A long-anticipated Senate Banking Committee hearing on the crypto market‑structure bill was abruptly delayed late Wednesday, just hours before lawmakers were set to meet. The markup session, meant to debate and amend the bill, had been widely expected and marked a pivotal step in shaping federal rules for digital assets. But no new date was announced, and uncertainty now looms over the bill’s future.

The delay came the same day that Coinbase CEO Brian Armstrong publicly withdrew support for the current version of the legislation, citing “too many issues.” Armstrong pointed to concerns over a potential ban on tokenized equities, restrictions on stablecoin rewards, and what he described as excessive regulatory overreach.

While it’s unclear whether Coinbase’s move directly caused the delay, the timing underscores growing fractures within the crypto industry over how regulation should take shape.

https://x.com/brian_armstrong/status/2011545247105355865?s=20

Committee Chair Sen. Tim Scott said negotiations would continue, emphasizing the goal of creating clear rules that protect consumers and preserve U.S. financial leadership. But the postponement could prove costly.

With midterm elections approaching and Senate time limited, the longer the bill stalls, the less likely it is to pass this year, leaving the industry once again in regulatory limbo.