[Key supporters like Coinbase withdraw support, Senate Banking Committee cancels hearing on amendments to the 'CLARITY Act'] BlockBeats News, January 15: The Senate Banking Committee has canceled the hearing originally scheduled to amend and vote on comprehensive crypto legislation after Coinbase announced its withdrawal of support for the bill. It is currently unclear when the hearing will be rescheduled. The Senate Banking Committee had planned to hold a hearing on Thursday morning to discuss amendments to the bill. The legislation aims to clarify the regulatory authority between the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC), define when digital assets should be classified as securities or commodities, and establish new disclosure requirements. The text of the bill was released on Monday evening, with the deadline for submitting amendments set for late Tuesday night, paving the way for a vote originally planned for Thursday. However, cracks in support began to emerge on Wednesday. Democratic Senator Ruben Gallego, a key negotiator for the bill, told reporters that he was supposed to meet with Patrick Witt, Executive Director of the President’s Digital Asset Advisory Council, but Witt did not attend. Gallego stated that he is currently unable to support the bill. Subsequently, Coinbase announced its withdrawal of support. The company’s CEO, Brian Armstrong, posted on the X platform, expressing concerns over provisions in the bill related to stablecoin yields, tokenized equity, and decentralized finance. However, other crypto companies and advocacy organizations have continued to express support for the bill, stating their commitment to pushing for the legislation to become law by 2026.