US Senator Roger Marshall is stepping back from a controversial proposal on credit card swipe fees, clearing a potential obstacle as lawmakers prepare to advance a major crypto market structure bill.
According to a report from Politico, the Kansas Republican has agreed not to push an amendment that would have forced payment networks and card issuers to compete on transaction fees when the Senate Agriculture Committee takes up the crypto bill in markup next week. Marshall filed the amendment late last week but later made the decision privately after internal discussions, people familiar with the matter said.
The Agriculture Committee was initially scheduled to mark up the bill on Thursday, but the session was postponed to Tuesday, Feb. 3, as severe winter weather disrupted travel across much of the US. The bill is designed to
clarify how US financial regulators will oversee crypto markets, but its progress has already been slowed by efforts to secure bipartisan backing.
White House steps in as amendments raise concerns
Behind the scenes, the swipe fee proposal had raised alarm among both lawmakers and administration officials. Politico reported that White House staff became involved in the deliberations, with one source saying Marshall’s amendment risked derailing the broader crypto legislation.
While the measure had support from Democratic Senators Dick Durbin and Peter Welch, some Republicans opposed it, arguing it could trigger a broader political fight by pitting banks against large retailers. With a partial government shutdown looming and lawmakers under pressure to deliver legislative wins, the White House is said to be keen to move the crypto bill out of committee without additional complications.
Crypto bill still faces a narrow path
The crypto market structure bill has already been reshaped multiple times as lawmakers debate provisions related to ethics, conflicts of interest, stablecoins and protections for software developers. Senate Agriculture Republicans released their version of the bill last week, but it failed to win Democratic support.
Meanwhile, the Senate Banking Committee has yet to reschedule its own markup and is expected to delay consideration until late February or March, as it focuses on implementing the Trump administration’s affordability agenda.
With midterm elections approaching and control of the House in play, lawmakers appear increasingly cautious about adding amendments that could fracture fragile alliances or stall the bill altogether.