US Senator Cynthia Lummis reportedly expects the US Senate Banking Committee to delay its hearing on crypto market structure legislation after Coinbase withdrew support for the bill.<\/p>\n
There were already some murmurs of a CLARITY Act Senate markup delay on Wednesday, which were heightened following an X post from Bloomberg reporter Steven Dennis on Wednesday night. Dennis stated:<\/a><\/p>\n \u201cLummis tells me her recommendation and expectation is that the markup be pulled for now. It\u2019s Banking Chair Tim Scott\u2019s call.\u201d<\/p><\/blockquote>\n The Senate markup is scheduled for Thursday at 10:00 am Eastern Time.<\/p>\n Cointelegraph reached out to Scott\u2019s office for comment, but didn\u2019t receive an immediate response.<\/p>\n Lawmakers have been consulting with members of the banking and crypto industries over provisions of the CLARITY Act for several weeks. <\/p>\n However, Coinbase publicly pulled its support<\/a> for the bill on Wednesday, arguing the latest text was unfavorable to the industry.<\/p>\n In addition to killing stablecoin rewards<\/a>, Coinbase CEO Brian Armstrong flagged<\/a> concerns over restricting tokenized stocks, the government having unlimited access to financial records, and the US commodities regulator<\/a> receiving less authority over the crypto markets than initially anticipated.<\/p>\n<\/div>\n \u201dThis version would be materially worse than the current status quo. We\u2019d rather have no bill than a bad bill. Hopefully we can all get to a better draft. \u201c<\/p>\n Related: <\/strong><\/em>A16z raises $15B, says crypto a \u2018key\u2019 to America winning next 100 years<\/strong><\/em><\/a><\/p>\n Passing of the bill without favorable provisions could significantly impact Coinbase\u2019s balance sheet, as the exchange made $247 million<\/a> from stablecoin revenue in Q4 in addition to $154.8 million from blockchain rewards.\u00a0 <\/p>\n Banking industry advocates say allowing stablecoin rewards could hit them even harder, with the Treasury Department estimating last April that widespread stablecoin adoption<\/a> could draw $6.6 trillion<\/a> from the traditional banking system. <\/p>\n Magazine:<\/strong><\/em> Davinci Jeremie bought Bitcoin at $1\u2026 but $100K BTC doesn\u2019t excite him<\/strong><\/em><\/a><\/p>\n <\/template><\/div>\n Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph\u2019s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently. Read our Editorial Policy https:\/\/cointelegraph.com\/editorial-policy<\/a><\/p>\n<\/div>",
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Coinbase flags multiple issues with latest text<\/h2>\n
A lot is on the line for both crypto and the banks<\/h2>\n