According to Cointelegraph, the Digital Assets Subcommittee of the U.S. Senate Banking Committee will hear testimony from former regulators and industry leaders to consider legislation to establish a digital asset market structure framework. In his prepared testimony, former Commodity Futures Trading Commission Chairman Rostin Behnam said that the regulator’s “current trajectory is unsustainable” and suggested that lawmakers consider market structure requirements, focusing 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 in June and is expected to be voted on soon. Republican leadership argues that any crypto market structure bill should “clearly define the legal status of digital assets” and distribute power among regulators to prevent the “emergence of an all-powerful regulator.”
Senator Cynthia Lummis of Wyoming said that while the European Union and Singapore have established clear regulations, the United States is still waiting. Many Democrats are still voting for crypto bills despite Trump's ties to the industry. The Senate passed the Guidance and Establishment of the United States Stablecoin National Innovation Act, which will next be submitted to the House for deliberation.