The highly anticipated cryptocurrency market structure bill in the US continues to face obstacles.
The bill, scheduled to be debated in the Senate in January, has faced a second delay.
According to Bloomberg, the US Senate Banking Committee’s discussions on the cryptocurrency market structure bill (CLARITY Act) will likely be postponed again until the end of February or March.
Citing an anonymous source, the news report stated that the delay was due to Donald Trump’s focus on his housing policy.
Accordingly, the Senate Banking Committee may postpone discussions on the bill because it has shifted its priorities to housing policy at the request of the Trump administration before the midterm elections in November.
However, the report also noted that this additional delay would give the Committee more time to draft legislation that could garner broad support from cryptocurrency companies.
The committee had previously postponed its meetings on January 15.
In response, the US Senate Agriculture Committee revised and released its bill regulating the cryptocurrency market.
According to Eleanor Terrett, host of the Crypto in America program, the U.S. Senate Agriculture Committee has released a revised draft of the CLARITY Act, which would regulate the cryptocurrency market.
Although details of the draft have not yet been made public, Committee Chairman John Boozman said it was regrettable that an agreement could not be reached with the Democratic Party.
He also added that he was looking forward to the scheduled hearing on the bill on January 27 at 8:00 PM UTC.
“Disagreements on fundamental policy issues persist. It is regrettable that we have not been able to reach a full agreement.”
While the Senate Banking Committee has postponed its deliberations indefinitely, the Senate Agriculture Committee is expected to vote on the CLARITY bill on January 27. The two bills will then need to be combined before a full vote in the Senate.
In statements made yesterday in Davos, US President Donald Trump indicated that he hoped to sign the Clarity Act into law soon.
*This is not investment advice.