"U.S. Senate Democrats are reportedly set to reopen talks with representatives from the cryptocurrency industry on Friday, according to people familiar with the plan speaking to CoinDesk. The call follows Wednesday night's abrupt cancellation of the committee's planned markup of the long-negotiated crypto market structure bill, which had been expected to divide regulatory oversight of digital assets between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC)."
"The delay came after Coinbase, the largest U.S.-based crypto exchange, withdrew its support for the draft legislation, citing concerns over stablecoin rewards programs and what it viewed as excessive authority granted to the SEC. Coinbase CEO, Brian Armstrong, said that banks are trying to "kill their competition" with the crypto market structure legislation. "Crypto companies should be allowed to compete and offer loans just like banks," Armstrong said."
Senate Democrats will reopen talks with cryptocurrency industry representatives on Friday after a last-minute postponement and cancellation of key committee action. A planned markup of a long-negotiated crypto market structure bill, intended to split oversight between the SEC and the CFTC, was canceled late Wednesday. Coinbase withdrew support for the draft, citing concerns about stablecoin rewards programs and perceived excessive SEC authority. Coinbase accused banks of trying to "kill their competition" and said crypto firms should be allowed to offer loans like banks. Democrats from the Senate Banking and Agriculture Committees and crypto policy advocacy groups are expected to participate in resumed negotiations.
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