PANews reported on June 25 that the U.S. Senate Banking Committee's Digital Assets Subcommittee held a hearing on Tuesday to explore a legislative framework for the structure of the cryptocurrency market. Former Commodity Futures Trading Commission (CFTC) Chairman Rostin Behnam issued a warning in his prepared testimony, stating that if the regulatory gaps in the cryptocurrency space are not addressed, the current trajectory of regulators is 'unsustainable.' He advised lawmakers to focus on market structure requirements such as 'customer protection, avoiding conflicts of interest, and market resilience.' The testimony pointed out that public interest in digital assets will not diminish, and without action, financial markets and investors will face greater risks due to issues such as lack of transparency, fraud, manipulation, corruption, and conflicts of interest. As the digital asset market becomes increasingly intertwined with traditional financial institutions, concerns over market resilience and financial stability are also intensifying.
Earlier today, it was reported that numerous senators were absent from the 'bipartisan' cryptocurrency market structure hearing.