Senate Affordability Push Sidelines Crypto Bill

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Progress on a crucial crypto market structure bill is likely to stall. The Senate Banking Committee is redirecting its focus toward President Donald Trump’s affordability initiatives, potentially delaying the legislation for weeks.

This decision comes after Trump issued an executive order targeting housing affordability. The order blocks large Wall Street investors from buying single-family homes.

The administration perceives this move as vital for lowering living costs prior to the upcoming US midterm elections.

In light of this, the Banking Committee will likely dedicate its resources to the executive order. Analysts now predict the crypto bill will not advance until late February or March.

The bill has encountered repeated delays in the Senate. Committee markups have been postponed before as lawmakers work to secure support from both parties.

The proposed bill aims to clarify whether the Securities and Exchange Commission or the Commodity Futures Trading Commission oversees various crypto assets. Its path grew more difficult after Coinbase rescinded its support, citing concerns with rules for stablecoins and decentralized platforms.