After months of negotiations in Washington, a leading industry platform stepped back from the Senate Banking Committee’s latest draft, citing multiple unresolved issues. The move has cast doubt on the chances of passing a meaningful crypto framework during the current legislative session.
Policy analysts warn that the pullback could push the bill off the agenda altogether. Prolonged uncertainty is seen as negative for the crypto sector, while traditional finance may benefit from the delay.
Why the Pushback?
Criticism centers on provisions that could amount to a de facto ban on tokenized securities, the regulatory approach to DeFi, and the allocation of authority among regulators. Opponents argue the draft could worsen today’s uncertainty. Meanwhile, some large industry participants continue to back the effort, even as banking lobbies campaign strongly against clauses related to stablecoin yields.
