage of Stablecoin Bill as it Reaches Senate Floor appeared first on Cryptonews.