Many members of the U.S. Senate Banking Committee's Digital Assets Subcommittee did not attend the hearing discussing market structure.
At the hearing on Tuesday titled "Exploring a Bipartisan Legislative Framework for Digital Asset Market Structure," Subcommittee Chair Cynthia Lummis stated that there were "many competing committee meetings" on the day's agenda, which may explain why only 5 of the 11 senators who typically participate in the subcommittee were present to question former regulatory officials and industry experts.
Republican Senators Dave McCormick, Bill Hagerty, and Bernie Moreno, along with fellow Republican Lummis and Senator Angela Alsobrooks, questioned former U.S. Commodity Futures Trading Commission (CFTC) Chair Rostin Behnam, Coinbase Vice President of Legal Ryan VanGrack, Multicoin Capital General Counsel Greg Xethalis, and Sarah Hammer, Executive Director of the Wharton School at the University of Pennsylvania.
Lawmakers questioned experts about the principles behind potential legislation to establish a crypto market structure following the successful passage of the stablecoin bill, the GENIUS Act, in the Senate. Lummis seemed to acknowledge the issue of low participation in the hearing, noting that she did not "want to propose legislation that makes the other side feel they haven't had sufficient input."
"I don't understand what has changed, at least on this topic," Lummis said regarding bipartisan participation around crypto legislation. "Now, I understand what happens when you have a group of leaders who are not engaged in digital assets, and then a government comes in with family members involved in digital assets; maybe that's the issue. Perhaps there is concern that certain individuals in the government with family members will gain some advantage because of what we are doing."
Alsobrooks was the only Democratic lawmaker present at the hearing, and she is not a regular member of the subcommittee, seemingly attending in place of ranking member Ruben Gallego. She is a co-sponsor of the original GENIUS Act and voted in favor of the amendments.
Moreno also questioned why the proposed legislation seems to be a partisan issue for many lawmakers, although neither he nor Lummis mentioned former President Donald Trump's name when discussing potential conflicts of interest regarding the crypto market structure or stablecoin legislation.
Many Senate Democrats have voted alongside Republicans to pass the GENIUS Act on June 17, but some have indicated they will continue to oppose the legislation unless provisions regarding the president's connections to the crypto industry are addressed.
The market structure legislation proposed in the Senate comes after the House's efforts to pass its own bill—the Digital Asset Market Clarification Act or CLARITY Act. This legislation passed committee review in June and is expected to go to a full House vote soon.
Related: Senator Lummis's RISE Act is "timely and necessary" but lacks details
Original article: “Several Senators Absent from Bipartisan Crypto Market Structure Hearing”
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