Donald Trump’s move to bar institutions from buying family homes is being backed by the Senate Banking Committee, which could delay the market structure bill, Bloomberg reports.
A report from Bloomberg, which cites sources familiar with the situation, states that crypto market structure legislation could be delayed by several weeks as focus is shifted by the Senate Banking Committee toward the affordability agenda of US President Donald Trump.
An executive order was signed by Trump on Tuesday, barring Wall Street investors from buying single-family homes.
The move was seen as part of the Trump administration’s attempt to push down costs before the US midterm election in November.
It was reported by Bloomberg on Wednesday that the focus of the Banking Committee is likely to be switched to the implementation of the executive order, with advancement of the crypto bill being delayed until late February or March.
The latest postponement of the bill could potentially be seen in the Senate, where scheduled markups for the legislation have been deferred by the Banking and Agriculture Committees to secure bipartisan support.
Policing of the crypto sector by the Securities and Exchange Commission and the Commodity Futures Trading Commission is laid out by the bill, but support was pulled by Coinbase, a major lobbyist, over disagreements with provisions regarding decentralized platforms and stablecoins.
Crypto Bill Set for Revisions
Policy wins are being pushed for by Republicans to take into the November midterm elections, as Trump’s agenda could be derailed by Democrats, who currently hold a nearly 80% chance of winning a House majority according to Polymarket odds and recent polling.
Crypto policy has been prioritized by the Trump administration during its first year, but affordability has been put at the top of voter concerns by the soaring cost of living heading into the elections.
A swift passage of the crypto bill by the Senate was urged on Tuesday by Patrick Witt, a top White House crypto advisor, who emphasized that momentum must be maintained while deals can still be made, though it was conceded that “compromises will need to be made” for the legislation to secure sufficient votes.
A unique draft of the crypto bill was released on Wednesday by Republicans on the Senate Agriculture Committee, ahead of a Tuesday markup that lacks the support of the panel’s Democrats.
Agriculture Committee Chairman John Boozman stated that “differences remain on fundamental policy issues,” though the bipartisan discussion draft is built upon by the bill while input from stakeholders is incorporated.
During the markup, the chance to file amendments to the bill will be had by Democrats, and again if the full Senate is passed the Banking Committee version, where a marrying up of both versions would occur.
