The Senate Banking Committee is punting a vote on landmark crypto legislation after lawmakers proved unable to win consensus on and off Capitol Hill.
Chair Tim Scott, R-S.C., made the call to postpone today’s markup late Wednesday after Coinbase CEO Brian Armstrong said the firm would oppose “the bill as written” and despite other corners of the digital assets industry signaling a desire to move forward anyway.
Unresolved issues include how to restrict firms’ ability to pay customers yields on stablecoins — which has become a power struggle between crypto and banks — and how to rein in government officials’ ability to make money off digital assets.
Sen. Ruben Gallego, D-Ariz., said Democrats had yet to strike “a verbal agreement” on the latter with the White House, including the requisite “public assurances” and “game plan,” after a meeting with administration officials fell through.