On July 9 at 10:00 AM ET, the US Senate will hold its first hearing on the structure of digital assets. Participants will review how cryptocurrency trading platforms should operate under US law.
What to expect from the hearings
During the hearings, lawmakers and business leaders will discuss potential regulatory changes that could significantly impact Bitcoin, Ethereum, and the broader cryptocurrency market. Senators Tim Scott, Cynthia Lummis, Bill Hagerty, and Thom Tillis have outlined bipartisan principles regarding which regulatory body — the CFTC or SEC — should oversee token trading.
Regulation and safety in cryptocurrency markets
The theme of stablecoins and investor protections has been a focus of prior hearings. Congress will evaluate transparency requirements for cryptocurrency exchanges and how digital asset derivatives should be cleared for the first time. Regulations regarding clearinghouse capital requirements and best-execution duties will help protect investors and ensure against market manipulations.
Impact on Bitcoin's market
Bitcoin has recently fluctuated between $105,000 and $110,000. Positive regulatory signals may lead to upward momentum, whereas stringent requirements could pull back the price to $100,000. Currently, price movements in the cryptocurrency market are heavily influenced by liquidations, sentiment, and news.
The Senate hearing on July 9 represents a crucial step in regulating cryptocurrency markets in the US and may have significant implications for the future of Bitcoin and the entire crypto industry.
