Ultimate Guide: Us Senate Banking Cancels Thursday Crypto Bill Markup Amid...
Senate Banking Committee Chairman Tim Scott says further negotiations to garner bipartisan support for a key crypto-regulating bill are needed before it can advance.
Update (Jan. 15, 4:46 am UTC): This article has been updated to add more information and history regarding the Senate’s bill.
The US Senate Banking Committee has postponed its markup of a crypto market structure bill originally slated for Thursday, citing the need for further talks.
Committee Chairman Tim Scott said in an emailed statement late on Wednesday local time in Washington, DC, that the committee is postponing its markup of the crypto bill to continue bipartisan negotiations to garner support.
“I’ve spoken with leaders across the crypto industry, the financial sector, and my Democratic and Republican colleagues, and everyone remains at the table working in good faith,” said Scott.
“This bill reflects months of serious bipartisan negotiations and real input from innovators, investors, and law enforcement,” he added. “The goal is to deliver clear rules of the road that protect consumers, strengthen our national security, and ensure the future of finance is built in the United States.”
Scott did not disclose when the markup would be rescheduled. The delay comes after the Senate Agriculture Committee on Monday punted its markup of the crypto bill to Jan. 27, which was originally also slated for Thursday.
Republican Senate Ag Chairman John Boozman said the committee has “made meaningful progress and had constructive discussions,” but needed to “finalize the remaining details and ensure the broad support this legislation requires.”
The bill, which the crypto industry is highly anticipating, would define how the Securities and Exchange Commission and the Commodity Futures Trading Commission would police the crypto market.
The House passed a version of the bill, called the CLARITY Act, in July, but procedural rules mean both the Senate Banking and Agriculture Committees need to advance the bill, as they respectively oversee the SEC and CFTC.
Source: CoinTelegraph
