Congress is back at it again with more last-minute legislative antics. As the U.S. Senate considers the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act (S. 1582), which provides a regulatory structure for certain cryptocurrencies, certain lawmakers are attempting to slip the Credit Card Competition Act (CCCA) as well as a 10 percent interest rate cap on credit cards into the bill. Both proposed policies are price controls that empower the federal government to dictate how financial services offered and provided to consumers across the country. History shows that price controls are destructive policies that will deprive Americans of the financial products on which they currently rely.
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