The Senate Banking Committee delayed the anticipated markup of its crypto market structure bill draft, prompting the Agriculture Committee to take action. The Agriculture Committee is set to release its own version of the bill’s draft today, just ahead of a crucial vote scheduled for next week.
Coinbase Faces Pressure To Negotiate Yield Deal
Eleanor Terret, a reporter with Crypto In America who has been closely monitoring congressional developments regarding cryptocurrency, reported that staffers from the Banking Committee hope a successful bipartisan agreement spearheaded by their counterparts in the Ag Committee could facilitate a smoother markup process.
The responsibility now largely falls on Coinbase—whose sudden withdrawal of support for the bill contributed to the halt in the markup process—to negotiate a deal with banking leaders on yield. At the same time, Binance and Ripple’s leadership have expressed support for the bill’s latest version during their appearance in Davos.
Coinbase CEO Brian Armstrong expressed his apprehensions regarding the implications of the bill last week. He raised concerns that the legislation could prohibit tokenized equities, impose restrictions on decentralized finance (DeFi), and expand government access to financial data, potentially sacrificing individual privacy.
The executive also cautioned that the bill could shift regulatory power from the Commodity Futures Trading Commission (CFTC) to the Securities and Exchange Commission (SEC), which may eliminate stablecoin rewards and hinder competition within the crypto sector.
President Trump Optimistic About Crypto Market Bill
Adding to the tension, Patrick Witt, Executive Director of the White House Crypto Council, took to social media late Tuesday to criticize Coinbase, warning that the delay in the market structure bill could invite stricter regulations under an administration less favorable to digital assets.
Witt’s remarks seemed to corroborate reports from Crypto In America indicating that the White House is frustrated with Coinbase’s withdrawal, which has contributed to the legislative stall.
In a related note, President Donald Trump acknowledged the ongoing efforts surrounding the market structure legislation during his speech in Davos on Wednesday.
He expressed hope that Congress would finalize the bill soon, stating, “Congress is working very hard on crypto market structure legislation, which I hope to sign very soon, unlocking new pathways for Americans to reach financial freedom.”
Featured image from OpenArt, chart from TradingView.com
