WASHINGTON–Lawmakers are already considering changes to the GENIUS Act, the landmark crypto law passed earlier this year, even as federal regulators begin implementing it, according to a new report.
As the CU Daily reported earlier, Congress advanced the credit union-supported stablecoin legislation this summer as the first step in a broader overhaul of cryptocurrency regulation. The second step — restructuring federal oversight of digital assets — is underway with the House-passed CLARITY Act, which now awaits Senate action, Punchbowl News reported.
Both chambers are weighing whether market structure reforms should also amend the GENIUS Act, the report added.
Punchbowl News noted the unusual overlap has drawn scrutiny from industry advocates and lawmakers, including Sen. Cynthia Lummis (R-WY), who has long raised concerns about the balance of state and federal regulatory power.
“I want to make sure that the OCC does not disadvantage the dual banking system,” Lummis told Punchbowl News.
Signal of Discontent
The report added that Lummis also signaled her discontent during the confirmation process of Comptroller Jonathan Gould, briefly opposing cloture on his nomination before ultimately supporting him. She told the news outlet the move was meant to send a warning about her concerns.
In the House, senior Republicans are pressing for GENIUS changes through the CLARITY Act. Financial Services Committee Chair French Hill (R-AR) said the bill “closed many of the regulatory gaps as it relates to the use of payment stablecoins beyond issuance,” according to spokesperson Brooke Nethercott.
Hope is Senate Will Agree
Rep. Warren Davidson (R-OH) argued that the stablecoin market has functioned without GENIUS since 2018 and pushed for additional provisions, including recognition of stablecoins backed by commodities such as gold, according to Punchbowl News.That language, left out of earlier bills, was added to CLARITY with hopes the Senate will agree, the report added.
