WASHINGTON—The Senate was expected to meet Monday on the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, S. 1582, and both America’s Credit Unions and the Defense Credit Union Council are fighting two pending “poison pill” amendments offered for consideration.
As CUToday.info has reported, Sen. Roger Marshall (R-KS) offered an amendment to the GENIUS Act with the text of his previously introduced Big Box Bailout bill—a measure 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. The second amendment offered by Sen. Josh Hawley (R-MO) would cap credit card interest rates at 10%.
“We are very focused on the GENIUS act this week and we are continuing our efforts to push back against any poison pill amendments being added to that piece of legislation,” said ACU Chief Advocacy Officer Carrie Hunt.
Hunt said ACU is pressing hard for the exclusion of both amendments, particularly Marshall’s legislation.
“Our advocacy has been consisting of individual meetings with senators,” explained Hunt. “Also our league partners and many of our credit union members have been sending specific letters and messages to (the Senate). Some credit unions are doing broader grassroots efforts. We certainly believe that it's important to continue to message why this legislation will be incredibly negative for our members.”
Hunt reminded that America's credit unions supports a federal standard for issuing stablecoins.
DCUC Chief Advocacy Officer Jason Stverak said his organization has continued its “aggressive” opposition of Marshall’s legislation.
“We reached out to multiple senators over the weekend and this morning on this issue,” he said Monday. “Our members have been mobilized for the past few weeks—sending in letters to their senators opposing the Credit Card Competition Act and opposing its inclusion into the GENIUS Act.”