Crypto Market Structure Bill in Limbo as Industry Pulls Support
The US crypto market structure bill is stalled after major industry groups, including Coinbase, withdrew support over contentious provisions.Summary
The future of the landmark US crypto market structure bill is uncertain after the Senate Banking Committee postponed a crucial markup vote, and major industry groups, notably Coinbase, withdrew their support. Coinbase CEO Brian Armstrong cited several issues, including a de facto ban on tokenized equities, prohibitions on decentralized finance (DeFi), subversion of the CFTC's authority to the SEC, and bans on stablecoin interest, stating the current version is "materially worse than the current status quo."
Industry advocates, like the Crypto Council for Innovation, emphasized the need to preserve consumer choice and competition, while others noted that resolving complex legislation is inherently difficult. Furthermore, even if passed, the bill faces years of rulemaking implementation, similar to the Dodd-Frank Act, with significant hurdles remaining, such as clarifying DeFi definitions and addressing partisan divisions over regulatory agency composition, suggesting the path to comprehensive crypto law remains long.
(Source：Cointelegraph)