Prior to the U.S. Senate's passage of the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) of 2025 Act, Sean Kennedy, Executive Vice President of Public Affairs for the National Restaurant Association, expressed disappointment regarding the lack of debate on amendments related to the Credit Card Competition Act (CCCA).
"This is the farthest the Credit Card Competition Act has advanced and that shows there is a change in attitude happening toward the cost of taking credit cards in our businesses," said Kennedy. "We are disappointed the Senate failed to allow any debate on amendments that would have made the GENIUS Act better – like the CCCA. We will continue to push for these important changes in the credit card processing market to improve business operations for small business restaurant owners and help bring down credit card costs for consumers."
The association highlights that processing credit card transactions ranks as one of the largest operating expenses for restaurants, trailing only food and labor.
The CCCA is described as bipartisan legislation aimed at reducing high swipe fees by introducing competition into what is considered a broken credit card processing market. If enacted, it promises to lower swipe fees, enhance security and service related to credit cards, and potentially save U.S. businesses—including restaurants—and consumers approximately $16 billion annually.
