US Senate Banking Committee Delays Cryptocurrency Bill Drafting
The US Senate Banking Committee, led by Chairman Tim Scott, has postponed the drafting of a bill on the structure of the crypto market, which was scheduled for Thursday. This move marks a significant delay in the legislative process, as the committee seeks to establish clear guidelines for the digital asset market.
Background and Context
The Senate Banking Committee has been working on the bill for months, engaging in bipartisan negotiations with industry leaders, financial sector experts, and law enforcement agencies. Chairman Tim Scott stated that “everyone continues to be at the table in good faith,” indicating a willingness to collaborate and find common ground. The committee aims to create a comprehensive framework that protects consumers and provides clarity for market participants.
The bill’s provisions have been a subject of debate, particularly with regards to stablecoin yield offerings. A section of the bill proposes strict limits on these offerings, which has raised concerns among industry players. Coinbase, a major crypto exchange and lobbyist, has threatened to withdraw support for the Senate version of the bill due to the potential negative impact on its stablecoin business.
Legislative Process and Implications
A markup is a crucial step in the legislative process, where committees discuss a bill line by line and propose changes before voting on whether to send it to the full Senate. The delay in drafting the bill means that the committee will continue bipartisan negotiations to gain broader support. Chairman Scott emphasized that the ultimate goal is to “set clear rules of the road that protect consumers.” The bill’s passage would determine how the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) regulate the digital asset market.
The House previously passed a version of the bill, known as the CLARITY Act, in mid-2025. However, under congressional procedures, both the Senate Banking and Agriculture Committees must approve the legislation for it to move forward. The Senate Agriculture Committee also delayed drafting the bill on January 13, citing the need for more time to secure enough votes. As the legislative process unfolds, crypto market participants remain cautious, awaiting clarity on the bill’s provisions and their potential impact on the industry.
For more information on the developments surrounding the cryptocurrency bill, visit https://crypto.news/chairman-tim-scott-postpones-vote-on-cryptocurrency-bill/.
