Key Supporters like Coinbase Experience Changes, Senate Banking Committee Cancels Hearing on 'CLARITY Act' Revision

According to reports, the Senate Banking Committee has canceled the scheduled hearing for revising and voting on comprehensive crypto legislation, following Coinbase's announcement of withdrawing support for the bill. It is currently unclear when the hearing will take place.

The Senate Banking Committee was originally set to hold a markup hearing on Thursday morning. The bill aims to clarify regulatory authority between the Commodity Futures Trading Commission and the Securities and Exchange Commission, define when digital assets should be classified as securities or commodities, and establish new disclosure requirements.

The bill text was released on Monday night, with the deadline for amendments submission set for late Tuesday, paving the way for a Thursday vote. However, cracks in support began to show on Wednesday.

The key negotiator for the bill, Democratic Senator Ruben Gallego, revealed to reporters that he was supposed to meet with the President's Digital Asset Advisory Committee Executive Director Patrick Witt, who did not show up. He stated that he is currently unable to support the bill.

Subsequently, Coinbase announced the withdrawal of support. The company's CEO Brian Armstrong pointed out concerns about provisions in the bill regarding stablecoin income, tokenized equity, and decentralized finance in a post on X platform. However, other crypto companies and advocacy organizations still expressed support for the bill, stating they will continue to work towards making the bill a law by 2026.

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