The CEO of a compliant platform expects the Market Structure Act to be enacted within a few weeks.

Source: CryptoNewsNet Original Title: Coinbase CEO expects market structure bill markup ‘in a few weeks‘ Original Link: The CEO of a compliance platform, Brian Armstrong, weighed in on the statement that the exchange cannot support the current version of legislation within less than 24 hours in the U.S. Senate, and shared his views on the future of the cryptocurrency market structure bill currently under consideration by the U.S. Senate.

On Thursday, during an interview at the U.S. Capitol with CNBC, Armstrong spoke after posting an X article on Wednesday, which stated that a compliance platform was withdrawing support for the CLARITY Act, a bill aimed at establishing a digital asset market structure. The markup by the Senate Banking Committee was originally scheduled for Thursday but was postponed after Armstrong’s article was published.

“We have concerns that if [the bill] enters the markup stage, the only way to edit the base text is through amendments, and amendments have already been submitted,” said the CEO of the compliance platform. “Therefore, we believe it would be unwise to come out of the committee with issues that could potentially cause catastrophic impacts for ordinary American consumers.”

Armstrong added:

“I believe we have an opportunity to draft a new version and hope to enter the markup stage within a few weeks.”

The Republican-controlled House and Senate initially expected the CLARITY Act to be signed into law by 2026.

However, many industry leaders, banks, and experts have expressed concerns about provisions in the bill related to decentralized finance, payment stablecoin interest, and how legislation will allocate regulatory authority between the (SEC) and the (CFTC).

“Not taking action is unacceptable,” Cody Carbone, CEO of the cryptocurrency advocacy organization The Digital Chamber, told Cointelegraph regarding the progress of the CLARITY Act. “At a moment when clarity is within reach, we cannot leave the negotiation table. The market structure must move forward, and the only way to achieve long-term policy is to return to the negotiation table and get this work done.”

Senator Tim Scott, chairman of the Senate Banking Committee, said on Wednesday that the delay in the markup was just a “short pause,” and both sides are engaged in “sincere” bipartisan discussions. The Senate members are scheduled to work next week, which could delay any potential markup until at least the end of January.

Will the delay affect another committee?

The Senate Agriculture Committee is another body handling an alternative version of the Market Structure Bill. It announced earlier this week that it would release legislative draft on January 21, with a markup hearing scheduled for January 27. As of press time, Chairman John Boozman has not announced any changes to this schedule.