coindesk.com
The Senate Banking Committee may postpone its hearing on the crypto market structure, slated for Thursday, Senator Cynthia Lummis told Bloomberg on Wednesday afternoon.
The Senate Banking Committee's crypto market structure legislation is growing increasingly contentious, even as lawmakers count down the hours to the planned Thursday hearing, which will conclude with a vote on advancing the bill — or not.
However, this isn't a confirmation of the hearing's delay on Thursday.
A spokesperson for Lummis did not immediately answer 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 U.S. and one of the most significant global exchanges, publicly withdrew its support for the bill late Wednesday, but this may not have a substantial impact on whether the markup hearing occurs or its outcome, multiple individuals familiar with the situation told CoinDesk.
The bigger issue is that the lawmakers on the Banking panel are not all in agreement, and this lack of unanimous support may lead to the hearing being delayed.
Multiple Republicans, including Senator Thom Tillis, have concerns with the bill, particularly with the language addressing stablecoin yield. These issues persisted through Wednesday evening, three individuals familiar with the situation told CoinDesk.