US senators optimistic on crypto bill's passage despite delay

Members of the U.S. Senate Banking Committee are optimistic that a crypto market structure bill known as the CLARITY Act will ultimately pass, despite delays caused by opposition from Coinbase, The Block reported. Senators including Cynthia Lummis stated that discussions to reach a bipartisan agreement are ongoing. Coinbase previously withdrew its support for the legislation, citing several concerns. These include what it described as a de facto ban on tokenized securities, the potential to block DeFi while allowing unlimited access to financial information, a framework that would weaken the Commodity Futures Trading Commission (CFTC) by subordinating it to the SEC, and the possibility of banning stablecoin reward features. As a result, a Senate markup session for the bill, which was scheduled for Jan. 15, has been postponed.