U.S. Senate Banking Committee postpones CLARITY Act markup as Coinbase withdraws support

The U.S. Senate Banking Committee canceled a January 15 markup of the 278-page CLARITY Act after Coinbase withdrew support and industry criticism mounted over amendments allegedly favoring banks and traditional finance, crypto reporter EleanorTerrett reports. Critics say the revised text on stablecoin yields and tokenization tilts the bill toward legacy players, while some Democrats seek ethics restrictions barring senior officials from profiting from crypto projects. Committee Chair Tim Scott said "everyone remains at the negotiating table working in good faith" but gave no new markup date; the Senate reconvenes after Martin Luther King Jr. Day, when the Agriculture Committee will hold a separate delayed hearing.