Senate Committee to Vote on Crypto Bill, Credit Card Routing Amendment in Doubt
The Senate Agriculture Committee is scheduled to meet on Thursday to consider the Digital Commodity Intermediaries Act. This proposed legislation aims to establish a regulatory framework for digital assets, placing oversight with the Commodity Futures Trading Commission.
Credit Card Competition Act Amendment
A Proposed Addition
Senator Marshall has proposed an amendment to the Digital Commodity Intermediaries Act, incorporating the text of his Credit Card Competition Act. This amendment would, if enacted, grant state attorneys general the authority to pursue civil lawsuits related to violations of the proposed routing mandates within the Credit Card Competition Act.
However, according to reports from Politico and Punchbowl News, citing anonymous sources, Senator Marshall may not offer the amendment during the Thursday meeting. The amendment remains listed on the committee website for the hearing.
Potential Roadblocks
Politico reported that the White House is prioritizing the passage of the Digital Commodity Intermediaries Act out of committee and expressed concerns that the inclusion of the amendment could jeopardize its progress. Punchbowl News also reported that the committee Chairman, John Boozman (R-Ark.), opposes the amendment.
What Might Happen Next
If Senator Marshall does not offer the amendment, the committee could proceed with considering only the Digital Commodity Intermediaries Act. Alternatively, the amendment could be reintroduced at a later date, potentially during floor debate. It is also possible that negotiations could occur to address concerns raised by the White House and Chairman Boozman.
Frequently Asked Questions
What is the Digital Commodity Intermediaries Act?
The Digital Commodity Intermediaries Act is proposed legislation that would create a regulatory framework for digital assets, overseen by the Commodity Futures Trading Commission.
What does the proposed amendment do?
The proposed amendment would give state attorneys general the ability to bring civil lawsuits for violations of the proposed routing mandates within the Credit Card Competition Act.
Who opposes the amendment?
Committee Chairman John Boozman (R-Ark.) opposes the amendment, according to Punchbowl News. Politico reported that the White House is also concerned about its potential impact on the passage of the Digital Commodity Intermediaries Act.
How might the interplay between regulating digital assets and credit card competition reshape the financial landscape?