BlockBeats news: On January 15, the Senate Banking Committee canceled a planned hearing to revise and vote on comprehensive cryptocurrency legislation, following Coinbase's announcement that it had withdrawn its support for the bill. It is currently unclear when the hearing will be rescheduled.
The Senate Banking Committee had originally scheduled a markup hearing for Thursday morning. The bill aims to clarify the regulatory jurisdiction between the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC), define when digital assets should be classified as securities or commodities, and establish new disclosure requirements.
The bill text was released late Monday evening, with a deadline for submitting amendments set for late Tuesday night, originally intended to pave the way for a vote scheduled for Thursday. However, cracks in the support began to appear on Wednesday.
The key negotiating representative for the bill, Democratic Senator Ruben Gallego, told reporters that he was supposed to meet with Patrick Witt, the executive director of the President's Digital Asset Advisory Committee, but Witt did not attend. Gallego stated that he is currently unable to support the bill.
Subsequently, Coinbase announced its withdrawal of support. The company's CEO, Brian Armstrong, posted on the X platform, expressing concerns over provisions in the bill regarding stablecoin yields, tokenized equities, and decentralized finance. However, other crypto companies and advocacy groups continue to express their support for the bill, stating that they remain committed to pushing for its enactment into law by 2026.