The Senate Banking Committee has shelved work on its digital-asset market structure bill for at least several weeks, according to three people familiar with the situation.
The pause follows Coinbase’s public withdrawal from the process last week, after which the committee indefinitely postponed a planned markup hearing.
Why the bill stalled
Two people familiar with the discussions told CoinDesk that committee Republicans and the White House want Coinbase and the broader industry to resolve disputes with the banking sector over stablecoin reward provisions before revisiting the language.
Bloomberg reported the committee is pivoting to housing legislation tied to President Donald Trump’s affordability push, including calls for institutional investors to divest from houses and other steps aimed at reducing housing costs.
Agriculture Committee moves ahead
The Senate Agriculture Committee released its own market structure draft on Wednesday, but industry insiders have raised concerns it could be a partisan effort without enough Democratic support.
Agriculture Committee Chair John Boozman signaled those challenges in a statement, citing unresolved policy disagreements with Sen. Cory Booker.
Boozman said:
“Although it’s unfortunate that we couldn’t reach an agreement, I am grateful for the collaboration that has made this legislation better. It’s time we move this bill, and I look forward to the markup next week.”
White House message and timeline
Patrick Witt, executive director for the President’s council on digital assets, argued on X that passage is “a question of when, not if,” while warning a future Democratic version could be less favorable.
One person following the process said they would not be concerned if the Banking Committee passed its version by Memorial Day in late March, the Senate cleared it around July 4, and the House acted in September or during a lame-duck session after this year’s midterm election.
