Sweeping crypto legislation hits major snag as Senate Banking Committee postpones markup

The Senate Banking Committee abruptly pulled its hearing scheduled for Thursday to amend and vote on comprehensive cryptocurrency legislation. This postponement followed the withdrawal of support from Coinbase, whose CEO cited concerns over the treatment of stablecoin yield, tokenized equities, and DeFi. Senate Banking Committee Chair Tim Scott affirmed that negotiations are ongoing in good faith with industry leaders and colleagues, emphasizing the goal of establishing clear rules for consumer protection and national security. The bill aims to clarify regulatory jurisdiction between the CFTC and SEC, define digital assets as securities or commodities, and establish new disclosure requirements. The future of this bill is uncertain; it must eventually be reconciled with a separate bill from the Senate Agriculture Committee before proceeding to a full Senate vote and eventually the House, before reaching President Trump's desk.

(Source：The Block)