The post Justin Sun attends $TRUMP dinner, stablecoin bill faces amendments appeared on BitcoinEthereumNews.com.

Homepage > News > Business > Justin Sun attends $TRUMP dinner, stablecoin bill faces amendments U.S. stablecoin legislation is bracing for debate and possible amendments, while crypto critics are annoyed by President Trump’s memecoin dinner guests. On May 21, the U.S. Senate voted 69-31 in favor of proceeding to consideration of the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act. The Act, which aims to regulate ‘payment stablecoins,’ passed a cloture vote on May 19 by a slightly smaller margin, despite largely cosmetic tweaks that some Democrats said had failed to alleviate their concerns about GENIUS’s shortcomings. While debate on the bill might not happen until after the Memorial Day holiday (May 26), GENIUS will also face a flurry of proposed amendments once senators return to work. Precedent suggests few, if any of these amendments will secure enough support to be included in the final version of GENIUS, but that isn’t stopping some senators from trying. Sen. Bill Hagerty (R-TN), a GENIUS co-sponsor, told Bloomberg that “we have a large number of amendments to sort through, and my goal is to make certain that the stablecoin legislation passes and that we avoid a situation where it gets cluttered up or bogged down with a number of amendments that could be unrelated to this … we probably have well over a hundred amendments to evaluate, but we will narrow this down and get through it.” One of these ‘unrelated’ amendments would see GENIUS absorb language from a different bill seeking to reduce credit card swipe fees. The Credit Card Competition Act, a bipartisan effort from Dick Durbin (D-IL) and Roger Marshall (R-KS), has been around for a couple years but never got much traction. Marshall filed an amendment to add the swipe fee language on May 20. Supporters of the credit card bill say including it in GENIUS could help coax reluctant Democrats into voting…

---

Filed under: News - @ May 22, 2025 12:27 pm