WASHINGTON--Vice President J.D. Vance this week stated he supports the Senate passing a clean version of the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act (S. 1582) without any amendments, America's Credit Unions reported.
“We’re optimistic that the Senate is able to move quickly on passing a clean GENIUS Act and for the House to follow-up and do the same,” Vance said at the Bitcoin 2025 Conference this week.
As CUToday.info reported, Sen. Roger Marshall (R-KS) offered an amendment with the text of his previously introduced Big Box Bailout bill, which is strongly opposed by credit unions. It would mandate the use of third-party credit card payment networks without requiring the same level of cybersecurity protection and infrastructure currently in place.
Vance co-sponsored the Big Box Bailout bill as a Senator in the last Congress, ACU noted.
Sen. Josh Hawley (R-MO), offered an amendment to cap credit card interest rates at 10%.
America’s Credit Unions and the Defense Credit Union Council have each written letters in opposition to the “poison pill” amendments.
The Senate begins consideration of the stablecoin bill when it returns to Washington, next week. The amendment process is currently open; Senate leadership has not yet indicated what amendments will be allowed, ACU noted.