**[Opinion: U.S. Senate Crypto Market Structure Bill Delayed, Regulatory Uncertainty Rises, Related Assets Under Pressure]** BlockBeats News, January 17, Galaxy Digital's Head of Research Alex Thorn stated that the U.S. Senate Banking Committee's scheduled hearing on the crypto market structure bill has been postponed, highlighting deep divisions between Congress and the industry on several key issues, particularly those concerning stablecoin yield mechanisms and DeFi-related provisions. The delay occurred just hours after Coinbase CEO Brian Armstrong withdrew his support for the bill. Armstrong publicly opposed the bill's language regarding tokenized securities, DeFi restrictions, and stablecoin yields. Senate Banking Committee Chairman Tim Scott subsequently announced the postponement of the hearing but has yet to release a new schedule. With the Senate set to recess next week, the earliest possible resumption date is between January 26 and 30. Alex Thorn pointed out that within just 48 hours, the draft bill was released late at night, over 100 amendments were submitted, and stakeholders continued to uncover new points of contention at the last minute, significantly increasing the difficulty of political coordination. On the market side, following the announcement of the delay, crypto assets broadly declined, with Bitcoin and Ethereum dropping approximately 2% on the day. Related U.S. stocks also came under pressure, with Coinbase falling 6.5%, Robinhood dropping 7.8%, and Circle declining 9.7%. In his analysis, Thorn noted that while "market structure" itself has largely reached consensus, highly sensitive non-core issues—such as stablecoin yields, DeFi compliance, and granting the SEC regulatory tools in the tokenized securities domain—have created insurmountable political fault lines. "The surface differences may appear small, but the substantive gaps are very deep."