Senate Banking Cancels Crypto Market Structure Bill Markup

The US Senate Banking Committee has cancelled its markup of a crypto market structure bill slated for Thursday, citing the need for further negotiation.

Committee Chairman Tim Scott said 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.”

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The delay comes after the Senate Agriculture Committee on Monday punted its markup of the crypto bill, which was also slated for Thursday, to the end of the month.

Republican Senate Ag Chairman John Boozman said the committee needed to “finalize the remaining details and ensure the broad support this legislation requires.”

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