GENIUS Act Negotiations Heat Up in Senate Ahead of Potential Vote
Senators return from recess aiming to pass stablecoin legislation this week
Welcome to the Monday edition of the Crypto In America newsletter!
What you’ll read: The Senate is gearing up for a potential vote on the GENIUS Act as amendment negotiations heat up, a new poll adds pressure on lawmakers to act quickly, and we take a look at what else is happening in D.C. this week.
The Senate returns to work Monday with a 5:30 PM EST vote on one of Trump’s Defense Department nominees, but the real focus will be behind the scenes, where lawmakers are working to advance the bipartisan GENIUS Act — stablecoin legislation that GOP leaders are hoping will pass the Senate this week.
Sources familiar with the proceedings say sponsors of the bill are working to reach a unanimous consent agreement that would allow for votes on a series of amendments without going through the full cloture process.
That package would include the bipartisan stablecoin framework, and could also incorporate several related proposals: new disclosure requirements for government officials holding stablecoins (a priority for Democratic Sen. Adam Schiff of California); a ban on Chinese and foreign adversary ownership of stablecoin issuers (pushed by Republican Sen. Tommy Tuberville of Alabama); and reforms to the Bank Secrecy Act and anti-money laundering rules, backed by Republican Sen. Mike Lee of Utah. Top Democrat on the Senate Banking Committee, Sen. Elizabeth Warren, is also expected to push for some amendments.
Perhaps the biggest one to watch is the Credit Card Competition Act from Sens. Roger Marshall (R-KS) and Dick Durbin (D-IL) — a controversial measure strongly opposed by banks and card networks that could reshape the credit card industry by forcing greater competition among payment processors. Marshall is reportedly insisting on a vote, a move that has the potential to derail a broader agreement. Sen. Thom Tillis of North Carolina has already warned he would withdraw his support for the GENIUS Act if the CCCA is attached.
If all sides can come to an agreement, the Senate could move quickly — with votes on the bipartisan deal and other amendments, followed by limited debate and final passage of the GENIUS Act potentially before the end of the week. If no agreement is reached, procedural hurdles will likely slow things down and potentially push final passage into the week of June 9.
As always with the upper chamber, timelines can shift quickly if there’s unanimous consent — but as of now, Senate staffers tell Crypto In America the path forward remains “fluid.”
New Poll Shows Strong Voter Support for Crypto Legislation
A new poll from the nonprofit Cedar Innovation Foundation, linked to the Fairshake super PAC, is ramping up pressure on lawmakers to move quickly on crypto legislation. The survey of 1,825 registered voters across 20 highly competitive Congressional districts, conducted by Change Research, shows overwhelming support for Congress to enact new laws tailored specifically to digital assets.
Some top-line numbers:
58% of voters say existing financial regulations don’t cut it when it comes to crypto — just 15% think current laws (meant for stocks and bonds) are appropriate.
74% want Congress to create “clear rules of the road” that both protect consumers and encourage innovation.
61% support new federal crypto laws, with support across party lines:
Democrats: 71% support / 5% oppose
Independents: 56% support / 12% oppose
Republicans: 51% support / 20% oppose
Support is especially strong among:
Young men (18–34): 52% support new crypto laws
Voters of color: 55% want Congress to act
The poll covered districts like CA-45, NY-03, TX-34, and VA-07, signaling that lawmakers in tight races may feel the heat from constituents who want clarity on crypto.
CIF spokesman Josh Vlasto called the findings ‘a clear mandate’ and warned that the momentum from the 2024 election — during which Fairshake and its affiliates raised over $170 million to support pro-crypto candidates — hasn’t faded.
“With strong support from Democrats, and key constituencies like young men and voters of color, these results demonstrate the feeling across the country and on Capitol Hill that this issue isn’t unique, but is a top concern for many Americans,” he said. “Congress needs to act now.”
Worth watching: Whether this new data nudges movement on the GENIUS Act this week.
What’s Happening In Washington This Week?
As noted, the House and Senate are back from recess this week, with a couple of important events on the docket.
Tuesday
2:30PM EST — the Senate Appropriations Committee will hold a hearing to examine the Securities and Exchange Commission’s FY2026 budget request, with testimony from Chair Paul Atkins. The agency has requested $2.15 billion for the fiscal year 2026, maintaining the current funding level.
Wednesday
10:00AM EST — the House Financial Services Committee will hold a hearing on the text of its crypto market structure bill, the CLARITY Act, introduced last week.
Witnesses include:
Mr. Elad Roisman, Partner, Cravath, Former SEC Commissioner, Washington, D.C.
Mr. Vivek Raman, Founder, Etherealize, New York, NY
The Honorable Rostin "Russ" Behnam, Distinguished Fellow, Psaros Center for Financial Markets & Policy, Georgetown University and Former Chairman, U.S. CFTC, Washington, D.C.
Ms. Katherine Minarik, Chief Legal Officer, Uniswap Labs, New York, NY
Friday
8:30AM EST — the Bureau of Labor Statistics releases its monthly jobs report for May.
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