In an effort to shape how their industry is regulated, cryptocurrency interests have spent millions of dollars supporting key lawmakers and on lobbying efforts linked to legislation that has since stalled on Capitol Hill.
One of the most recent developments in the monthslong battle over crypto legislation came on Wednesday, when Senate Banking Committee Chairman Tim Scott (R-SC) indefinitely postponed the markup process for the highly anticipated Digital Asset Market Clarity Act, a piece of legislation that endeavors to create a well-defined regulatory environment for digital assets such as cryptocurrency. Scott’s committee, alongside the Senate Agricultural Committee, was previously scheduled to debate and amend the bill on Thursday.
The indefinite delay underscores the influence of powerful crypto interests over the process, as Scott’s announcement came just hours
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