- The U.S. Senate is debating new digital asset regulations following passage of the GENIUS Act.
- The Senate Banking Committee’s digital asset subcommittee will hear from legal experts at Coinbase and Multicoin Capital.
- The House has advanced the CLARITY Act, a separate crypto market structure bill.
- Potential overlap exists between Senate and House approaches to digital asset regulation.
- Concerns remain over possible ties between former President Trump and the crypto industry.
Lawmakers in the United States Senate are preparing to consider new regulations for digital assets, just days after passing the GENIUS Act, which aims to create rules for payment stablecoins. The Senate Banking Committee’s digital asset subcommittee will hold a hearing on Tuesday with representatives from Coinbase and Multicoin Capital, as the chamber looks to establish bipartisan frameworks for digital asset market structure.
Testimony is expected from Coinbase Vice President of Legal Ryan VanGrack, Multicoin Capital General Counsel Greg Xethalis, and University of Pennsylvania Wharton School Executive Director Sarah Hammer. The hearing follows the Senate’s 68 to 30 vote on June 17 approving the GENIUS Act, which now moves to the House of Representatives for further review.
While the Senate is working on potential solutions, the House is already progressing with its own legislation. The House Agriculture Committee and the House Financial Services Committee recently advanced the Digital Asset Market Clarity (CLARITY) Act, which will soon be voted on by the full chamber. It is not yet clear if the Senate will introduce a companion version or adopt elements of the House’s bill. Details of the hearing are available here.
The GENIUS Act and the CLARITY Act together could address several outstanding regulatory concerns criticized by leaders in the crypto industry. However, several Democrats in Congress have questioned whether former President Donald Trump or his family might benefit financially from the new regulations, citing connections to memecoins, the World Liberty Financial platform, and donations from digital asset executives.
During a recent statement, Trump said he would sign the GENIUS Act “with no add ons” if it passed quickly through the House. Uncertainty remains about the administration’s priorities regarding digital assets, especially as Trump faces questions over his recent decisions on foreign policy.
For further details, see Cointelegraph’s coverage.
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