The U.S. Senate Banking Committee will not have any markup hearings on market structure legislation defining how federal regulators can oversee the industry until next year, punting on a hoped-for hearing that many sought to hold near the end of this week.

A spokesperson for the committee said in a statement on Monday that “Chairman [Tim] Scott and the Senate Banking Committee have made strong progress with Democratic counterparts” on the bill but that lawmakers were still negotiating.

While the delay was expected, it’s still a blow to the crypto industry, which at least wanted to see a markup hearing, in the absence of more substantial progress toward a sweeping new law that was hoped for in 2025. It’s unclear how quickly lawmakers might…