Sen. Roger Marshall (R-Kan.) has proposed an amendment to add credit card routing mandates to an unrelated bill on cryptocurrency regulation, including new language that would empower state attorneys general to seek civil penalties for violations of the proposed law.
The Senate Agriculture Committee will meet on Thursday to consider the Digital Commodity Intermediaries Act, which would create a regulatory framework for digital assets overseen by the Commodity Futures Trading Commission. In a proposed amendment, Marshall is seeking to add the text of his Credit Card Competition Act to the bill. However, in a change to the original text of the CCCA, Marshall’s amendment would give state attorneys general the ability to bring civil lawsuits for violations of the proposed routing mandates.
Marshall, along with Sen. Dick Durbin (D-Ill.), has introduced the CCCA multiple times in recent years, both as a standalone bill and as amendments to other legislation. Lawmakers have so far shot down every attempt.
The American Bankers Association opposes the CCCA and recently joined with 10 other associations to warn of the economic harm it could cause to consumers and financial institutions. In addition, ABA and 52 state banking associations today sent a joint letter to Congress detailing how the proposal would harm consumers, small businesses and banks of all sizes.
