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U.S. Digital Assets Sub-Committee to Continue Hearings on Bipartisan Cryptocurrency Legislation
The U.S. Senate Banking Committee, under the leadership of Senator Cynthia Lummis, is set to revisit cryptocurrency regulations in an upcoming hearing titled “Exploring Bipartisan Legislative Frameworks for Digital Property.”
NEW: @BankingGOP Committee’s Digital Property Subcommittee, chaired by @SenLummis, is holding a hearing Wednesday entitled “Exploring Bipartisan Legislative Frameworks for Digital Property.”
Witnesses include:Jonathan Jachym, Global Head of Policy & Government Relations at… pic.twitter.com/xUj429eO01
— Eleanor Terrett (@EleanorTerrett) February 21, 2025
Jonathan Jachym, Global Head of Policy & Government Relations at… pic.twitter.com/xUj429eO01The hearing, set for February 26, signifies a renewed initiative to establish clear guidelines for the digital asset sector following previous congressional obstacles that hindered progress.
Senate Committee to Discuss Crypto Regulations, Bitcoin Reserve Proposal
According to the announcement, Tim Scott, the Republican senator from South Carolina currently leading the committee, has shown strong support for the cryptocurrency industry, raising expectations for more constructive dialogue this time around.
Industry representatives, including legal experts from Kraken and Lightspark, are anticipated to share their perspectives on regulatory frameworks that could encourage innovation and economic growth within the sector.
The session will be conducted in a hybrid format and will feature testimonies from prominent industry figures, including Lewis Cohen, partner at Cahill Gordon & Reindel LLP; Jonathan Jachym, Deputy General Counsel and Global Head of Policy & Government Relations at Kraken; and Jai Massari, Chief Legal Officer at Lightspark.
Additional witnesses may be included in the panel prior to the hearing.
Topics of discussion are expected to encompass critical issues such as market structure, stablecoin regulations, and the potential establishment of a strategic Bitcoin reserve.
Lawmakers aim to balance oversight with the promotion of innovation, positioning the U.S. as a leader in digital finance while ensuring consumer protection and financial stability.
This hearing arrives at a pivotal moment for the cryptocurrency industry, which has been facing heightened regulatory scrutiny and calls for clearer compliance guidelines.
The outcome could influence the trajectory of U.S. digital asset policy and affect its global standing in the cryptocurrency economy.
The hearing will be streamed live, but access will only be available once the proceedings commence.
Individuals needing accessibility services, such as closed captioning, are encouraged to reach out to the committee clerk at least three business days in advance.
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U.S. Senate Banking Committee to Establish Crypto Subcommittee
According to reports from FOX Business and Punchbowl News, the U.S. Senate Banking Committee is poised to form its first-ever crypto subcommittee, which Senator Cynthia Lummis is expected to lead.
This development follows a month after President Donald Trump’s inauguration in January.
NEW: The Senate Banking Committee, led by @SenatorTimScott, is set to establish its first-ever subcommittee dedicated to #crypto. The subcommittee will mirror the @FinancialCmte model created by @PatrickMcHenry in 2023.
A Senate aide confirmed that @SenLummis has been…— Eleanor Terrett (@EleanorTerrett) January 9, 2025
Senator Tim Scott, the new chair of the committee, has prioritized the formation of the crypto subcommittee.
This mirrors the House Financial Services Committee, which launched its own crypto subcommittee in 2023.
Lummis, a prominent advocate for cryptocurrency, recently supported Trump’s initiative for a strategic Bitcoin reserve.
She also submitted an amicus brief backing Coinbase’s appeal against the SEC, contending that the regulator has exceeded its authority in crypto enforcement.
She noted that long-standing securities laws do not always apply to contemporary digital assets and called for a definitive legislative framework.
“With lawsuits relying on the SEC’s overreach, it is crucial that the Second Circuit halts this encroachment on Congress’s lawmaking powers,” the brief stated.
Trump has committed to reducing regulatory overreach and positioning the U.S. as a hub for cryptocurrency.
The Senate Banking Committee oversees financial agencies like the SEC, making this subcommittee a significant step in shaping future crypto regulations.
Looking ahead, this hearing could serve as a starting point for clearer cryptocurrency regulations in the U.S. and may lead to similar regulatory clarity provided by MiCA.
The meeting includes many key leaders in the field, and by consolidating their views, the outcome could signify the beginning of the U.S.’s ambition to become the global crypto hub.
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