The digital assets subcommittee in the Senate is set to hold a hearing to discuss a bipartisan effort to establish a regulatory framework for the crypto market. This follows the recent Senate vote that passed the GENIUS Act aimed at regulating payment stablecoins. The upcoming hearing will feature testimonies from representatives of Coinbase and Multicoin Capital, aiming to draft bipartisan legislation for digital asset market structure. Meanwhile, the House of Representatives is advancing its own legislation, the Digital Asset Market Clarity or CLARITY Act, which is expected to lead to a floor vote soon. Discussions continue regarding whether the Senate will propose a companion bill to the CLARITY Act or integrate elements from it. The combined efforts of both chambers may address various regulatory concerns raised by the crypto industry. However, there is growing scrutiny on political ties to the crypto industry, particularly in relation to President Donald Trump's connections and potential benefits from the legislation.

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