A US Senate committee has once again postponed the cryptocurrency market bill aimed at establishing a regulatory framework for digital currencies by several weeks. Referred to as the Clarity Act, this legislation is now expected to be delayed further until late February or March, according to Bloomberg.
A discussion set for January 15 regarding the bill was abruptly canceled after Coinbase CEO Brian Armstrong withdrew his support.
Although the CEO of the largest crypto exchange in the US has since indicated that he doesn’t foresee “any real barriers,” the Senate has redirected its efforts toward advancing housing legislation that President Donald Trump considers vital ahead of the upcoming congressional elections.
“Some folks are a bit annoyed; I think they were caught off guard by our decision not to back the draft as it stood,” Armstrong reportedly commented.
Coinbase and other key figures in the crypto industry have been advocating for clearer regulations for years. The bill aims to explicitly define the jurisdiction of the US Securities and Exchange Commission over the sector and clarify when crypto tokens would be classified as securities, commodities, or fall into other categories.
In the US, the cryptocurrency sector has also gained political clout, emerging as the leading corporate spender in the 2023–24 election cycle. Coinbase has separately contributed $1 million to Trump’s presidential inauguration and is also among the donors for the proposed ballroom at the White House.
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