Key backers like Coinbase have changed course, and the Senate Banking Committee has canceled its hearings on amendments to the Clarity Act.

According to Mars Finance, on January 15th, the Senate Banking Committee canceled its scheduled hearing on amendments to comprehensive crypto legislation, following Coinbase's withdrawal of its support for the bill. It is currently unclear when the hearing will be held. The Senate Banking Committee was originally scheduled to hold a hearing on amendments to the bill on Thursday morning. The bill aims to clarify the regulatory authority between the Commodity Futures Trading Commission and the Securities and Exchange Commission, define when digital assets should be classified as securities or commodities, and establish new disclosure requirements. The text of the bill was released Monday evening, with the deadline for submitting amendments being late Tuesday night, originally intended to pave the way for a vote on Thursday. However, support began to falter on Wednesday. Senator Ruben Gallego, a key negotiator for the bill and a Democrat, told reporters that he was supposed to meet with Patrick Witt, executive director of the President's Digital Assets Advisory Council, but Witt did not attend. He stated that he could not currently support the bill. Subsequently, Coinbase announced its withdrawal of support. Coinbase CEO Brian Armstrong stated in a post on the X platform that he had concerns about the bill's provisions regarding stablecoin yields, tokenized equity, and decentralized finance. However, other crypto companies and advocacy groups have expressed their support for the bill, stating that they will continue to work to make it law in 2026.