Republican Sen. Roger Marshall has reportedly agreed not to push an amendment targeting credit card swipe fees when the Senate Agriculture Committee takes up a major crypto market structure bill next week.
Marshall had filed an amendment to the committee’s version of the legislation last week that would require companies to compete on swipe fees. However, he later privately agreed not to advance the provision, Politico reported on Monday, citing people familiar with the matter.
The Senate Agriculture Committee was originally scheduled to mark up the bill on Thursday but postponed the session to Tuesday, Feb. 3, as a severe winter storm brought much of the US to a standstill.
The crypto market structure bill is intended to clarify how financial regulators oversee the crypto sector. Progress on the legislation has been slowed, however, as both the Senate Agriculture and Banking Committees have delayed markups in an effort to build bipartisan support.
Amendment seen as a risk to the bill
According to Politico, White House officials became involved in discussions around the markup, with one person familiar with the talks saying Marshall’s amendment could have “jeopardized” the bill’s path forward.
The amendment had backing from Democratic Sens. Dick Durbin and Peter Welch, but faced opposition from some Republicans who warned it could set the financial industry against large retailers.
The White House was reportedly eager to move the crypto bill out of committee, as the risk of a partial government shutdown loomed ahead of a Saturday deadline after Democrats signaled they would not support a proposed funding package.
Republicans are also seeking legislative wins ahead of the midterm elections, with recent polling showing Democrats holding an advantage and Polymarket assigning an 80% probability to Democrats retaining control of the House.
The crypto market structure bill has been the subject of numerous proposed additions in both the Senate Agriculture and Banking Committees, including language on ethics, conflicts of interest, and restrictions on stablecoins.
Senate Agriculture Committee Republicans released their version of the bill on Wednesday without Democratic support, including provisions aimed at protecting crypto software developers.
The Senate Banking Committee has yet to schedule a new markup date, and its consideration of the bill could reportedly be pushed back until late February or March as lawmakers shift focus toward implementing the Trump administration’s affordability agenda.
