🚨NEW: Nearly 24 hours after the @BankingGOP markup was pulled, industry players, lawmakers, and staffers have had time to digest what happened and what comes next, though many are still "pissed" at the way things went down yesterday. Consensus among some industry and Banking Committee staff I've caught up with seems to be that all is not lost and that if a deal on yield can be reached between the relevant parties (i.e. banks, Coinbase and Dems) in the coming days then the bill is "likely" to get off life support. The tokenized securities issue (aka Section 505), which contains a study and a possible notice and comment rulemaking by the SEC and CFTC, appears to be a nonissue for two reasons. First, tokenization firms are now suggesting the language Coinbase took issue with was taken out of context. Second, some stakeholders, including Brian Armstrong, say they are hopeful that significant changes or a full removal of the section are on the table. Ethics issues remain the same as they were yesterday and discussions between the White House and the Senate are said to be ongoing. Finally, there are questions about whether Banking moving their markup will affect Ag's timeline. Sources close to the process say the order doesn’t necessarily matter and that if Ag can lock in a successful bipartisan deal, it could make the process in Senate Banking smoother. This actually happened in the House last summer, when @HouseAgGOP passed its portion of the Clarity Act with a strong bipartisan vote of 47-6, giving encouragement to House Financial Services members who marked up the bill right afterward, even though they didn’t get nearly as much Democratic support there.(Eleanor Terrett)