Republican Senator Roger Marshall has agreed not to advance a proposed amendment on credit card swipe fees during an upcoming markup of a major US crypto market structure bill, according to a report.
Marshall had filed an amendment that would have forced companies to compete on card swipe fees, but later privately agreed to withhold it ahead of the Senate Agriculture Committee’s markup, Politico reported, citing people familiar with the discussions.
The markup of the crypto market structure bill, which outlines how regulators will oversee the digital asset sector, was delayed to Feb. 3 after a severe winter storm disrupted activity across much of the US.
Politico reported that White House officials became involved, warning that Marshall’s amendment could have “jeopardised” the bill’s progress by drawing opposition from Republicans concerned it would pit financial firms against large retailers.
The amendment had backing from Democratic Senators Dick Durbin and Peter Welch, but failed to secure broad bipartisan support needed to move the legislation forward.
The White House is reportedly pushing for the bill to advance amid heightened risk of a partial government shutdown and growing pressure on Republicans to secure policy wins ahead of the midterm elections.
The crypto bill has faced repeated delays in both the Agriculture and Banking Committees as lawmakers debate ethics provisions, conflicts of interest and stablecoin rules, with the Senate Banking Committee yet to set a new markup date.