Senate moves GENIUS Act closer to floor vote without ‘poison pills’

The Senate voted 68-30 to move forward on the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act (S. 1582) Wednesday, leaving out two “poison pill” amendments that America’s Credit Unions, leagues, and credit unions fought to exclude. The move limits debate to no more than 30 hours and ensures no additional amendments can be added. The chamber would then vote to advance the bill to the Senate floor without those amendments.  

Sen. Roger Marshall, R-Kan., attempted to add his Big Box Bailout bill to the legislation, which would mandate the use of third-party payment networks.

America’s Credit Unions President/CEO Jim Nussle published an op-ed against the amendment and shared the op-ed with Senate staff. Chief Advocacy Officer Carrie Hunt also urged members to contact senators to stop Marshall's “hotline” attempt to attach the amendment by unanimous consent.

Sen. Josh Hawley, R-Mo., offered an amendment capping credit card interest rates at 10%, which was also kept out of consideration.

The Senate is expected to take the bill up for a floor vote in the next few days.