Senate Banking Committee Delays Key Crypto Bill Amid Industry Concerns
- The Senate Banking Committee postponed the markup of a bipartisan crypto market structure bill, following an earlier delay by the Agriculture Committee.
- Coinbase and other industry players have withdrawn support, citing potential uncertainties for developers and user access.
- Critics warn that expanded enforcement powers in the draft could undermine consumer trust in digital-asset markets.
- The bill aims to define regulatory jurisdiction between the Securities and Exchange Commission and the Commodity Futures Trading Commission, establishing a federal framework for digital-asset markets.
- If passed, it would be the first comprehensive federal statute codifying crypto market structure, affecting exchanges, stablecoin issuers, and DeFi platforms.
The delays stem from ongoing negotiations with industry leaders, regulators, and lawmakers to ensure clear rules that protect consumers while strengthening national security. The overlapping delays mean the bill’s progress is uncertain until both committees complete their markups.
With Coinbase withdrawing support over unresolved concerns about software activity uncertainty and consumer protections, industry pushback continues to shape discussions around this pivotal legislation. (Source)
