Crypto Bill Moves Forward as Marshall Backs Off Card Fee Proposal
TLDR
- Senator Roger Marshall has decided not to offer his credit card swipe fee amendment during the Senate Agriculture Committee’s markup.
- The amendment’s withdrawal helps clear the path for the crypto bill to move forward without division among Senate Republicans.
- White House officials were involved in urging Marshall to withdraw the amendment due to concerns it could block the bill’s passage.
- Senator Durbin, who co-sponsored the swipe fee measure, is not expected to propose the amendment during the markup.
- The crypto bill would give the Commodity Futures Trading Commission more authority over digital assets like Bitcoin.
Senator Roger Marshall has withdrawn a proposed swipe fee amendment to ensure progress on the crypto bill, which faces other legislative threats, including a looming government shutdown and unresolved bipartisan disagreements.
Credit Card Amendment Pulled After Private Talks
Senator Marshall filed a credit card amendment last week targeting payment network competition on fees. The move mirrored his ongoing Credit Card Competition Act co-sponsored with Senator Dick Durbin. However, he agreed privately on Saturday not to bring up the amendment during Thursday’s Senate Agriculture Committee markup.
The decision followed White House intervention, which viewed the amendment as a direct threat to the crypto bill’s passage. A White House official confirmed that the measure “would have jeopardized” the legislation. Marshall’s withdrawal clears a hurdle for the committee’s first vote on digital asset regulation.
Senator Durbin has not ruled out offering the amendment but is not expected to raise it at the markup. No final decision has been confirmed, leaving a possibility open. Still, its absence reduces tension between financial firms and major retailers clashing over swipe fees.
Crypto Bill Advances Despite Shutdown Threats
The crypto bill now heads to Thursday’s markup as Congress faces a partial shutdown deadline this weekend. Senate Democrats blocked a $1.3 trillion spending package after a fatal Border Patrol shooting in Minneapolis. A shutdown could furlough federal workers and delay further Senate action.
Chairman John Boozman released the crypto bill text without bipartisan backing after negotiations fell apart.
The legislation would expand the Commodity Futures Trading Commission’s authority over digital assets such as Bitcoin. The Agriculture Committee’s bill has become the main Senate path after the Banking Committee delayed its own bill. That alternative legislation, known as the CLARITY Act, is now expected in late February or March.
President Trump recently confirmed in Davos that he supports swift passage of crypto market reforms. “We’re working to make sure America remains the crypto capital of the world,” Trump said. His comments added pressure for Republicans to finalize regulatory action.
Ethics Disputes and Election Pressure Add Friction
Senators face growing ethics demands from within their ranks as crypto legislation moves forward. Senator Adam Schiff has called for new rules covering the White House. Senator Ruben Gallego labeled ethics guardrails “a red line” for his support.
Despite these tensions, Patrick Witt from the White House’s Crypto Council urged lawmakers to pass the bill now.
TD Cowen, an investment bank, projected the bill could be delayed until 2027 without fast action. The firm said full implementation might stretch into 2029. Delays could grow as lawmakers shift focus to midterm elections.
For now, Thursday’s markup remains the best chance for crypto legislation to move forward in the Senate. Passage depends on avoiding shutdown delays and managing unresolved party disputes. The committee’s decision to proceed signals urgency despite risks.
The post Crypto Bill Moves Forward as Marshall Backs Off Card Fee Proposal appeared first on CoinCentral.
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