Crypto Market Bill Markup Now Uncertain As Senate Cancels Monday Sessions

The crypto market bill markup could be delayed once again due to these recent events. There are reports that the Senate has canceled the voting sessions for Monday as a result of the recent snowstorm in the US.

Crypto Market Bill Faces Yet Another Delay

According to Eleanor Terrett, the Senate suspended its Monday session owing to severe weather experienced in the country. Voting could continue at a later time on Tuesday in the late part of the day.

Terrett said she asked the spokesperson on the committee if the mark process was going to go on regardless. And they said that there was nothing to announce. This means the crypto market bill might face another delay after the hopes for its advancement next week were raised.

This is similar to its prior delay in the month. At the time, the Senate Agriculture Committee’s bill had been pushed to the last week of the month. They cited the need to ensure it had bipartisan backing before it moved.

This occurred as the committee released the new draft earlier this week without the aforesaid support. Senator Boozman also confirmed that a consensus could not be reached, and hence, the bill would now be taken up as delay would only hamper the proceedings. Thus, the weeks that were spent in negotiations proved futile.

Notably, amendments were added to the crypto market bill partisan draft that was shared on Wednesday. The U.S. Senate draft included a Competition Act that restricts card networks and some card-issuing firms from demanding network exclusivity on credit cards.

Government Shutdown Poses Risks to Progress

The impending closure of the US government shutdown is another risk that might delay the event. As earlier discussed by CoinGape, the shutdown has 6 days to go before it ends, without an indication of whether the closure will take place on time.

It should be noted that the Tuesday markup was to be held in advance of the deadline as it was anticipated that the bill could be moved ahead of any shutdown that may occur. Meanwhile, Senator Kirsten Gillibrand believes strongly that the crypto market bill will progress soon.

Bipartisan discussion has been ongoing regarding the Senate Banking Committee’s crypto bill draft, as provided by Banking Committee Chairman Tim Scott.

“I’ve spoken with leaders across the crypto industry, the financial sector, and my Democratic and Republican colleagues, and everyone remains at the table working in good faith,” Scott said.

In the meantime, the committee has not set a new date for the proposed hearing for the draft.