According to Cointelegraph, the U.S. Senate Banking Committee's Digital Assets Subcommittee will hear testimony from former regulators and industry leaders, considering legislation to establish a framework for the digital asset market structure. Former Commodity Futures Trading Commission Chairman Rostin Behnam stated in prepared testimony that the regulators' 'current trajectory is unsustainable' and urged lawmakers to consider market structure requirements with a focus on 'customer protection, avoiding conflicts of interest, and market resilience.'
The Senate hearing comes as the House considers its own Digital Asset Market Clarity Act, which passed committee review in June and is expected to go to a vote soon. Republican leadership believes that any crypto market structure legislation should 'clearly define the legal status of digital assets' and allocate power among regulators to prevent the emergence of an 'omnipotent regulator.'
Wyoming Senator Cynthia Lummis stated that while the EU and Singapore have established clear regulations, the U.S. is still watching. Many Democrats continue to vote in favor of crypto legislation, despite Trump’s connections to the industry. The Senate passed the guidance and establishment of the U.S. Stablecoin National Innovation Act, which will next be submitted to the House for review.