Credit Card Swipe Fee Fight Complicates Stablecoin Bill Passage

An effort by retailers and their allies in the Senate to mandate competition to Visa Inc. and Mastercard Inc. in credit card processing has complicated efforts to swiftly pass the stablecoin bill supported by the crypto industry and President Donald Trump.

Kansas Republican Roger Marshall has proposed the amendment, backed by Illinois Democrat Dick Durbin, who previously led a successful bipartisan effort to reduce debit card fees. The credit card competition measure had the backing of Vice President JD Vance when he was a senator as well as other populist-minded Republicans.

The proposal would require large banks to ...