The Senate Banking Committee may postpone its hearing on crypto market structure, scheduled for Thursday, Senator Cynthia Lummis told Bloomberg on Wednesday afternoon.
The Senate Banking Committee’s crypto market structure legislation is increasingly controversial, even as we count down the hours until Thursday’s scheduled hearing, which will end with a vote on whether or not to advance the bill.
However, this does not confirm the delay of Thursday’s hearing.
A spokesperson for Lummis did not immediately respond to a phone call. Spokespeople for Banking Committee Chairman Tim Scott did not immediately respond to a request for comment.
Lack of support
Coinbase (COIN), the largest platform in the United States and one of the most prominent global exchanges, publicly withdrew its support for the bill late Wednesday, but that may not have a significant impact on whether the markup hearing takes place or its outcome, several people familiar with the situation told CoinDesk.
The biggest problem is that not all participants on the banking panel agree, and this lack of unanimous support could cause the hearing to be delayed.
Several Republicans, including Sen. Thom Tillis, are concerned about the bill, particularly the language addressing stable coin yield. These issues persisted into Wednesday evening, three people familiar with the situation told CoinDesk.