The United States Senate Banking Committee has postponed a key markup of legislation designed to regulate cryptocurrencies. The decision came on Wednesday following public criticism from a major industry leader, Coinbase CEO Brian Armstrong.
Unveiled at the start of the week, the legislative draft aims to resolve longstanding questions over whether tokens like Bitcoin and Ethereum are securities. It also seeks to expand the Commodity Futures Trading Commission’s mandate to include spot market oversight.
Chairman Tim Scott noted that all parties are still negotiating in good faith, announcing the delay of the session originally slated for Thursday. He did not provide a new date for the discussion.
Prior to the committee’s announcement, Armstrong took to social media to voice his stark opposition, stating the bill in its current form was unacceptable to Coinbase. The company’s support is seen as vital, given its political spending through political action committees and its central role in the legislative dialogue.
