Tim Scott Halts Crypto Bill Vote Amid Industry Tensions

The cryptocurrency bill has been tabled by Chairman Tim Scott, with bipartisan negotiations going on. More delays in Senate committees are occurring because of industry concerns about the rules of stablecoins.

A crucial vote on a bill that would determine the shape of the cryptocurrency market was canceled by the Chairman. This move is being done by lawmakers in order to expand the support of the legislation. On X, Senator Scott said that leaders are still on the common ground.

Source:  SenatorTimScott 

Scott said he has already talked to leaders in the crypto industry, the financial sector, and Democrats and Republicans. Everybody is negotiating in good faith. The delay reschedules the markup that was to be made on Thursday.

Democrats and Republicans Push for Unity

The proposed law will seek to provide clarity on oversight between two huge agencies. The SEC and the CFTC would have a division of roles in regulating digital assets. Scott asserted that the bill is a product of months of intense bipartisan work.

The actual contribution was made by innovators, investors, and law enforcement officials. The objective is to have a transparent regulatory framework. National safety and consumer protection are prioritized. Scott would like the U.S. to spearhead the future of finance.

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Stablecoin Rules Trigger Major Pushback

Harsher restrictions on stablecoin yields became controversial. Coinbase threatened to withdraw support due to these provisions, citing the possible damage to its stablecoin activities.

On Jan. 13, the Senate Agriculture Committee also postponed its markup. According to chair John Boozman, additional votes were required. The bill has to pass through both committees before it is brought to the Senate floor.

The CLARITY Act was already passed in the House in mid-2025. The Senate committees are now under pressure to advance their version. There is no new markup date.

Players in the market remain cautious of the bill’s rules on stablecoins. Leaders in the industry continue to liaise with politicians on potential changes. The committee will still carry on the bipartisan discussions to resolve the remaining issues.

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