At a Glance
- Senate Banking Committee postpones markup of the CLARITY Act, citing ongoing bipartisan talks.
- Coinbase withdraws support, saying the draft bans stablecoin yields and narrows tokenized asset pathways.
- Bitcoin slipped from a two-month peak of $97,700 to $96,500 after the delay was announced.
- Why it matters: The pause clouds near-term regulatory clarity for U.S. crypto firms and investors.
The Senate Banking Committee has hit pause on the long-awaited digital-asset market-structure bill, postponing today’s scheduled markup as industry opposition mounts and lawmakers seek consensus.
Committee Chairman Confirms Delay
Chairman Tim Scott announced the move Thursday morning after a final round of talks with stakeholders.
> “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.”
> “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 said.
Senator Cynthia Lummis had already told Bloomberg on Wednesday that the markup would likely slip, though no new date has been set. Observers expect the committee to revisit the CLARITY Act before the end of the month.
Coinbase Rejects Draft Text
Coinbase CEO Brian Armstrong pulled the company’s backing after reviewing the 48-hour-old draft.
> “After reviewing the Senate Banking draft text over the last 48 hours, Coinbase unfortunately can’t support the bill as written,” Armstrong said Wednesday.
The exchange objects to provisions that would:
- Ban or cap yield on stablecoin deposits
- Restrict pathways for tokenized real-world assets
- Expand surveillance requirements in decentralized-finance protocols
Macro outlet Milk Road echoed the criticism: “Regulatory clarity that shrinks investor upside isn’t progress … it clarifies who regulates crypto by banning stablecoin yield, narrowing tokenized asset pathways, and expanding surveillance in DeFi.”
Industry Split
Not every crypto firm is walking away. Ripple CEO Brad Garlinghouse signaled continued engagement.
> “We are at the table and will continue to move forward with fair debate. I remain optimistic that issues can be resolved through the markup process.”
Banking groups reportedly lobbied for tighter yield curbs, fearing stablecoin products could siphon deposits away from traditional institutions.
Market Reaction
Bitcoin touched a two-month high of $97,700 late Thursday but retreated to $96,500 as news of the delay spread. The leading crypto remains up roughly 5.5% week-over-week, according to News Of Los Angeles data.
Path Forward
The postponement keeps the bill’s future in limbo. Staffers from both parties say text revisions are likely before any committee vote, though scope and timing remain fluid. The committee has not officially rescheduled the markup, leaving the industry waiting for the next signal from Capitol Hill.
Key Takeaways
- Bipartisan talks continue; no markup date has been reset.
- Coinbase exit highlights friction over stablecoin yield and DeFi oversight.
- Bitcoin’s brief slump underscores how legislative headlines still move prices.
- A revised draft is expected, but final passage timing is uncertain.
