The Senate’s effort to advance the crypto market structure bill (CLARITY Act) has hit another delay, as severe winter weather disrupts congressional scheduling and deepens uncertainty around the bill’s path forward.
Following the stalled and ultimately delayed markup of the bill by the Senate Banking Committee, attention had shifted to the Senate Agriculture Committee, which oversees digital asset markets through its jurisdiction of commodities.
That committee had planned to move ahead with its own markup earlier this week, but the vote has now been postponed to January 29 due to weather-related disruptions.
Snowstorm And Partisan Gridlock Stall Crypto Bill’s MarkupAlthough the markup is currently scheduled for 3 p.m., widespread flight delays and cancellations across the country raise questions about whether all members will be able to arrive in time for the vote, which adds to existing political uncertainty surrounding the bill.
Nevertheless, Terret reported that the broader crypto industry responded positively to the latest draft of the bill released by the Agriculture Committee last Wednesday, January 21, ahead of the scheduled vote.
Optimism Grows Around Senate Ag’s DraftThe draft also notably excludes provisions regulating stablecoin yields, a choice that carries particular significance after Coinbase withdrew its support for the Senate Banking Committee’s version of the bill last week over that very issue.
However, even as optimism builds around the Agriculture Committee’s version of the crypto market structure framework, the overall legislative timeline remains unclear.
Bloomberg has reported that the Senate Banking Committee is expected to delay consideration of its portion of the bill, a move that could push broader negotiations into late February or even March.
Featured image from OpenArt, chart from TradingView.com
