U.S. Senate Banking Committee Delays Cryptocurrency Regulation Hearing

According to PANews, the U.S. Senate Banking Committee has postponed a hearing to revise legislation defining how federal regulators oversee the cryptocurrency industry's market structure until next year. Initially, there was anticipation for a hearing later this week, but it did not materialize. A committee spokesperson stated on Monday that significant progress has been made on the bill between Chairman Tim Scott and Democratic colleagues, although negotiations are ongoing. The delay, while expected, is a setback for the cryptocurrency industry, which had hoped for at least a revision hearing. The industry initially aimed for comprehensive new legislation by 2025, but substantial progress has yet to be achieved. It remains unclear how quickly lawmakers will resume negotiations in the new year. After the congressional holiday break, the primary focus will be on funding the U.S. government, as the current appropriations bill expires on January 30. Assuming there is no government shutdown, the time available to address market structure issues will be limited before the midterm elections become a priority next year.