CNBC's Emily Wilkins joins 'Squawk on the Street' with the latest in crypto news.

A scheduled Senate vote on a major cryptocurrency regulation bill has been postponed due to last-minute opposition from both the crypto industry and banking associations. Senate Banking Chairman Tim Scott cited ongoing discussions among stakeholders and bipartisan lawmakers as the reason for the delay, with no clear timeline for when or if the vote will occur.

Coinbase CEO Brian Armstrong publicly withdrew support for the bill, citing concerns over reduced CFTC oversight and limitations on crypto exchanges, while banks argued the bill favored crypto too heavily. Lawmakers are working to address concerns, but advancing the bill will require further negotiations and could take months, potentially pushing the effort into the next Congressional session.

Crypto regulation vote in limbo

Crypto markets under a bit of pressure after a key Senate bill was put on hold this follows last-minute opposition Emily Wilkins joins us. She's in DC and can give us the latest Emily Hey David Well look today was supposed to be this first vote on this major bill would have finally provided some of this Regulatory guidance that the crypto industry has asked for again and again now We don't know at this point when or even if this vote is going to happen Banking's chairman said Tim Scott called off this markup and vote last night Saying that he's spoken with leaders across the crypto Industry the financial sector and my Democratic and Republican colleagues and everyone remains at the table working in good faith But let's be clear. There are numerous concerns about the bill that was pulled today The final straw of course was Coinbase CEO Brian Armstrong Announcing that Coinbase would not support the bill calling it quote materially worse than the current status quo He has a long tweet there laid out a bunch of issues He had some of those issues he cited including reduced authority for the CFTC to oversee crypto Regulations crypto groups want the CFTC rather than the SEC to oversee most of it Armstrong is also concerned about how the bill limits Coinbase and other crypto exchanges from offering users Rewards and here's where things get really tricky major bank associations also had problems with those exact same provisions But they argued that the text was too favorable for crypto and would lead to billions being withdrawn in bank deposits So a lot of pressure here lawmakers there are pledging to keep working But let's be clear on the timeline time is very much running out Even if the committee were able to approve this bill in the next month and re-hold this vote It still needs to be combined with other pieces passed in the full Senate be negotiated with the house and potentially pass both chambers again That is going to take months at the very least We're gonna get an update on what to expect next hour when I interview Brian Armstrong about whether there is a path forward here or if this effort is gonna have to get punted to the next Congress guys Is there an easy explanation as to why an industry cohort has so much influence over what happens to legislation? I Mean Carl, I think that Coinbase has worked very closely with lawmakers I know others in the crypto industry have kind of said look They are a bit of the the tip of the spear for this one It's certainly not only Coinbase that has been talking with lawmakers meeting with them weighing in on these bills But I think Coinbase has had a big presence in these negotiations I should also point out that the hope was hey if we can't get a bipartisan vote today At least we can get a partisan one continue to work on the bill have that move forward But last night I was told that there were a number of Republicans who told Tim Scott Hey, I cannot vote for this bill as it currently is which meant it couldn't even pass committee with just Republicans That was going to be a major problem

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