TechFlow news, January 16 — According to The Block, the U.S. Senate Banking Committee had planned an all-day session on Thursday to discuss cryptocurrency regulatory legislation, but canceled the meeting late Wednesday after Coinbase CEO Brian Armstrong withdrew his support over concerns regarding stablecoin yield treatment and excessive SEC authority. Despite this setback, several committee members, including Senator Cynthia Lummis of Wyoming, stated that negotiations will continue, saying the parties are "closer than ever" to reaching a consensus.
The bill aims to clearly divide regulatory oversight of digital assets between the CFTC and the SEC. Analysts say its passage would represent "the most significant regulatory restructuring of U.S. financial markets since the financial crisis." However, achieving bipartisan agreement before the November midterm elections remains challenging due to time constraints and political pressures.
