US Senate Delays Cryptocurrency Market Structure Bill to Next Year for Review

According to CoinDesk, the US Senate Banking Committee will hold a revised hearing next year to define how federal regulatory agencies will oversee the market structure of the cryptocurrency industry. Many had hoped for a hearing later this week, but it ultimately did not materialize. A spokesperson for the committee stated on Monday that 'Chairman Tim Scott and the Senate Banking Committee have made significant progress with Democratic colleagues on this bill,' but negotiations are still ongoing. While the delay was expected, it is still a blow to the crypto industry. The industry was at least hoping for a revised hearing, as they were originally expecting a comprehensive new law by 2025, but have not made much substantive progress. It is unclear how quickly lawmakers will resume negotiations in the new year. After the congressional holiday break, the top priority will be to provide funding for the US government, as a current appropriations bill expires on January 30. Assuming there will not be another government shutdown, time to address market structure issues remains limited before lawmakers shift focus to the midterm elections next year.

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