Senate Banking Committee Chairman Tim Scott canceled the scheduled markup of a crypto market-structure bill with no new date after Coinbase publicly withdrew support. The bill faced opposition from Wall Street banks over proposed stablecoin yield programs and from Democrats over ethics rules limiting officials’ personal crypto profits, which the White House rejected. Scott said ethics matters should be handled by the Senate Ethics Committee. Negotiations among crypto firms, banks and senators continue, and the Agriculture Committee may consider a parallel bill while the Banking Committee retains a lead role in shaping U.S. crypto regulation.

Coinbase’s public withdrawal led the Senate Banking Committee chair to cancel the markup (fact). The bill also faces concrete opposition from Wall Street banks over stablecoin yield programs and from Democrats over ethics provisions (fact). The White House rejected the ethics language and Scott deferred ethics to the Senate Ethics Committee; negotiations continue and a parallel Agriculture Committee effort is expected (facts). These facts indicate stalled legislative progress and ongoing political obstacles, justifying modestly negative sentiment and limited market-moving impact for short-term traders.