According to The Block, the U.S. Senate Banking Committee had originally planned a full-day session on Thursday to review a cryptocurrency regulatory bill. However, the session was canceled on Wednesday night after Coinbase CEO Brian Armstrong withdrew his support over issues such as the handling of stablecoin returns and concerns about the SEC's excessive authority. Despite this, several committee members, including Senator Cynthia Lummis of Wyoming, stated that negotiations would continue, saying the parties involved are "closer than ever" to reaching a consensus. The bill aims to clearly divide digital asset regulatory responsibilities between the CFTC and the SEC. Analysts say that if passed, it would represent "the most significant regulatory overhaul of U.S. financial markets since the financial crisis." However, reaching a bipartisan consensus before the November midterm elections still faces time and political pressures.
U.S. Senator Lummis: Crypto Regulatory Bill 'Closer Than Ever' as Negotiations Continue
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Summary
U.S. Senator Cynthia Lummis said on Thursday that a cryptocurrency regulatory policy is "closer than ever" to being finalized, despite the cancellation of a Senate Banking Committee session after Coinbase CEO Brian Armstrong withdrew his support. The bill aims to clarify regulatory authority between the CFTC and the SEC. Lummis and others remain optimistic, although time constraints and political pressures loom ahead of the midterm elections. Analysts have called it the most significant regulatory policy shift since the financial crisis.
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