The US Senate Banking Committee’s digital assets subcommittee is set to hear testimonies from former CFTC Chair Rostin Behnam and representatives from Coinbase and Multicoin Capital regarding legislation to establish a digital asset market structure. Behnam’s prepared remarks highlight the need for clarity in the regulatory approach for digital assets, referencing the previously proposed CLARITY Act, which aims to define the legal status of these assets and assign authority among regulatory bodies. Senator Cynthia Lummis emphasized the urgency for the US to establish a clear regulatory framework, as other regions such as the European Union and Singapore advance their regulations. The Senate’s agenda includes bipartisan efforts to create a crypto market structure, as demonstrated by the recent passage of the GENIUS Act, designed to regulate payment stablecoins. Notably, Senate Banking Committee member Elizabeth Warren, who has opposed President Trump’s connections to the crypto industry, may raise concerns about potential conflicts of interest at the upcoming hearing.

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