Senate Postpones Digital Asset Market Legislation Markup Amid Industry Concerns
Written by Ohris M. Greyoon, Blockchain & Crypto Expert
- Legislation Postponed: Senate Banking Committee Chairman Tim Scott announced the postponement of the digital asset market legislation markup originally scheduled for today, although all parties remain engaged in discussions to ensure consumer protection and national security.
- Industry Opposition: Coinbase CEO Brian Armstrong stated that Coinbase cannot support the bill due to provisions that limit stablecoin yields, highlighting the tension between regulatory clarity and investor interests within the industry.
- Market Reaction: Bitcoin hit a two-month high of $97,700 before retreating to $96,500 following the news of the delayed legislation markup, yet it remains up over 5.5% for the week, indicating market sensitivity to legislative developments.
- Future Outlook: Despite the delay, Ripple CEO Brad Garlinghouse expressed optimism about resolving issues through the markup process, underscoring the industry's ongoing engagement and focus on legislative progress.
About the author
Ohris M. Greyoon
Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.
