Financial lobbying storm brews over possible credit card-crypto bill pairing
It took cryptocurrency firms two tries to get the Senate to advance a plan they’ve long pursued to police stablecoins, a type of digital assets pegged to currencies like the dollar.
Now, a divisive policy fight over credit cards could derail the entire bill.
The retail and finance sectors have long clashed over legislation from Sens. Roger Marshall, R-Kan., and Dick Durbin, D-Ill., that would target credit card swipe fees by encouraging more competition. Retailers say the bill would bring down prices for consumers; Visa and Mastercard, as well as banks and credit unions, say it would force them to cull customers’ rewards.
And critics of the proposal are fighting hard against a new push to attach it to the Senate’s stablecoin…
