US Senate delays crypto bill again as focus shifts to Trump's affordable housing push

A US senate committee has once again delayed market crypto bill that would create a regulatory framework for cryptocurrencies by at least several weeks. Known as the Clarity Act, the bill is likely to be postponed further till late February or March, Bloomberg reported. 

Discussions on the bill scheduled on January 15 was cancelled abruptly after Coinbase CEO Brian Armstrong pulled its support.

While the head of US' largest crypto exchange has since come around saying he does not see "any real barriers,"

the senate has now shifted focus on pushing housing legislation that President Donald Trump deems important ahead of the congressional elections.

“There are some people a little grumpy, I think they got caught off guard that we didn’t support the draft as-is,” Armstrong reportedly said.   

Coinbase and other leading players in the crypto industry has been demanding clearer regulations for years. The bill sets out to clearly state the jurisdiction of the US Securities and Exchange Commission over the sector and also define when crypto tokens would fall under securities, commodities or other categories.

In the US, the crypto sector has also become politically influential, emerging as the top corporate spender in the 2023–24 election cycle. Coinbase separately donated $1 million to Trump’s presidential inauguration and is also among donors for the proposed ballroom for the White House. 

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