Senators are vowing to go forward on a major crypto bill that would give the industry the rule of the road after a planned committee vote was derailed at the 11th hour.
But the biggest sticking points have been issues for months as Democrats, Republican, the crypto industry and banks have tried to find common ground.
The likelihood that the latest version of the bill, which was released late Monday, would be able to get the approval of the Banking Committee was already tenuous when Coinbase CEO Brian Armstrong tweeted on Wednesday afternoon that Coinbase would not be able to support the bill, listing several concerns including a reduced role for the CFTC and limits on the ability for crypto to offer consumers rewards in the bill..
“It was the 1,000th cut in a death by 1000 cuts,” Sen. Cynthia Lummis told CNBC of Armstrong’s tweet.
A few hours after Armstrong publicly opposed the bill, Banking Chair Tim Scott, R-S.C., formally called off the hearing, postponing it to a yet-to-be-announced date.
