Coinbase pulled support for the Senate’s crypto market structure bill, forcing an immediate delay in the committee vote. The shift arrived as Bitcoin climbed to a two-month high and Monero briefly touched an all-time high this week.
The Bill That Stalled
Senate Banking Committee staff had scheduled a markup session for this week. Coinbase announced Wednesday it no longer backed the legislation, leaving lawmakers scrambling. The committee chair confirmed the vote is now on hold. This isn’t the first time crypto industry feedback has derailed progress.
SEC Clears Zcash, Ripple Expands
The Zcash Foundation confirmed the SEC investigation closed with no enforcement action. That news followed Ripple’s move to secure a Luxembourg license for European operations. Both outcomes provide breathing room amid regulatory headwinds. The timing isn’t ideal for the Senate bill’s momentum.
Sui Back Online After Six-Hour Stall
Sui network operators restored service after transactions froze for six hours Thursday. Users reported frozen balances during the outage. The team shared a brief update but hasn’t explained the cause. This marks another operational hiccup for the blockchain this quarter.
New On-Chain Projects Launch
Figure launched a public equity network for on-chain stock issuance. Pakistan partnered with World Liberty Financial to explore stablecoin use cases for remittances. The Human Rights Foundation also distributed Bitcoin grants to human rights projects. These moves signal growing real-world utility beyond speculative trading. The committee aims to reschedule the bill vote by month’s end.
