The Senate Banking Committee pulled a major crypto market structure bill roughly 12 hours before it was due to go to a vote, and the committee’s chairman, Senator Tim Scott, announced a postponement of the markup hearing. The move stopped a near-term vote but did not mark the end of the effort: participants and observers say work on the draft is continuing and another markup could be scheduled in the coming weeks. Democrats also took steps to re-engage the industry by holding a call with representatives to relaunch discussions.
Overview of the Crypto Market Structure Bill Delay
The bill was withdrawn from consideration shortly before the scheduled vote, leaving negotiators to revisit contested provisions and timing. Senator Tim Scott formally postponed the markup hearing, halting the immediate legislative process while the draft is updated. Observers note that past high-profile crypto legislation has survived rocky committee processes — for example, the GENIUS Act governing stablecoins underwent public setbacks during votes but was later enacted — so a pause does not necessarily mean the effort will fail.
Key Issues and Controversies
Several disputed elements contributed to the delay. Lawmakers have debated how to handle stablecoin yield and whether to include an ethics provision related to presidential crypto ties. In addition, bipartisan senators outside the Banking Committee objected to a provision that would extend certain legal protections to software developers, creating further friction.
- Stablecoin yield mechanics and related ethics language.
- Pushback over protections for software developers from senators on another committee.
- Industry concerns about the bill’s approach to SEC authority and DeFi regulation.
Industry and Political Reactions
Reactions were mixed. Ron Hammond of Wintermute said the bill still has momentum despite the setback, emphasizing that negotiators remain engaged on outstanding hang-ups. At the same time, Coinbase withdrew support for the bill and its CEO framed that move around consumer protection concerns, signaling major industry divisions. Meanwhile, Senate Democrats organized a call with industry representatives to restart talks and search for compromises.
For additional background on how hearings shifted and what parts of the draft raised concern, see the reporting that tracked the committee’s moves to postpone hearings and discussions about DeFi developer protections.
Next Steps and Future Prospects
The Senate Agriculture Committee is expected to release its own text and hold a markup in the coming weeks; that text could influence where the overall package lands. Committee staff on the Banking panel are reportedly updating the draft, and parties involved say negotiations and amendment discussions will be the next items to watch. Given active engagement from lawmakers and industry, another markup appears likely at some point, though timing and content remain uncertain.
Why this matters (for miners in Russia)
Procedural delays change timing but do not immediately alter existing rules that affect mining operations, so most day-to-day activity will continue as before. However, continued debate over stablecoins, DeFi rules, and developer protections could shape future U.S. legislation that affects exchanges, custody practices, and cross-border services miners might use. Staying informed helps you anticipate administrative or market changes that could influence payment rails, service availability, or counterparty practices over time.
What to do (practical steps for miners with 1–1,000 devices in Russia)
- Monitor reliable sources and official committee updates so you learn promptly if the bill advances or changes.
- Keep operational records, receipts, and tax documentation organized in case regulatory or reporting expectations shift.
- Review reliance on external services (exchanges, custodians, pools) and consider simple contingencies if a major provider changes terms.
- Limit exposure to unvetted counterparties and maintain routine security practices for keys and infrastructure.
FAQ
Q: Why was the bill postponed? The Senate Banking Committee pulled the bill about 12 hours before a scheduled vote, and Chairman Tim Scott announced a postponement of the markup hearing amid disputes over several provisions. Lawmakers and other committees raised objections that required further negotiation.
Q: Is the bill dead? No. Those involved say the bill still has momentum and that work on the draft continues; another markup could be scheduled in the coming weeks as committees update their texts.
Q: What were the main sticking points? Key disagreements included how to treat stablecoin yield and an ethics provision, objections to software developer protections raised by bipartisan senators on another committee, and industry concerns about SEC authority and DeFi regulation.
Q: What did industry leaders say? Ron Hammond of Wintermute said the bill still has momentum despite setbacks, while Coinbase withdrew support and its CEO framed that decision around consumer protection concerns. Democrats also held a call with industry representatives to relaunch discussions.
