Marshall Withdraws Credit Card Fee Amendment from Cryptocurrency Legislation Markup
Republican Senator Roger Marshall has decided against advancing a credit card swipe fee provision during the upcoming markup of cryptocurrency legislation after receiving warnings from the White House that it could hinder legislative progress, according to Politico.
Kansas Republican Senator Roger Marshall has made the decision to withdraw his push for an amendment targeting credit card swipe fees during the Senate Agriculture Committee's upcoming markup of significant cryptocurrency legislation, according to recent reports.
The amendment, which Marshall submitted to the committee's crypto market structure bill last week, would have required companies to engage in competition over swipe fees. However, he subsequently made a private commitment not to pursue the provision, Politico disclosed on Monday, referencing individuals familiar with the situation.
Initially scheduled for Thursday, the Senate Agriculture Committee's markup of the legislation has been postponed to Tuesday, Feb. 3, due to a severe winter storm system affecting large portions of the United States and causing widespread disruptions across multiple regions.
The proposed crypto market structure legislation aims to establish regulatory frameworks determining how financial authorities will oversee and regulate the cryptocurrency industry. Nevertheless, progress on the bill has experienced setbacks as both the Senate Agriculture and Banking Committees have rescheduled their markup sessions in pursuit of building bipartisan consensus.
Amendments seen as potentially jeopardizing
According to Politico's reporting, officials from the White House entered into discussions regarding the planned markup, with sources indicating that Marshall's proposed amendment posed a threat to the crypto bill's advancement, based on information from an individual familiar with the conversations.
While the amendment received support from Democratic Senators Dick Durbin and Peter Welch, several Republicans expressed opposition, citing concerns that it would create conflict between the financial services industry and major retail corporations.
According to reports, the White House has been advocating for the bill's passage through committee. This push occurs against a backdrop of increasing concerns about a potential partial government shutdown approaching Saturday, following Democratic lawmakers' indication that they would not back a funding package.
Additionally, Republicans are seeking to achieve policy victories before the midterm elections, particularly as current polling data indicates Democrats hold an advantage, with Polymarket prediction markets showing 80% odds favoring a Democratic victory in the House.
The cryptocurrency legislation has been the subject of numerous proposed provisions within both the Agriculture and Banking Committees, with legislators attempting to incorporate language addressing ethics requirements and conflict of interest concerns, alongside implementing restrictions governing stablecoins.
On Wednesday, Senate Ag Republicans unveiled their version of the crypto bill, which lacked Democratic committee member support and contained provisions designed to provide protections for cryptocurrency software developers.
As of now, Senate Banking has not announced a date for its rescheduled markup session, though reports suggest the meeting may be pushed back to late February or March as the committee shifts its attention toward implementing the Trump administration's affordability agenda.