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 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 reviews its own digital asset market clarity bill, which passed committee review in June and is expected to be voted on soon. Republican leadership believes that any crypto market structure bill should 'clearly define the legal status of digital assets' and allocate powers 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 support of crypto bills, despite Trump's connections to the industry. The Senate has passed the guidance and establishment of the U.S. Stablecoin National Innovation Act, which will next be submitted to the House for consideration.