Senate Banking Committee Postpones Crypto Market Structure Bill

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The highly controversial crypto market structure bill has been postponed by the US Senate Banking Committee.

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Senate Banking Committee chairman Tim Scott announced on Thursday that the markup of the digital asset market legislation, originally scheduled for today, has been postponed.

Senator Cynthia Lummis told Bloomberg on Wednesday that the markup for the controversial legislation was likely to be delayed. There was no date specified for the markup of the CLARITY Act, but industry observers think it will happen before the end of the month.

Coinbase Pulls Support

Many observers were blaming the banks for intervening and pushing for changes that prevent or limit users from earning yields on stablecoins.

This has become a huge point of contention for companies such as Coinbase, which pulled support for the bill this week.

“Regulatory clarity that shrinks investor upside isn’t progress,” commented macroeconomics outlet Milk Road.

“We are at the table and will continue to move forward with fair debate. I remain optimistic that issues can be resolved through the markup process,” commented Ripple CEO Brad Garlinghouse.

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Bitcoin Beats a Minor Retreat

Bitcoin hit a two-month high of $97,700 in late trading on Thursday before beating a retreat as the news of the delayed legislation markup broke.

The asset had slid to $96,500 at the time of writing but was still up marginally on the day and up over 5.5% on the week.

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Source: https://cryptopotato.com/senate-banking-committee-postpones-crypto-market-structure-bill/