Senate passes stablecoin bill without ICBA-opposed credit card amendments

The Senate passed legislation to establish a regulatory framework for payment stablecoins without ICBA-opposed amendments to impose new credit card restrictions.

Credit Card Routing Requirements: The Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act (S. 1582) excludes an amendment from Sen. Roger Marshall (R-Kan.) to establish new credit card routing requirements that he and Sen. Richard Durbin (D-Ill.) have sought to advance in previous Congresses. ICBA and community bankers have repeatedly told Congress the policy would force a costly overhaul of the payments landscape, end credit card reward programs, and reduce consumer access to credit for the benefit of large merchants.

Credit Card Rate Cap: ICBA also successfully opposed an amendment from Sen. Josh Hawley (R-Mo.) to impose a 10% all-in annual percentage rate cap for credit cards. ICBA and other groups noted in a letter to senators that the policy would hurt consumers and restrict access to credit card services, particularly for the populations the policy is designed to help.

Grassroots Advocacy: ICBA thanks the many community bankers who joined ICBA’s grassroots campaign opposing the Durbin-Marshall amendment, including via customized messages on ICBA’s Be Heard Grassroots Action Center and in-person meetings with congressional offices during last month’s ICBA Capital Summit in Washington.

Outlook: While the GENIUS Act posed the biggest opportunity for supporters to advance these policies, ICBA will continue working to ensure they do not advance through any other legislative vehicle.

Previous News

  • Senate-passed GENIUS Act lays out stablecoin regulatory framework

    ICBA pledged to continue working with Congress on legislation to establish a regulatory framework for payment stablecoins following Tuesday’s 68-30 bipartisan Senate vote to pass the GENIUS Act (S. 1582).

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    Jun 18, 2025

  • CFPB extends 1071 compliance deadlines

    The Consumer Financial Protection Bureau published an interim final rule to extend its 1071 small-business reporting rule’s compliance and reporting dates.

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    Jun 18, 2025

  • ICBA Statement on Senate Passage of the GENIUS Act

    Independent Community Bankers of America (ICBA) President and CEO Rebeca Romero Rainey issued the following statement on the Senate’s passage of the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act (S. 1582).

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    Jun 18, 2025


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