WASHINGTON—On Wednesday, the Senate voted 68-30 to advance the GENIUS Act without two amendments that were strongly opposed by America’s Credit Unions and the Defense Credit Union Council.
The GENIUS Act establishes clear guidelines for stablecoin issuers.
As CUToday.info has reported, Sen. Roger Marshall (R-KS) attempted to add his Credit Card Competition Act to the legislation, which would mandate the use of third-party payment networks. Sen. Josh Hawley (R-MO) offered an amendment capping credit card interest rates at 10%.