Chairman Tim Scott delays vote on bitcoin legislation

The US Senate Banking Committee, chaired by Tim Scott, has pushed back the markup of a bill on the structure of the cryptocurrency market that was set for Thursday.

“I have engaged with leaders from the cryptocurrency sector, the financial industry, and my Democratic and Republican counterparts, and all parties continue to collaborate in excellent faith,” Scott stated in a Wednesday announcement on X.

The committee will persist in bipartisan efforts to garner wider support.

“This market structure legislation embodies months of earnest bipartisan discussions and substantial contributions from innovators, investors, and law enforcement,” Scott stated, emphasizing that the primary objective is to “establish unequivocal regulations that safeguard consumers.”

At the time of writing, the committee has not declared a new date for the markup.

Chairman Tim Scott delays vote

A markup is a crucial phase in the legislative process wherein committees examine a bill meticulously, proposing revisions as necessary prior to voting on its progression to the whole Senate.

The eagerly awaited legislation under review will establish the regulatory framework for the Securities and Exchange Commission and the Commodity Futures Trading Commission concerning the digital asset market.

In mid-2025, the House approved a version of the measure referred to as the CLARITY Act, but according to congressional process, both the Senate Banking and Agriculture Committees must endorse the legislation for it to progress.

The Senate Agriculture Committee postponed its markup of the bill, originally scheduled for that Thursday, on January 13.

As previously reported by crypto.news, Committee Chair John Boozman stated that additional time is required to obtain sufficient votes before proceeding.

Simultaneously, cryptocurrency market participants exercise caution due to a provision in the bill that suggests stringent restrictions on stablecoin yield offerings, which have become a significant source of dispute.

Coinbase, a significant industry participant and prominent crypto lobbyist, has threatened to retract its support for the Senate version of the bill due to fears that its features would adversely affect its stablecoin operations.