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.
You may also like
AI Capital Expenditure Faces a Dilemma: Accelerating Puts Pressure on Cash Flow, Slowing Down Undermines the Growth Narrative
Nomura Securities believes that the AI investment narrative is mired in an internal contradiction: if hyperscale cloud providers accelerate capital expenditures, their free cash flow will continue to be drained, raising doubts about the sustainability of financing; if they slow down, it would indicate a loss of confidence in AI demand and profitability expectations. Both paths lead to sell-offs. The crowded long positions accumulated during the AI agent boom in September have triggered large-scale stop-losses under negative catalysts, spreading to US Treasury bonds, exchange rates, and commodity markets, resulting in systemic deleveraging.
Amazon (AMZN.US) CEO: AWS cloud computing capacity is fully booked until 2027, and a large amount of capacity has already been committed by customers for 2028
On Friday, Jassy stated that with the growing demand for artificial intelligence (AI) infrastructure, Amazon AWS cloud computing capacity is virtually sold out through 2027, and a significant portion of 2028 capacity has also been pre-booked by customers.
AI trading collapse: Will Anthropic postpone its "Super IPO"? The "scheduled listing date" in mid-November is approaching.
The time window is extremely tight—according to SEC regulations, the S-1 filing must be submitted by next week at the latest, and prediction markets estimate the probability of a listing within the year at around 80%. The sell-off in the AI sector has cast a shadow over the listing prospects, and the previous plan to go public in September has already fallen through. Several market participants say that Anthropic may face pressure to delay its listing, but some analysts point out that the company's urgent need for capital may drive it to stick to the original plan.
Crypto prices
More
