A US Senate meeting set up to talk about possible new rules for the digital asset market saw only a few lawmakers show up.
The hearing, hosted by the Senate Banking Committee’s subcommittee on digital assets on June 24, was meant to look at bipartisan ideas for how the US might structure its approach to crypto markets. However, only five out of eleven members attended.
Those who attended included Republican senators Dave McCormick, Bill Hagerty, and Lummis, along with Senator Angela Alsobrooks, a Democrat.
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Senator Cynthia Lummis, who led the hearing, said other committee meetings happening at the same time likely kept more senators from joining. Still, she admitted the absence was a problem, especially for a discussion that was supposed to involve input from both parties.
The hearing focused on whether Congress should move forward with a bill aimed at setting clear rules for the crypto market.
The senators asked questions to several speakers, including Coinbase’s
$1.57B
legal representative, a former chair of the Commodity Futures Trading Commission (CFTC), a lawyer from Multicoin Capital, and a financial policy expert from the University of Pennsylvania.
Lummis said she did not want to advance a bill that Democrats had not had a fair chance to shape. She also noted that interest in crypto legislation had shifted recently.
She noted that some people in the administration have family members involved in crypto and suggested that this could be affecting how some lawmakers view new rules.
Meanwhile, the US Federal Reserve announced plans to stop using “reputational risk” as a basis for supervising banks. What did the agency say? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
