Senate Banking Committee Halts Crypto Bill Progress After CEO Critique

Progress on a landmark cryptocurrency regulation bill hit a pause as the United States Senate Banking Committee delayed its discussion. The Wednesday postponement occurred shortly after Coinbase’s CEO came out against the proposal.

The legislation, introduced on Monday, focuses on creating a definitive regulatory classification framework for digital assets. A major shift would see the Commodity Futures Trading Commission police spot markets for cryptocurrencies.

Announcing the delay, Chairman Tim Scott maintained that dialogue with the crypto industry and across the aisle remains productive. The committee’s planned Thursday session was officially shelved.

Brian Armstrong solidified his opposition in a post on X, stating his company could not back the bill. Coinbase’s position carries considerable weight due to its status as a key stakeholder and its multimillion-dollar donations to political action committees supporting pro-crypto candidates in the upcoming US elections.