Scott delays Senate crypto bill markup as industry pushes back
Senate Banking Chair Tim Scott postponed a scheduled markup of landmark cryptocurrency legislation after pushback from Coinbase and other crypto firms, signaling uncertain bipartisan support. Coinbase CEO Brian Armstrong argued the draft would worsen the status quo and could undermine CFTC authority while raising concerns about stablecoin rewards, prompting questions about amendments that banks want. With lawmakers from both parties negotiating changes, it’s unclear when Scott will reconvene the markup, though Senator Cynthia Lummis pressed for continuing work on the bill.