WASHINGTON—The Senate Tuesday night passed the GENIUS Act, which establishes clear guidelines for stablecoin issuers.
The vote was 68-30.
As CUToday.info reported, the GENIUS Act advanced in the Senate last week without two amendments that were strongly opposed by America’s Credit Unions and the Defense Credit Union Council: Sen. Roger Marshall (R-KS) failed in his attempt 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%.
“DCUC applauds the U.S. Senate for passing the GENIUS Act without the inclusion of any harmful amendments like the Durbin-Marshall interchange proposal,” said DCUC Chief Advocacy Officer Jason Stverak. “From day one, we recognized the danger of hijacking innovative legislation with poison pill provisions that would harm credit unions and limit access to credit for service members and working families. This victory is not because of one organization, and DCUC is proud of the role we played working with other trade associations and our members in this effort. Our letters, statements, and outreach to congressional leaders made clear that the GENIUS Act should move forward on its own merits, not be weaponized as a vehicle for failed policy ideas.”
America's Credit Unions thanked the Senate for passing a clean GENIUS Act.
“Keeping poison pill amendments out of the bill protects consumers, small businesses, and financial institutions,” said ACU President and CEO Jim Nussle. “Credit unions are here to strengthen Main Street, and we appreciate that senators said 'no' to Senators Marshall’s and Hawley’s unrelated and unproductive amendments that did not go through proper consideration in the standard legislative process. We urge the House to pass the companion STABLE Act without any amendments. As a clean bill, this will allow consumers to enter the digital era of currency and credit unions interested in providing these services will be able to meet their members' needs. We appreciate Congress for recognizing the need for parity among financial institutions in this space.”
As the GENIUS Act passes the Senate and the House advances its Clarity Act, one thing is abundantly clear, Stverak said: the payments sector of the American economy is undergoing rapid transformation.
“Credit unions must not only be prepared for this evolution—they must lead it,” Stverak said. “Whether through real-time payments, digital wallets, or tokenization, consumers will increasingly rely on new tools to access the economy. If credit unions fail to provide these solutions, members will go elsewhere. The Defense Credit Union Council has urged all credit unions to recognize this changing landscape and ensure their members have full access to every financial tool available. This is not just a matter of competitiveness—it’s a matter of mission.”