- Only five of eleven senators attended a U.S. Senate Banking Committee subcommittee hearing on digital asset market structure.
- The hearing focused on exploring bipartisan legislative frameworks for new crypto regulations.
- Lawmakers questioned former regulators and industry experts on potential legislation and concerns about conflicts of interest.
- The Senate’s proposed bill follows the recently passed stablecoin bill, the GENIUS Act, and ongoing efforts in the House with the CLARITY Act.
- Some Democrats expressed concerns about possible advantages for individuals with ties to the current administration.
On Tuesday, just five members of the U.S. Senate Banking Committee’s subcommittee on digital assets attended a hearing dedicated to discussing legislative frameworks for digital asset market structure. The meeting was led by Chair Cynthia Lummis and included participation from Senators Dave McCormick, Bill Hagerty, Bernie Moreno, and Angela Alsobrooks.
During the session, senators addressed former U.S. Commodity Futures Trading Commission Chair Rostin Behnam, Coinbase Vice President of Legal Ryan VanGrack, Multicoin Capital’s general counsel Greg Xethalis, and University of Pennsylvania Wharton School Executive Director Sarah Hammer. According to Lummis, multiple committee meetings scheduled for the same day may have caused low attendance.
Lawmakers discussed possible Senate legislation to create a crypto market structure bill. This proposal would follow the passage of the GENIUS Act, which addresses stablecoins—digital assets that are pegged to stable assets like the U.S. dollar for value stability. Lummis stated, “I don’t want to come up with a piece of legislation that the other side of the aisle feels they haven’t had adequate input in.”
Senator Moreno questioned why the legislation has become a partisan issue. While neither Moreno nor Lummis mentioned President Donald Trump by name, concerns were raised about possible conflicts of interest due to administration family members’ involvement in digital assets. Senator Alsobrooks, the only Democrat present, was substituting for a regular committee member. She had previously co-sponsored and voted for the GENIUS Act.
Many Democrats joined Republicans to pass the GENIUS Act on June 17. However, some indicated ongoing opposition to new digital asset bills without provisions to address possible conflicts related to presidential ties to crypto.
The Senate’s market structure proposal is proceeding alongside efforts in the House to advance the Digital Asset Market Clarity, or CLARITY Act. This legislation moved out of committee in June and will go to a floor vote soon.
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