Senate plans hearing on crypto market structure
The U.S. Senate is advancing discussions on a digital asset market structure framework following the recent passage of the $68 billion GENIUS Act regulating payment stablecoins.
On Tuesday, the Senate Banking Committee’s digital asset subcommittee will hold a hearing featuring testimony from Coinbase’s vice president of legal Ryan VanGrack, Multicoin Capital’s general counsel Greg Xethalis, and Sarah Hammer, executive director at the University of Pennsylvania’s Wharton School.
This hearing marks one of the Senate’s first steps after approving the GENIUS Act on June 17 by a 68 to 30 vote.
The bill now moves to the House of Representatives for debate, amendments, and a potential floor vote.
Meanwhile, the House is progressing its own legislation, the Digital Asset Market Clarity (CLARITY) Act, which recently passed committee votes and is expected to reach the floor soon.
It remains uncertain whether the Senate will introduce a companion bill to the CLARITY Act or incorporate its provisions into their market structure framework.
Senator Cynthia Lummis, chair of the digital assets subcommittee, was not available for comment at the time of publication.
The combined efforts of the stablecoin and market structure bills aim to address regulatory concerns voiced by industry leaders regarding the U.S. crypto landscape.
However, some Democrats in Congress have expressed reservations, citing potential conflicts of interest involving President Donald Trump and his family’s connections to the crypto sector through memecoins, the World Liberty Financial (CRYPTO:WLFI) platform, and political donations from digital asset executives.
President Trump stated on Wednesday he would sign the GENIUS Act without amendments if the House passes it swiftly.
Yet, his focus on digital asset legislation may be uncertain as he faces scrutiny over recent military actions in Iran conducted without congressional approval.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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