The US Senate has postponed its consideration of the cryptocurrency market structure bill until next year.
PANews reported on December 16th that, according to CoinDesk, the U.S. Senate Banking Committee will not hold a hearing until next year to amend legislation defining how federal regulators should regulate the market structure of the cryptocurrency industry. Previously, many hoped for a hearing later this week, but it ultimately did not materialize. A committee spokesperson said in a statement Monday that "Chairman Tim Scott and the Senate Banking Committee have made significant progress with their Democratic counterparts on this bill," but lawmakers are still negotiating.
While the delay was expected, it's still a significant blow to the crypto industry. The industry was hoping for at least a hearing on amendments, given the lack of substantial progress on what was expected to be a comprehensive new law by 2025. It remains unclear how quickly lawmakers will resume negotiations in the new year. Returning to Congress after the holiday, the top priority will be funding the U.S. government, as a current appropriations bill expires on January 30th. Assuming no further government shutdown, lawmakers will have limited time to address market structure issues before next year's midterm elections become their priority.
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