Congress
Credit cards could blow up a carefully crafted crypto compromise
Senate Majority Leader John Thune’s pledge to return the Senate to “regular order” is about to face a major test, with one of President Donald Trump’s top financial policy priorities on the line.
After months of chaotic negotiations in the Senate, landmark cryptocurrency legislation that would create a regulatory framework for stablecoins finally appears to have the votes to clear the chamber. But a contentious battle over credit card swipe fees — what processors like Visa, MasterCard and American Express charge merchants for the ability to use their payment networks — is now threatening to blow the effort up.
Thune’s promise to allow an open amendment process has raised the possibility of an amendment vote on divisive legislation that seeks to force payment networks to compete on swipe fees.
The credit card measure, long championed by Sens. Dick Durbin (D-Ill.) and Roger Marshall (R-Kan.), is a fraught policy battle that pits two powerful lobbying forces — the financial sector and major retailers — against one another.
Crypto supporters, who are within spitting distance of their biggest win ever in the Senate, are scrambling to prevent the credit card provision from derailing their stablecoin bill. It is unclear how a vote on the Durbin-Marshall provision would go: Most senators haven’t taken a position on the matter.
But the fear for pro-crypto lawmakers is that it could garner enough support to be adopted as an amendment with backing from most Democrats and some Republicans — and then tank the underlying stablecoin bill by peeling off GOP senators who oppose the credit card amendment.
“It’s a deal-killer,” said Sen. Thom Tillis (R-N.C.), who supports the stablecoin legislation but said he will try to “kill the bill” if the credit card legislation is attached. “If it goes in it, the value out of the stablecoin components would not outweigh the damage done by [Durbin-Marshall].”
It is uncertain if the swipe fee crackdown will ultimately get a vote. The issue is likely to come to a head this week as GOP leaders look to move the bill toward final passage. Further procedural votes could come this week, but the timing of a vote on final passage will depend on whether they can get a deal on amendments.
“I’m hoping that we can finish up this legislation in the very near future,” Thune said Monday.
The credit card provision is the biggest outstanding question. Durbin and Marshall have been pushing for years to force a vote or attach it to must-pass legislation, and they have failed every time.
Marshall has filed his bill as an amendment to the stablecoin legislation. But asked prior to Congress’ Memorial Day recess whether he will seek to force a vote on the measure, he said he has “not decided what to do.”
The Senate is aiming to leave Washington for a five-week recess early Saturday after Republicans cut a deal with President Donald Trump to punt some of their priorities, including a framework for a party-line spending plan.
The Senate is trying to lock in an agreement that would set up votes on a college sports bill, a stopgap government funding bill, Todd Blanche’s attorney general nomination and GOP voter ID legislation, according to a copy of an internal notice reviewed by Blue Light News.
The Senate would then leave Washington until mid-September.
Any one senator could object to the tentative deal, forcing it to be altered or dragging the Senate deeper into the weekend. Senators believe there are still objections to advancing the college sports bill. Democrats are also waiting to see if one of their own will prevent speeding up Blanche’s confirmation.
The breakthrough is a U-turn from earlier Friday evening, when Republican senators emerged from a closed-door meeting predicting they would have to spend Saturday trying to break a stalemate within the party about how to wrap final votes before recess.
Shortly after that meeting, Trump spoke by phone with Senate Republicans including Ron Johnson of Wisconsin, Rick Scott of Florida and Mike Lee of Utah about the path forward for the GOP’s lengthy to-do list.
During the call, according to Johnson, Trump agreed to punt a vote on a budget blueprint for a third party-line spending bill until later in the year. Lee, who has been pushing for action on the separate SAVE America Act, also agreed to drop his demand for a formal, roll call vote on adjourning given the understanding with the president.
“I think the conclusion of the conference – and we had a discussion with the president and he agrees – [is] don’t take the vote tonight,” Johnson said after the meeting in Thune’s office.
Republicans were in talks with the White House throughout Friday. A White House official granted anonymity said Friday evening that “we’re continuing to have productive conversations with senators to advance several legislative priorities.”
Senate Republicans confirmed dozens of President Donald Trump’s nominees Friday, just before they leave for a five-week congressional recess.
Senators voted 51-47 to approve officials at the Departments of Defense, Energy, State and other agencies.
They included David Cummins to head the Transportation Security Administration, Cameron Hamilton to lead the Federal Emergency Management Agency, Hal Duncan to be OMB deputy director and Francis Brooke to be Treasury deputy secretary. Among the group were several ambassadors, including former Rep. David Brat to be ambassador to Australia.
Senate Republicans changed the chamber’s rules last year to be able to confirm lower-level nominees as a package instead of having to hold a vote on each.
After finishing the expedited procedure Friday, Senate Republicans estimate they will only have a small number of civilian nominees awaiting confirmation.
President Donald Trump said voters may seek to punish Republicans — but not him — in the November midterm elections, as GOP lawmakers sweat that affordability concerns and the war in Iran could mean Democrats flip the House and perhaps even the Senate.
“They’re angry at Republicans,” Trump said in an interview with Punchbowl News that aired Friday. “But they’re not angry at me. They’re not angry at me, but they are angry at Republicans.”
The GOP faces the prospect of heavy losses this November, as gas and grocery prices remain stubbornly high due in part to the White House’s five-month-long war in Iran. The administration’s guidance on campaign trail messaging has been “tone deaf,” House Republicans fear.
Meanwhile, the president’s approval rating has tumbled since he returned to the Oval Office last year, and even his biggest supporters have grown frustrated over his Middle East war.
And with a messy, jam-packed slate of primaries now all but in the rearview mirror, Democrats are determined to go on offense. The Democratic Congressional Campaign Committee has 58 seats on its midterm target map that stretches into redder territory — while still facing an uphill climb to take the Senate.
Trump has a massive war chest at his disposal. His MAGA Inc. super PAC reached $400 million in June. The president told Punchbowl he plans to use it to “help Republicans,” but he stressed that he faces no pressure in this campaign cycle.
“I said to somebody, ‘Wait a minute, you don’t understand, I won,’” Trump said, referencing his 2024 presidential election victory. “I’m not campaigning.”
The biggest issue for Republicans this year? That Trump himself is not on the ballot, he said.
“If I don’t run, will those people go out and vote? And that’s the one thing I can’t tell, I’m going to ask them to,” he said.
-
The Josh Fourrier Show2 years agoDOOMSDAY: Trump won, now what?
-
Politics1 year agoFormer ‘Squad’ members launching ‘Bowman and Bush’ YouTube show
-
The Dictatorship1 year agoLuigi Mangione acknowledges public support in first official statement since arrest
-
Uncategorized2 years ago
Bob Good to step down as Freedom Caucus chair this week
-
Politics1 year agoFormer Kentucky AG Daniel Cameron launches Senate bid
-
The Dictatorship1 year agoPete Hegseth’s tenure at the Pentagon goes from bad to worse
-
Politics1 year agoBlue Light News’s Editorial Director Ryan Hutchins speaks at Blue Light News’s 2025 Governors Summit
-
The Dictatorship11 months agoMike Johnson sums up the GOP’s arrogant position on military occupation with two words