The House is slated to pass a dramatic overhaul of how agencies regulate cryptocurrency next week — but it could be a while until the Senate does the same.
Lawmakers initially promised Trump they would pass the revamp, along with a separate bill governing stablecoins, by August.
But Republicans on the Senate Banking Committee left a hearing Wednesday with outstanding questions that could take lawmakers months to answer — if not longer.
“In terms of the Senate starting from scratch drafting a market structure bill, it makes no sense to me,” Sen. John Kennedy, R-La., told Semafor.
He added that he doesn’t want crypto firms to have too much influence over the legislation: “I want industry’s contribution … but we let others, other prominent players on the internet, write their own bill before, and it didn’t turn out well.”