Following criticism from multiple digital asset firms of the current draft of the crypto market infrastructure bill, the Senate Banking Committee announced late last night that the markup hearing scheduled for today has been delayed.
Via X, Senator Tim Scott, the Chairman of the Senate Banking Committee, said the legislation is now on “pause.”
“We’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. As we take a brief pause before moving to a markup, this market structure bill reflects months of serious bipartisan negotiations and real input from innovators, investors, and law enforcement. 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.”
Earlier in the day, Senator Cynthia Lummis, a top digital asset supporter, publicly called for the hearing to be postponed.
The legislation has suffered from a one-two punch: anti-innovation Democrat Senators seeking to undermine the bills mission and bank lobbyists who fear for their business model as competition looms from digital asset firms.
Crypto investor Ryan Sean Adams warned:
“If the bank lobby kills stablecoin yield in the Clarity Act, it’s proof that the Senate works for the banks, not the people. No one benefits from this except banks. For any elected representative to support it is inexcusable.”
It appears that his concern warrants merit.
The White House issued a statement supporting Senator Scott’s efforts to “pass bipartisan crypto market structure legislation as soon as possible.”
Trump Administration Crypto Czar David Sacks said:
“Passage of market structure legislation remains as close as it’s ever been. The crypto industry should use this pause to resolve any remaining differences. Now is the time to set the rules of the road and secure the future of this industry.”
Battle lines have been drawn. Old banks seeking to create rules that devastate potential competition and anti-innovation members of the Senate who simply believe it is their mission to save the population from themselves, as they know better.
