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date
15/01/2026
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The Senate Banking Committee has canceled the scheduled hearing to revise and vote on comprehensive encryption legislation after Coinbase announced its withdrawal of support for the bill. It is currently unclear when the hearing will take place. The Senate Banking Committee was originally scheduled to hold a markup hearing on Thursday morning. The bill aims to clarify regulatory jurisdiction between the Commodity Futures Trading Commission and the Securities and Exchange Commission on when digital assets should be classified as securities or commodities and establish new disclosure requirements. The revised text of the bill was published on Monday evening with a deadline for submission on Tuesday night, paving the way for a planned vote on Thursday. However, cracks in support began to appear on Wednesday. Key negotiator for the bill, Democratic Senator Ruben Gallego, revealed to reporters that he was supposed to meet with Patrick Witt, Executive Director of the Presidential Digital Assets Advisory Board, but he did not attend. Gallego stated that he could not support the bill at this time. Subsequently, Coinbase announced its withdrawal of support. CEO Brian Armstrong pointed out concerns with provisions in the bill regarding stablecoin revenue, tokenized equities, and decentralized finance in a post on the X platform. However, other cryptocurrency companies and advocacy organizations still expressed support for the bill, stating that they will continue to work towards making it law by 2026.
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