Senate Pulls Monday Sessions, Casting Doubt on Key Crypto Market Bill

Senate cancels sessions after snowstorm, delaying crypto market bill markup as shutdown risks and bipartisan talks continue soon!

The US Senate has canceled its Monday voting sessions due to severe weather, raising doubts over the timing of a key crypto market bill.

The cancellation has increased uncertainty around the planned markup, which had already faced earlier delays. Lawmakers are now assessing next steps as discussions continue.

Senate Cancels Sessions Amid Severe Weather

The US Senate suspended its Monday sessions following a snowstorm that disrupted travel and operations.

The cancellation affected scheduled votes and committee activity. As a result, several legislative items face scheduling challenges.

According to reporter Eleanor Terrett, voting may resume later on Tuesday. However, no formal confirmation has been provided.

This has left the crypto market bill markup without a clear timeline.

A committee spokesperson stated that there was nothing to announce regarding the markup process.

This response has added to uncertainty. Lawmakers had expected progress after recent negotiations.

Crypto Market Bill Markup Faces Renewed Delay

The canceled session has placed the crypto market bill at risk of another postponement.

Earlier this month, the Senate Agriculture Committee delayed its markup. The committee cited the need for broader bipartisan backing.

The bill was later released in draft form without full bipartisan support. Senator John Boozman confirmed that a consensus was not reached.

He noted that further delay could disrupt committee work.

Amendments were added to the partisan draft shared on Wednesday. The draft included provisions from the Competition Act. These provisions address credit card network exclusivity rules.

Shutdown Deadline Adds Further Uncertainty

The approaching US government shutdown deadline presents another challenge. Lawmakers have less than a week to reach an agreement. A shutdown could halt committee work entirely.

The markup was initially planned ahead of the deadline. Lawmakers hoped to advance the bill before any disruption. The canceled session has complicated that plan.

During a FOX Business interview, President Donald Trump addressed the situation and said another shutdown appears likely.

He said, “I think we have a problem, because I think we’re going to probably end up in another Democrat shutdown.” He added, “The last shutdown cost us a lot, and I think they’ll probably do it again. That’s my feeling. We’ll see what happens.”

Beyond the CLARITY Act, other crypto-related processes have also faced delays.

Following the shutdown announcement, the Securities and Exchange Commission paused its review of several crypto exchange traded fund applications.

This pause has slowed the evaluation of multiple pending funds.

Despite these concerns, some senators remain confident. Senator Kirsten Gillibrand has stated that progress is still expected. She has pointed to ongoing talks across committees.

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Bipartisan Talks Continue Behind the Scenes

Bipartisan negotiations have continued within the Senate Banking Committee. Discussions focus on a separate crypto market structure draft.

The draft was released by Committee Chairman Tim Scott.

Scott said lawmakers and industry leaders remain engaged. He stated, “I’ve spoken with leaders across the crypto industry, the financial sector, and my Democratic and Republican colleagues, and everyone remains at the table working in good faith.”

The committee has not announced a new hearing date. Staff members continue discussions as schedules remain uncertain.

The bill’s progress now depends on Senate timing and weather conditions.