The Senate is poised to hold another key procedural vote on stablecoin legislation Wednesday, clearing the way for the crypto bill after several controversial amendments threatened to complicate its path forward.

Senate Majority Leader John Thune (R-S.D.) moved to end debate Monday on the updated text of the GENIUS Act, struck as part of a bipartisan agreement after two weeks of frantic negotiations last month between Republicans and crypto-friendly Democrats.

The move appears to end Thune’s push to pass the bill via so-called “regular order,” which would have opened up floor proceedings on the stablecoin legislation to dozens of amendments in a lengthy process that risked derailing final passage.

“I think at this point it's a good thing, because the longer it sat around, the more people picked at it, and it would have died from death by 1000 cuts, if we would have waited longer,” Sen. Cynthia Lummis (R-Wyo.) told The Hill on Tuesday.

“And I think that Sen. Thune was seeing that, and so he decided to move forward just with the changes that were made in negotiations with the Democrats,” she continued, noting that she expects the updated text to be the final version of the bill.

A Senate aide said Tuesday that no final decision had been made yet on amendments but underscored that the timeframe was shrinking ahead of Wednesday’s vote.

A key point of contention has been the Credit Card Competition Act (CCCA), which Sen. Roger Marshall (R-Kan.) offered up as an amendment. However, it seems increasingly unlikely that the bill will get a vote as part of the GENIUS Act.

“There’s a couple of GOP Senators who wish to avoid a vote on CCCA at all costs, and an open amendment process on this was a major threat to that end,” a senior GOP........

© The Hill