Key Notes
- Sources said that the Senate Banking Committee prioritizes housing affordability over the crypto bill measures ahead of the elections.
- The bill delay has generated much discussion, with top players like Coinbase pulling out support.
- Moreover, the Senate Agriculture Committee has its own draft and markup scheduled for January 27.
Scheduled for January-end, the US crypto market bill is likely to face further delay, for at least a few weeks, dragging into March. This happens as the lawmakers at the US Senate Banking Committee have moved their attention to housing legislation.
Interestingly, a day before, US President Donald Trump spoke at the World Economic Forum (WEF) in Davos, noting that he expects to sign the crypto bill CLARITY Act very soon. He once reiterated his previous stand of making America the crypto capital of the world.
Senate Shifts Focus from Crypto Bill to Housing Legislation
As reported by the Bloomberg publication, the Senate Banking Committee is currently putting its focus on addressing rising costs for Americans ahead of this year’s congressional elections. Thus, the source believes that the committee could push the consideration of the crypto bill to late February or March.
While Trump and senior officials have made crypto a priority, housing remains the largest monthly expense for most Americans and a major driver of inflation. Lawmakers are reportedly examining proposals to implement Trump’s push to remove large institutional investors from buying single-family homes, reported Bloomberg.
The Senate’s pivot toward housing policy is raising fresh doubts over whether lawmakers can successfully push ahead with the much-awaited US crypto market structure bill.
Last week, crypto exchange Coinbase withdrew its support for the bill, citing anomalies in its text. The exchange reported issues over tokenized equities, DeFi limitations, and other things in the crypto bill.
The bill is crucial for the crypto industry as supporters believe that it would draw clearer jurisdictional boundaries between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
Bipartisan Support Essential for Passing the Bill
The delay in the crypto market bill will give financial and crypto industry groups additional time to push for revisions. Coinbase CEO Brian Armstrong is already in a meeting with key leaders at the ongoing Davos Summit.
Updating on the bill, Senate Agriculture Committee Chairman John Boozman said that they couldn’t reach a deal with the Democrats.
“While differences remain on fundamental policy issues, this bill builds on our bipartisan discussion draft while incorporating input from stakeholders and represents months of work,” he added.
Any Senate bill would also need input from the Agriculture Committee. The panel released its own digital-asset draft legislation on Jan. 21, and plans to hold a markup on Jan. 27. The proposal was issued without the support of Democratic Senator Cory Booker, a development that could signal challenges ahead in securing bipartisan agreement.
next
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
Bhushan Akolkar on X
Source: https://www.coinspeaker.com/us-crypto-market-bill-delayed-march/
