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Why Major Crypto Exchanges Soured on the Crypto Bill
Source: CryptoNewsNet Original Title: Here’s why Coinbase and other companies soured on major crypto bill Original Link: https://cryptonews.net/news/legal/32295828/ U.S. lawmakers were about to begin a hearing on a major crypto bill that aimed to define how federal regulators, such as the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), can oversee crypto markets. However, the night before the hearing was about to start, a major crypto exchange that has been deeply involved in the bill’s negotiations and has spent millions lobbying for it suddenly withdrew its support.
This sent the whole industry into chaos. Just hours later that same Wednesday evening, the U.S. Senate Banking Committee canceled the hearing on the crypto market structure bill — just over 12 hours before it was scheduled to kick off. Following the announcements, lawmakers relaunched talks on Friday, with Democrats and staffers holding a call with industry representatives.
However, the exchange was not alone in having issues with the bill.
The general concern was that different provisions in the bill would make it more difficult for crypto startups to launch tokens or operate anything resembling a decentralized project.