On June 17th, the United State Senate passed the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act and it did so without two poison pill amendments opposed by the Nebraska Credit Union League, America’s Credit Unions and the credit union system at-large. The GENIUS Act provides a federal regulatory framework for stable coins and their issuance.
The two poison pill amendments attempted were one that was sought by Senator Roger Marshall (R-KS) to add the provisions of the Credit Card Competition Act (CCCA) to the GENIUS Act. The CCCA amendment would have significantly reduced credit card transaction interchange, risk the offering of credit card 
programs, and the sensitive financial data of credit union members all for the financial benefit of big box retailers. The other amendment was attempted by Senator Josh Hawley (R-MO) that would cap credit card interest rates at 10%.
