GOP Crypto Bill Faces Internal Resistance as Senator Kennedy Calls for Delay

Senate Republicans are grappling with internal divisions over a pivotal cryptocurrency market structure bill, as Sen. John Kennedy (R-La.) publicly questioned the legislation's readiness for advancement. The Banking Committee member's skepticism casts doubt on Chairman Tim Scott's goal of a September markup.

"I don't think we're ready," Kennedy told reporters, citing unresolved questions about the bill's framework. The proposed legislation WOULD split regulatory oversight between the SEC and CFTC, an approach Kennedy fears could grant excessive industry influence over the process.

The discord threatens to derail what Scott's office calls a "long overdue" bipartisan effort. Committee Republicans have worked since June to prepare the bill for markup, but Kennedy's objections now jeopardize their September timeline.