Senate Crypto Bill Markup Delayed By Snowstorm, But May Still Get Hit With Partisan Vote

A highly anticipated Senate committee markup session for comprehensive digital asset legislation has been abruptly postponed following a major snowstorm that shut down much of Washington D.C. The session, originally scheduled for early this week, was expected to finalize committee amendments and vote on the crucial regulatory framework aimed at clarifying jurisdiction over cryptocurrencies between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).

While the delay offers a temporary reprieve for policymakers and lobbyists, it has not dampened the political tension surrounding the bill. The legislation, often lauded by industry proponents as necessary to ensure American competitiveness, faces significant partisan opposition. Key Democratic senators remain skeptical, arguing that the framework might unduly weaken investor protection or impede the SEC’s current enforcement efforts under Chairman Gary Gensler.

Republicans, alongside key centrist Democrats, have pushed for the bill, emphasizing the need for regulatory certainty and criticizing the SEC’s current ‘regulation by enforcement’ approach. Sources close to the committee suggest that despite months of attempted bipartisan negotiation, several key amendments proposed by the minority party are highly contentious.

Upon rescheduling, the markup is still expected to proceed, but insiders predict the final committee vote will fall strictly along party lines. A partisan outcome would significantly reduce the bill’s chances of clearing the full Senate floor, marking a major hurdle for those seeking statutory clarity for the digital asset sector.

Source: Senate Crypto Bill Markup Delayed By Snowstorm, But May Still Get Hit With Partisan Vote