Key Crypto Legislation Stalls in Senate Committee

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A pivotal discussion on cryptocurrency regulatory draft legislation was postponed by the United States Senate Banking Committee this Wednesday. The delay followed strong opposition voiced by Coinbase CEO Brian Armstrong.

The proposed bill, unveiled earlier in the week, seeks to define the regulatory status of crypto tokens as securities or commodities. It would also designate the Commodity Futures Trading Commission as the primary overseer of spot markets for assets like Bitcoin and Ethereum.

In explaining the delay, Chairman Tim Scott emphasized that all stakeholders remain engaged in productive talks. He confirmed the postponement of a markup session that was set for the following day.

Armstrong’s preemptive criticism, posted on X, stated his company’s firm opposition to the bill’s current language. Coinbase’s stance is critical, as the exchange has been a major player in the bill’s negotiations and has funneled millions into political action committees supporting crypto-friendly US candidates.