Lummis and Moreno Join Credit Card Competition Act Amid Cryptocurrency Tensions
Two influential Republican senators have joined the Credit Card Competition Act, giving new momentum to legislation opposed by credit unions and potentially turning a dispute over cryptocurrency into a renewed battle over interchange fees.
Sens. Cynthia Lummis (R-WY) and Bernie Moreno (R-OH) agreed to cosponsor S. 3623, according to financial services reporter Brendan Pedersen and an Aug. 7 Senate cosponsorship filing cited by the Defense Credit Union Council.
Lummis and Moreno have been deeply involved in negotiations over cryptocurrency market structure legislation. Their decision to back the Credit Card Competition Act was driven by frustration with the banking industry's role in delaying the Clarity Act, according to Pedersen.
The crypto negotiations have become increasingly contentious. Earlier this year, Moreno criticized banking industry objections involving stablecoin rewards while Lummis pushed to move market structure legislation forward.