Senate Agriculture Committee Chairman John Boozman (R-AR) said Monday that the committee has decided to postpone the markup of the cryptocurrency market structure bill from Thursday to the last week of January.
More Time Needed For Bipartisan Consensus?
Boozman said that the delay provides additional time for further discussions and refinement of the bill.
He revealed that the committee had made “meaningful progress” and had “constructive” bipartisan discussions over the weekend. Boozman reiterated his commitment to moving forward with the bipartisan crypto market structure legislation.
“To finalize the remaining details and ensure the broad support this legislation requires, additional time is needed before moving to markup. The committee will mark up this legislation during the last week of January,” Boozman issued a statement.
Key Obstacles
The delay comes as the window narrows to pass this crucial legislation, which seeks to establish a federal regulatory framework for digital assets.
Bernstein analysts warned the legislation must advance by the second quarter or risk stalling amid midterm election politics, with stablecoin rewards emerging as the key stumbling block.
Analysts at TD Cowen warned earlier that the bill could be delayed until 2029 due to President Donald Trump’s cryptocurrency ventures.
The Democrats are seeking provisions that would prevent senior government officials and their families, including Trump, from owning or operating cryptocurrency businesses.
Trump has generated roughly $620 million from ventures tied to his family, including World Liberty Financial (CRYPTO: WLFI), a DeFi and stablecoin project listing Trump and his three sons as co-founders.
Cardano (CRYPTO: ADA) founder Charles Hoskinson voiced skepticism about the bill’s passage in the first quarter and warned that Democrats would run midterm elections on an anti-cryptocurrency plank due to the “catastrophic” Official Trump (CRYPTO: TRUMP) memecoin.
Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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