WASHINGTON, D.C. — A landmark cryptocurrency bill backed by U.S. Sen. Cynthia Lummis, R-Wyoming, has attracted 82 amendments including a few on unrelated, hot-button issues like credit card fees and tariffs.
The GENIUS Act would regulate a category of cryptocurrency called stablecoins, and the large majority of the amendments pertain to the bill’s subject matter.
But some lawmakers, including at least two Republicans, are using the bill as a general-purpose vehicle and hitching up legislation that has nothing to do with crypto, much less stablecoins in particular.
Regardless of the nature of any amendment, it is all about leverage and bargaining: Lawmakers might demand votes for their amendments in exchange for their votes on the bill itself, which Lummis helped write as head of the Senate Banking Committee’s digital assets subcommittee.
It is not clear if any of the amendments could derail the bill. Amendments that pertain to stablecoins, and amendments that do not, have been introduced by lawmakers from both parties.
‘Completing Work’ Did Not Mean A Vote
The GENIUS Act was blocked on the Senate floor May 8, but then cleared a hurdle May 20, teeing up a vote on final passage. Senate Majority Leader John Thune, R-South Dakota, appeared to suggest the final vote would happen this week, but the Senate adjourned Thursday for a three-day weekend without bringing up the bill.
“On the legislative side, our first order of business this week will be completing work on the GENIUS Act,” Thune said on the floor Monday, distinguishing between the legislative and executive calendars. The latter pertains to political appointees.
A spokeswoman for Thune did not reply to a Cowboy State Daily email Thursday after the Senate’s adjournment requesting comment on the status of the bill.
Spokespeople for Lummis did not reply to Cowboy State Daily emails on Friday as to whether any of the 82 amendments are bottling up the bill, forcing more negotiations behind the scenes.
The GENIUS Act would be the first cryptocurrency bill of any kind to ever pass the Senate. Lummis, who worked on the GENIUS Act in the previous and current terms of Congress, is a co-sponsor.
Lummis is the lead sponsor of the BITCOIN Act, which calls for the U.S. government to stockpile Bitcoin as a strategic reserve. Her office recently said she is planning a third crypto bill.
Swipe Fees, Interest Rates, Tariff Power
Thune on May 20 promised an open amendment process whenever the GENIUS Act finally does go up for final passage. Lawmakers seized the invitation by filing the dozens of amendments, several as recently as Thursday.
One amendment is a whole bill — the Credit Card Competition Act of 2025, which takes aim at point-of-sale swipe fees collected mostly by Visa and Mastercard. U.S. Sens. Roger Marshall, R-Kansas, and Dick Durbin, D-Illinois, filed that amendment.
Another amendment, proposing a new section to the Truth In Lending Act, would cap credit card interest rates. That one was filed by U.S. Sens. Josh Hawley, R-Missouri, and Bernie Sanders, I-Vermont.
Yet another would strip the president of the power to impose duties and tariff-rate quotas under the International Emergency Economic Powers Act, as President Donald Trump has used the law to do. U.S. Sen. Jeanne Shaheen of New Hampshire filed it with a trio of fellow Democrats.
Hawley is sponsoring or co-sponsoring six amendments overall. U.S. Sen. Tommy Tuberville, R-Alabama, has five, all of which pertain to stablecoins. U.S. Sen. Jack Reed, D-Rhode Island, has more amendments than anyone with 23.
Benet Amendment Aimed At Trump Stablecoin
A thorny issue for lawmakers is Trump and his family’s expanding reach into crypto. Some Democrats say it poses the potential for a conflict of interest — using the power of the presidency for personal profit. They want language in the GENIUS Act to prevent that.
The Trump family’s ventures including the issuance of a stablecoin called USD1 through a company, World Liberty Financial, in which the Trump family owns a large stake. The president appears on the WLF website’s homepage.
Last month, an Abu Dhabi firm said it had chosen USD1 for a $2 billion investment in an exchange platform called Binance, according to Reuters.
U.S. Sen. Michael Benet, D-Colorado, this week introduced an amendment to the GENIUS Act that would prohibit a president or vice president from issuing a stablecoin.
Whether or not Trump himself is technically issuing USD1, Benet made clear on the Senate floor he was targeting Trump and USD1.
$TRUMP Coin And New Bitcoin Venture
Trump recently issued a meme coin, $TRUMP, saying those who bought the most of it could join him for a gala dinner.
And just this week, Trump Media & Technology Group, the company that runs the social media site Truth Social, announced it was getting into Bitcoin.
The company announced Thursday that it filed with the Securities and Exchange Commission an initial registration statement for the Truth Social Bitcoin ETF, which stands for exchange traded fund.
“The ETF will hold bitcoin directly and offer its shares … to investors, aiming to reflect Bitcoin’s price performance,” the company said.
The shares would be traded on an arm of the New York Stock Exchange called NYSE Arca.
Sean Barry can be reached at sean@cowboystatedaily.com.
