The US Senate Banking Committee has postponed discussions on a cryptocurrency market structure bill, just hours after exchange Coinbase Global Inc. withdrew its support for the latest version of the legislation. Senate Banking Committee Chairman Tim Scott issued a statement late Wednesday local time, indicating that the bill's review would be delayed as bipartisan negotiations continue. Scott stated, "I have spoken with the cryptocurrency industry, financial sector executives, and my Democratic and Republican colleagues, and everyone remains sincerely committed to working together." "This bill reflects months of serious bipartisan discussions and incorporates practical input from innovators, investors, and law enforcement agencies. Its goal is to establish clear rules to protect consumers, strengthen national security, and ensure the future of finance is built in the United States." The market structure bill, aimed at enhancing the legitimacy of the crypto asset class, was originally scheduled for review on Thursday, a process that includes discussion and amendments. On Wednesday, Coinbase CEO Brian Armstrong stated on social network X that he would withdraw support for the latest version of the bill due to "too many issues." This delay could hinder the bill's legislative progress, potentially making it more difficult to pass before the midterm elections later this year.
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