Eric Adams faces scrutiny after launching a token and the Senate Ag Committee market structure

markup gets delayed. You're watching Coin Desk Daily. I'm your host, Jen Sanassi.

Former New York City Mayor Eric Adams is facing scrutiny after his newly promoted NYC token suffered a massive liquidity withdrawal just hours after launch.

While the token briefly hit a $580 million market cap, on-chain data reveals a wallet link to the deployer pulled roughly $2.5 million in liquidity near the peak.

Only about $1.5 million was returned after the price crashed 60%,

leaving $900,000 unaccounted for. In a confusing interview in Fox business, Adams referred to the

technology as blockchain instead of blockchain and pivoted to Walmart's logistics when asked

about the token's utility. He claims the project raises money to fight

anti-Semitism, though details on the funds remain vague. The Senate Agriculture Committee is hitting

the breaks on its part of the crypto market structure bill, delaying its markup until the last

week of January. Chairman John Boosman stated the delay is necessary to build the broad support

required to move the legislation

forward, noting constructive ongoing talks with Democratic Senator Cory Booker.

This stands in contrast to the Senate Banking Committee, which is scheduled to hold its markup

on Thursday. And strategy continued its aggressive accumulation, adding another 13,627 Bitcoin

to its treasury for one and a quarter billion dollars.

Led by executive chairman Michael Saylor, the firm now holds over 687,000 Bitcoin, acquiring

at an average price of roughly $75,000.

This latest purchased is the company's largest since July.

The move reaffirmed strategy's commitment to its lever to Bitcoin

strategy with shares ticking up slightly as Bitcoin holds above $93,000. That's it for CoinDesk daily.

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