Physical Address
304 North Cardinal St.
Dorchester Center, MA 02124
The Senate Banking Committee has postponed a vote on legislation to structure the cryptocurrency market amid growing industry resistance.
The long-awaited bill was postponed on Wednesday night after late political debate, following a withdrawal of prominent industry figures in support of the Clarity Act, prompting the committee to halt proceedings.
Sponsored
Sponsored
The rejection of digital currencies stops the vote
The road to passage of the Clarity Act through the Senate was fraught with significant turbulence. The bill was voted on by the Senate Banking Committee on Thursday, But it was late again.
After the initial release of the 278-page bipartisan proposal on Monday, The bill received great feedback. On Wednesday, Coinbase CEO Brian Armstrong announced that the company could no longer support the current version of the project.
Armstrong argued that the project “breaks key parts of the market structure” and creates risks for tokenized stocks, decentralized finance, stablecoins, and open cryptocurrency markets.
In view of these encounters, many have begun to wonder if the law of clarity It will also arrive at the president’s office Before the end of the year.
In view of these complexities, the chairman of the Banking Committee of the Senate, Tim Scott, was optimistic about the passage of the bill.
Sponsored
Sponsored
“I have spoken with leaders of the cryptocurrency industry, the financial sector, and my Democratic and Republican colleagues, and everyone at the table remains acting in good faith,” Scott said in a social media post.
So far, Coinbase has been the only major cryptocurrency player to oppose the current version of the project. However, it still faces public friction.
Political friction threatens digital currency project timeline
Despite widespread opposition to market structure legislation, the law has maintained the support of many major crypto players.
According to journalist Elinor Terret, the proposal received support from companies such as Circle, Ripple, Kraken and a16z. Non-profit organizations such as the Digital Camera and the Currency Center also support the project.
However, it does legislate A difficult road ahead.
Industry frustration has grown amid concerns that the latest amendments give too much weight to banks and traditional finance, in particular. As for stablecoin returns And coding.
Meanwhile, some Democrats have raised objections Absence of moral judgments For senior government officials, including the president. Sources familiar with the discussions say Democrats are also trying to close loopholes related to coding and national security.
Although initial expectations indicate… The possibility of passing the bill from MarchHowever, ongoing political and industrial disputes may significantly delay this timeline.
