Senate Crypto Bill Markup Delayed Due to Snowstorm
The Senate Agriculture Committee has postponed its much-anticipated crypto market structure bill markup by two days, citing the severe snowstorm affecting Washington, D.C. Initially planned for Tuesday, the vote has been rescheduled for Thursday, giving hope that operations will resume as normal. However, despite the weather delay, the bill faces several critical challenges that may hinder its progress.
Key Obstacles Surrounding the Crypto Legislation
Even with the updated schedule, the bill remains mired in political disagreement, particularly the lack of Democratic support. While the Agriculture Committee, responsible for legislation regarding commodities and overseen by the CFTC, has pushed this forward for a vote, the support required for bipartisan backing remains slim. One Senate source claims there is a “99% chance” the bill will not garner any Democratic votes.
With this anticipated lack of bipartisan momentum, the legislation’s fate may hang by a thread. This bill is a key player in the broader Senate vision of creating a cohesive structure for regulating the crypto industry. The second half of the bill, dealing with securities laws and traditional banking, is being managed by the Senate Banking Committee, which itself faced delays earlier this month. Tensions between regulators like the SEC and key crypto players, including Coinbase, have also slowed progress.
Broader Implications for the Industry
Time is ticking for the Senate as lawmakers have until spring to finalize crypto legislation before preparations for November’s midterm elections take precedence. Additionally, a looming federal government shutdown on Friday further complicates the legislative timeline. Should Congress fail to reach a deal on U.S. government funding, this would place the bill lower on the priority list as Washington grapples with essential operational concerns.
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Final Thoughts
With snowstorms, partisan contention, and a possible government shutdown all at play, the path forward for the Senate’s crypto bill remains fraught with uncertainty. Policymakers and industry leaders alike will need to strategize carefully to ensure the bill receives the momentum it needs to pass and address the growing demands of the cryptocurrency market.
