Senator Lummis expects delay for crypto market structure bill after exchange withdraws support

Source: CryptoNewsNet Original Title: Senator Lummis says delay likely for market structure bill: Bloomberg Original Link: https://cryptonews.net/news/legal/32279569/ US Senator Cynthia Lummis reportedly expects the US Senate Banking Committee to delay its hearing on crypto market structure legislation after a major exchange withdrew support for the bill.

There were already some murmurs of a CLARITY Act Senate markup delay on Wednesday, which were heightened following reports on Wednesday night, stating that Lummis recommended the markup be pulled for now, with the final decision resting with Banking Chair Tim Scott.

The Senate markup was scheduled for Thursday at 10:00 am Eastern Time.

Lawmakers have been consulting with members of the banking and crypto industries over provisions of the CLARITY Act for several weeks.

However, the exchange publicly pulled its support for the bill on Wednesday, arguing the latest text was unfavorable to the industry.

The exchange CEO flagged concerns over restricting tokenized stocks, the government having unlimited access to financial records, and the US commodities regulator receiving less authority over the crypto markets than initially anticipated. The executive stated:

“This version would be materially worse than the current status quo. We’d rather have no bill than a bad bill. Hopefully we can all get to a better draft.”

The bill would also eliminate stablecoin rewards under its current provisions. This is a developing story, and further information will be added as it becomes available.