Senate Banking Committee lawmakers say crypto bill is ‘closer than ever’ despite setbacks
Despite a postponed hearing, Senate lawmakers remain optimistic about advancing sweeping cryptocurrency legislation.Summary
The Senate Banking Committee postponed a crucial hearing intended to advance sweeping cryptocurrency legislation, which would divide digital asset oversight between the CFTC and the SEC. The delay followed Coinbase CEO Brian Armstrong pulling support due to concerns over stablecoin returns and SEC power. However, committee members, including Senator Cynthia Lummis, insist the effort is "closer than ever," with negotiations continuing to find a bipartisan consensus product. Industry advocates are urging progress, warning that inaction leads to uncertainty. Analysts have mixed views; some see the delay as a strategic pause allowing for better bipartisan momentum, while others worry that addressing Coinbase's concerns might jeopardize the necessary Democratic buy-in for a full Senate vote.
(Source：The Block)