Senators scramble as crypto fissures threaten key bill

Senators are scrambling to find a way forward on key cryptocurrency legislation after the Senate Banking Committee postponed a highly anticipated markup following the loss of a major industry player’s support.

Late Wednesday, Senate Banking Chair Tim Scott (R-S.C.) announced he was delaying Thursday morning’s markup of the crypto market structure bill. The Senate markup was seen as a key milestone for the industry, which has been pushing for the legislation for years.

The markup already appeared poised for fireworks after a new 278-page draft of the bill faced scrutiny from the crypto industry, particularly over a contentious stablecoin rewards provision.

Read more at The Hill