Senate Crypto Bill Delayed After Coinbase Withdraws Support
Momentum behind a high-profile Senate crypto bill stalled after Coinbase formally withdrew its support, prompting sponsors to pause negotiations. The effort to codify rules on exchanges, stablecoins and market conduct isn’t expected to resume for at least several weeks as senators reassess language and stakeholder buy-in. Sources say the withdrawal left key compromises unsettled and reduced the coalition needed for floor consideration.
The delay matters because it pushes back regulatory clarity that businesses, exchanges and institutional investors have been awaiting. Without near-term movement, firms face prolonged uncertainty around compliance planning and product launches, and markets may remain sensitive to policy risk. Lawmakers and industry groups are likely to return to the table, but the timetable and final shape of any agreement are now uncertain, making this a setback for those hoping for swift congressional action.