James Czerniawski, Senior Policy Analyst at Americans for Prosperity, said that an amendment connecting the Credit Card Competition Act to the GENIUS Act would derail its intent to expand access to digital assets and harm credit availability. The statement was made on X.
“One amendment to the GENIUS Act attempts to latch the Credit Card Competition Act onto it,” said Czerniawski. “Unacceptable. The GENIUS Act is about opening up opportunities for the American people with digital assets. Let’s not ruin that with bad policy, which undermines their access to credit.”
According to Congress.gov, the Credit Card Competition Act of 2023, introduced in the Senate as S.1838, aims to enhance competition in the credit card market by requiring larger financial institutions to offer at least two network options for transactions. The bill seeks to reduce merchant costs associated with credit card fees. Proponents argue that increased competition among networks could benefit consumers through lower prices.
The Electronic Payments Coalition reported that the Credit Card Competition Act of 2022 failed due to strong opposition from small financial institutions and credit unions, which argued it would reduce revenue used to fund fraud protection and consumer rewards. The coalition said that the legislation would have led to fewer choices and higher consumer costs. Additionally, they noted that it would have disrupted the existing payment infrastructure.
A 2023 Congressional Research Service report cited by the Electronic Payments Coalition found that interchange fee regulations can reduce consumer rewards and shift costs onto cardholders. Based on this analysis, the Coalition warned that the Credit Card Competition Act could significantly impact Virginia consumers by reducing access to credit card rewards and increasing fraud risks. These changes would affect millions of Virginians who rely on credit card benefits for travel, cash back, and everyday expenses.
Czerniawski is a Senior Policy Analyst at Americans for Prosperity, where he focuses on economic and technology policy. He holds a master’s degree in Applied Economics from George Mason University and previously worked at the Libertas Institute and Young Voices. His work emphasizes strategic communication and policy influence across multiple platforms.
