WASHINGTON — The Senate Agriculture Committee voted 12-11 on Thursday to advance a major cryptocurrency market structure bill without including the Credit Card Competition Act, rejecting a last-minute effort to attach the interchange-related measure to the legislation.
The party-line vote clears the digital assets bill for consideration by the full Senate, while dealing a setback to backers of the Credit Card Competition Act, which would require large banks to enable at least two unaffiliated networks to process credit card transactions.
Supporters of the credit card measure, led by Sens. Dick Durbin (D-IL) and Roger Marshall (R-KS) had pushed to add the proposal as an amendment during committee markup, arguing it would lower costs for merchants and consumers. Opponents said the issue was unrelated to cryptocurrency regulation and warned that combining the measures could jeopardize broader support for the digital assets bill.
Straight Party Line Vote
Committee Republicans, who hold a narrow 12-11 majority, voted as a bloc to move the cryptocurrency legislation forward without amendments addressing interchange fees. Democrats on the panel opposed advancing the bill, citing unresolved concerns about consumer protections, market oversight and financial stability risks tied to digital assets.
The cryptocurrency legislation aims to establish a clearer regulatory framework for digital commodities and exchanges, delineating oversight responsibilities among federal regulators and providing legal certainty for the rapidly evolving sector. Industry groups have lobbied heavily for the bill, saying regulatory clarity is necessary to keep innovation in the United States.
CUs Opposed to Bill
As the CU Daily has been reporting, Credit union and banking trade groups had urged lawmakers to keep the Credit Card Competition Act out of the cryptocurrency debate, warning that its inclusion could disrupt card payments systems and reduce access to credit, particularly for smaller financial institutions.
With committee approval secured, the cryptocurrency bill now heads to the Senate floor, where leaders will decide when — or whether — to schedule a vote. Supporters of the Credit Card Competition Act have said they will continue pressing for a separate vote on the measure later this year.
