During the hearing of the US Senate Committee on Digital Assets, only five out of eleven senators were present. Discussions addressed the legislation concerning the cryptocurrency market.
Digital Asset Hearing
At the hearing titled 'exploring bipartisan legislative frameworks for digital asset market structure', subcommittee chair Cynthia Lummis mentioned that there had been many competing committees on the schedule for the day, which may have explained the absence of most senators. Only five senators were available to ask questions.
Legislation Discussion
Senators questioned former regulators and industry experts regarding the potential introduction of legislation to establish a crypto market structure bill, following the passage of a stablecoin bill known as the GENIUS Act.
Differences in Legislative Approaches
Lummis indicated a desire to avoid creating legislation that the other side of the aisle feels they haven't had adequate input into. She expressed confusion about the lack of bipartisan engagement on digital asset matters among lawmakers.
The discussions at the digital asset hearings raised questions about bipartisan support and how progressive legislation might be perceived by different party groups in the Senate.
