There is a new development in the GENIUS bill that will determine the fate of Cryptocurrencies in the USA!

According to crypto journalist Eleanor Terrett, the US Senate went to a vote to open discussions on the GENIUS Act.

This important bill regarding stablecoin regulation advanced with a majority of 66 to 32 in the preliminary vote held on Monday. The vote this morning was also accepted with broad support of 69 to 31.

With the official discussion process of the law beginning, a challenging amendment process is now starting. Republican and Democratic senators are lining up to make various additions to the bill. Among the proposed amendments are; ethical regulations regarding the Trump family's crypto connections, Texas Senator Ted Cruz's proposal to ban Central Bank Digital Currency (CBDC), and some language improvements related to combating money laundering.

The most striking move came from Kansas Senator Roger Marshall. Marshall proposed an amendment to add the entire "Credit Card Competition Act," which aims to increase competition in the credit card market by requiring large banks to support at least two payment networks, to the GENIUS bill. This law, which could not pass independently before, is now attempting to be passed in a "sticky" manner to the high-priority stablecoin bill.

However, objections to this move are also coming. North Carolina Senator Thom Tillis clearly stated that he would withdraw his support if the CCCA is added to the bill. On the other hand, the American Bankers Association (ABA) is also reacting strongly. The Association's CEO Rob Nichols described the change as a "toxic substance" and argued that it would lead to consumers losing their card rewards and an increase in fraud risks. Nichols called on crypto advocates to stand with the banks against this addition.

The final version of the GENIUS law and whether it will pass will become clear with the intense negotiations and votes to be held in the coming days.