The Independent: Walmart and Amazon looking at creating their own cryptocoins as digital currencies popularity rises
One trade group has been lobbying members of Congress to push for the legislation’s passage. The regulatory framework for stablecoin, the Merchants Payments Coalition said in talks, would allow merchants to utilize alternative payment methods that could significantly lower expenses.
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New York Post: Walmart, Amazon mull creating their own stablecoins
Trade groups like the Merchants Payments Coalition have stepped up lobbying efforts to get the Genius Act passed. They argue that a regulated stablecoin would introduce long-needed competition in a market dominated by Visa and Mastercard, leading to lower costs for businesses and consumers alike.
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Watcher.Guru: Amazon & Walmart Explore Launching Their Own Stablecoins
The Merchants Payments Coalition argues that proper stablecoin regulation would enable alternative payments that significantly lower expenses and also create competition against card networks.
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Crypto Potato: Amazon, Walmart Exploring Plans to Launch Stablecoins
The Merchants Payments Coalition believes that clear rules for stablecoins would enable lower-cost payment options and introduce more competition to Visa and Mastercard.
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Crypto Briefing: Amazon, Walmart, and Expedia consider issuing stablecoins to sidestep costly card fees:
Merchant trade groups, led by the Merchants Payments Coalition, have been advocating for the GENIUS Act’s passage, arguing that a stablecoin regulatory framework would create competition against Visa and Mastercard while lowering expenses.
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NACS Daily: NACS Continues to Fight for Credit Card Competition Act
As the fight against swipe fees continues, NACS and the Merchants Payments Coalition continue to push for passage of the Credit Card Competition Act (CCCA) following a significant boost in momentum gained during Senate consideration of the GENIUS Act stablecoin bill.
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Digital Transactions: The CCCA Goes Into Limbo As a ‘Clean’ GENIUS Bill Advances
“Support for the amendment has clearly grown to a point where the payments industry was looking to duck a vote on this one,” says Doug Kantor, a Merchants Payment Coalition executive committee member and general counsel for the National Association of Convenience Stores. Kantor cited recent endorsements of the legislation from the Teamsters Union, as well as from labor unions in the retail and food-service sectors, as signs of growing public support for the Durbin Marshall amendment. Kantor adds this support for the legislation is proof that the time for “credit card swipe-fee reform has come.” Swipe fees drive up prices by nearly $1,200 a year for the average family, according to MPC estimates. In addition, the MPC cites figures from payment consultancy CMSPI indicating that, had the CCCA passed, merchants could have seen more than $17 billion in interchange relief in 2024, up from $16.4 billion in 2023.
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Bloomberg: Banks v. Retailers, Again
“We’re not giving up,” said Doug Kantor, an executive committee member of the Merchants Payments Coalition, whose members include the National Restaurant Association, the National Retail Federation and the National Grocers Association. “If we don’t get a vote here, there will be other opportunities we will pursue.”
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American Prospect: Crypto Thought They Bought Congress. They Bought a Headache.
Banks and credit unions are working against the amendment with their partners at the credit card firms, even getting Vice President JD Vance to support a “clean” GENIUS Act. Visa and Mastercard also have the support of the airlines, which over the years have become flying banks with branded credit cards. The Merchant Payments Coalition, on the other side, has worked for years to deal with “hidden credit card fees” that are affecting their members.
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The West News: Credit Card Competition Act: A Closer Look at the Swipe-Fee Reform
Groups like the Merchants Payments Coalition say lower fees could translate to cheaper goods, or at least slower price increases.
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