The US Senate has postponed its consideration of the cryptocurrency market structure bill until next year.

The U.S. Senate Banking Committee will not hold a hearing until next year to amend legislation defining how federal regulators should oversee the market structure of the cryptocurrency industry, after many had hoped for a hearing later this week, which ultimately failed to materialize. A committee spokesperson said in a statement Monday that "Chairman Tim Scott and the Senate Banking Committee have made significant progress with their Democratic counterparts on this bill," but lawmakers are still negotiating.