Crypto Thought They Bought Congress. They Bought a Headache.

The GENIUS Act would sanction stablecoins and enable Big Tech firms to issue their own private currencies.

A motion to advance the bill passed, with 16 Democrats joining nearly all Republicans , but final passage was scheduled to happen last week .

A bill co-sponsored by Sen. Dick Durbin (D-IL) forces banks to offer alternatives to Visa and Mastercard for processing credit card transactions.

Some members allied with the banking sector feel so strongly about the CCCA that they will throw over the GENIUS Act if that gets attached.

Some senators don’t want to have to disappoint the source of future campaign contributions if they can avoid it.

Critics say a legislatively blessed stablecoin regime could facilitate scams and money laundering.