Key Takeaways:
The GENIUS Act is progressing to the Senate floor to create regulations for stablecoin oversight.
Industry groups are urging legislators to maintain the bill’s focus, as unrelated amendments pose risks of delays.
Citigroup anticipates that the stablecoin market size could expand to $2 trillion by 2030.
As a pivotal stablecoin bill prepares to reach the Senate floor this week, crypto advocacy groups are pressing US lawmakers to endorse it. They caution that the introduction of unrelated amendments could hinder the long-awaited clarity in regulations.
The Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act is slated for discussion in the Senate after receiving procedural approval on May 19.
With the potential to establish clear guidelines for the issuance and regulatory oversight of stablecoins, the bill is anticipated to gather enough support to advance to the House.
Crypto Groups Urge Lawmakers to Prioritize Stablecoin Oversight Bill
A consortium of crypto advocacy groups, including the Blockchain Association, the Crypto Council for Innovation, the Digital Chamber, and the DeFi Education Fund, issued a joint statement on June 2. They emphasized the need for lawmakers to focus on the bill’s “targeted and comprehensive approach to stablecoin oversight” as it navigates potential amendments.
Initial resistance from Democratic lawmakers, fueled by concerns over former President Donald Trump’s affiliations with crypto—particularly a family-backed stablecoin initiative—has evolved into increased support for the bill in recent weeks.
Nonetheless, the legislation now confronts a new challenge from a proposed amendment concerning credit card fees.
Senators Dick Durbin and Roger Marshall are advocating for the addition of the Credit Card Competition Act (CCCA), which aims to compel networks like Visa and Mastercard to compete on the swipe fees charged to merchants.
This tactic has drawn strong opposition from banks and card companies, who argue it constitutes unwarranted government interference.
Crypto industry representatives worry that this contentious amendment could derail their progress. “Unacceptable,” commented James Czerniawski of Americans for Prosperity, suggesting it could negatively impact consumer credit accessibility.
Today, the executives of the four leading digital asset industry groups jointly issued the following statement on the GENIUS Act.
Read below @BlockchainAssn @crypto_council @DigitalChamber @Fund_defi pic.twitter.com/L7I25AZgdO
— Blockchain Association (@BlockchainAssn) June 2, 2025
Additional amendments under consideration include enhanced disclosure requirements for government officials holding stablecoins, constraints on foreign and Chinese ownership of stablecoin issuers, measures addressing the Trump family’s involvement in crypto, and revisions to the Bank Secrecy Act and Anti-Money Laundering regulations.
If consensus is not reached on these amendments, procedural delays could extend the final Senate vote until the week of June 9, according to journalist Eleanor Terrett.
Stablecoin Market to Surge 10x to $2 Trillion by 2030
Citigroup has released a forecast predicting a substantial increase in the stablecoin market, estimating that its total capitalization could rise from approximately $240 billion today to over $2 trillion by 2030.
The bank attributes this growth to regulatory changes and heightened interest from financial institutions and the public sector alike.
Under Citigroup’s base-case scenario, stablecoin supply could reach $1.6 trillion by the decade’s close, while a more optimistic forecast suggests it could climb to $3.7 trillion.
Furthermore, data indicates that the number of active stablecoin wallets has surged by over 50% in the past year, showcasing an increasing adoption and engagement within the digital asset landscape.
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