What the code says is that if you accept a credit product, you don't have to accept a debit product. So it split that, which gives merchants some power to say no to an acquirer network that comes knocking at the door saying “accept our other debit product”. So that's a power they can exercise.
There are no rules today that prevent an FI from offering a competitive debit product, none whatsoever. What the code did was say that they couldn't use certain tactics to obfuscate choice, to make it unclear. At the end of the day, they're not two competing products for the same transaction type on a card if an issuer decides to issue what is called a co-batch card.
So there are steps the government has taken to help merchants in that regard.