Sponsors of the Credit Card Competition Act moved late Tuesday to attach the legislation as an amendment to the GENIUS Act, a proposed bill to regulate stablecoins.
While the Senate must approve the move, it potentially gives the legislation new life as it failed to advance out of committee in the Senate during the last Congress. The GENIUS Act, or the Guiding and Establishing National Innovation for U.S. Stablecoins Act, passed a preliminary vote in the Senate, setting up a final vote on the legislation.
The proposed amendment to the GENIUS Act states that credit card issuers cannot “restrict” the “number of payment card networks on which an electronic credit transaction may be processed” to one or two networks.