Crypto
Lummis & Moreno Put Banking Industry in Crosshairs with Credit Card Bill Support
Two prominent pro-crypto senators in the US have taken a bold step to pressure the banking industry, which has been opposing their flagship legislation.
Senators Cynthia Lummis and Bernie Moreno cosponsored the Credit Card Competition Act on August 7, amidst growing frustration over banks' resistance to the Digital Asset Market CLARITY Act.
The move is seen as a pointed signal to the banking industry, which has been fighting both bills. The Credit Card Competition Act targets bank fees and revenue by requiring large banks to enable at least two unaffiliated card networks on their credit cards.