Senator Roger Marshall wanted to add a credit card “swipe fee” amendment to the crypto bill.
Swipe fees are the fees merchants pay when customers use credit cards. Marshall has been fighting these fees for years and wanted to force Visa and Mastercard to compete, which retailers like Walmart support, but banks strongly oppose.
The problem:
Adding this amendment would have turned a crypto bill into a credit card war
Many Republicans who support crypto would have voted against the bill
Big financial lobbies would have attacked it
The bill likely would have failed immediately
So this one amendment nearly killed the entire crypto legislation.
What changed?
Behind closed doors, White House officials stepped in.
They told Marshall clearly that:
His amendment would jeopardize the entire crypto bill
The administration wants this crypto law passed now
After private talks, Marshall agreed not to introduce the amendment during the Senate Agriculture Committee meeting.
That single decision removed the biggest immediate threat to the bill.
What about Senator Durbin?
Senator Dick Durbin, who co-wrote the swipe fee bill, could still introduce it — but right now:
He’s not expected to do so
No final decision yet, but signs point to no amendment
So for now, the swipe fee issue is off the table.
What does the crypto bill actually do?
This is market structure legislation — basically rules for how crypto should be regulated in the U.S.
Key points:
Gives the Commodity Futures Trading Commission (CFTC) authority over digital commodities like Bitcoin
Creates clearer rules for crypto markets
Aims to reduce uncertainty for companies and investors
This would be the first major Senate vote on crypto regulation in U.S. history.
Why is this bill moving through Agriculture Committee?
Crypto regulation was supposed to go through multiple committees, but everything stalled.
What happened:
Senate Banking Committee delayed its own crypto bill (the CLARITY Act)
Coinbase CEO Brian Armstrong withdrew support, saying parts of it would damage crypto
Banking Committee switched focus to housing legislation instead
That left the Agriculture Committee bill as the only active path forward.
So even though it’s imperfect and politically messy, this bill became the main vehicle for crypto regulation.
Why are Democrats upset?
Democrats are worried about ethics and conflicts of interest, especially involving:
The White House
Future crypto businesses linked to political figures
Senators like Adam Schiff and Ruben Gallego say:
Ethics protections are a red line
They want stronger rules before supporting the bill
This is now one of the biggest political disagreements around the legislation.
What role is Trump playing?
President Donald Trump has publicly said:
He expects to sign a crypto bill very soon
He wants the U.S. to remain the “crypto capital of the world”
His administration is pushing hard for fast passage, even if the bill isn’t perfect.
White House crypto officials warn:
If this bill fails or is delayed
A future crisis could lead to much harsher regulations, like what happened after the 2008 crash with Dodd-Frank
What’s the biggest risk now?
The government shutdown threat.
Congress is stuck in a budget fight:
A $1.3 trillion funding bill is blocked
Deadline is this weekend
Hundreds of thousands of federal workers could be furloughed
If a shutdown happens:
Senators will focus on the budget, not crypto
Committee work could be delayed
Momentum for the crypto bill could be lost
Timing is now the biggest danger, not policy.
So will the crypto bill pass now?
Short answer: It has a better chance — but it’s not safe yet.
Good signs:
The swipe fee amendment is shelved
White House support is strong
This is the only active crypto bill moving
Risks still remain:
Government shutdown
Democratic ethics objections
Narrow political margins
Bottom line (in simple terms)
This crypto bill survived a near-death moment because:
A senator agreed to drop a controversial amendment
The White House stepped in to protect it
But the bill is still walking on a tightrope:
Politics
Budget chaos
Ethics fights
If Congress can avoid a shutdown and keep focus, this could become the first real U.S. crypto law. If not, it could stall again — or be replaced later by something much stricter.
