The Senate Banking Committee postponed its planned markup of a key crypto market-structure bill, a setback for an industry eager for regulatory clarity. The delay came just hours after Coinbase Global Inc., a major exchange, withdrew its support for the latest draft of the legislation, leaving the bill's future uncertain.

Lawmakers have struggled to create a comprehensive framework that satisfies both the crypto industry and regulators like the SEC. The bill aims to establish clear rules for digital assets, defining when they are securities or commodities. Coinbase's withdrawal signals a major rift between industry players and legislators over the proposed guardrails.

Investors and crypto firms now face continued uncertainty, as the legislative process stalls without a clear path forward. The industry will likely ramp up lobbying efforts to influence the bill's language before it resurfaces. Without firm federal rules, the legal battles between crypto companies and regulators are expected to intensify.