On January 15, 2026, Coinbase unexpectedly withdrew its endorsement of the long-awaited U.S. Senate crypto market structure bill, triggering an immediate postponement of the scheduled Senate Banking Committee markup, according to Bloomberg and Senator Cynthia Lummis.
The company, previously one of the strongest public advocates for clearer federal rules, cited unspecified concerns with the current draft as the reason for stepping back. This sudden change has significantly weakened the bill’s momentum and made bipartisan support more difficult to secure.
Senator Cynthia Lummis (R-WY), the bill’s leading champion, confirmed the setback in a statement today:
“With Coinbase’s withdrawal of support, it is likely the Banking Committee will postpone Thursday’s markup. We need broad industry backing to move this forward effectively.”
The markup was originally set for Thursday, January 16, 2026. No new date has been announced, but industry sources expect at least a several-week delay while negotiations continue behind closed doors.
Coinbase has been one of the most visible and vocal proponents of comprehensive U.S. crypto legislation for years. Its public backing lent significant credibility to the bill among both Republicans and moderate Democrats.
Without the exchange’s support, the legislation loses:
The withdrawal highlights ongoing tension between some parts of the crypto industry that demand strict, clear rules and others that remain wary of increased federal oversight or specific provisions in the draft.
The delay means U.S. crypto policy remains in limbo heading into the second half of 2026. Key possibilities include:
Markets have reacted calmly so far — Bitcoin is trading around $113,200 and Ethereum near $4,070, both essentially flat on the news. The reaction suggests investors view this as procedural noise rather than a fundamental rejection of regulation.
Still, the longer the delay, the more uncertainty persists around stablecoin rules, digital asset classification (security vs. commodity), exchange compliance requirements, and CFTC/SEC jurisdiction — all core issues the bill was meant to resolve.
