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The U.S. Senate Banking Committee has decided to postpone the review of the cryptocurrency regulation bill. The originally scheduled review of the Clarity Act amendment has been delayed.
Major cryptocurrency exchanges have cited opposition as a key reason. In particular, provisions banning rewards for stablecoin trading, concerns over privacy protection, and the weakening of the Commodity Futures Trading Commission(CFTC)'s oversight authority have sparked strong resistance from the industry.
This postponement of the review illustrates the significant gap between the industry and Congress regarding regulatory direction. The cryptocurrency industry seeks clear legal standards but also fears that excessive regulation could hinder innovation.