On February 26, Senator Cynthia Lummis conducted the first meeting of the Senate Banking Committee's Subcommittee on Digital Assets to discuss bipartisan legislative frameworks.
Pro-crypto Sentiments at the Hearing
Subcommittee chair Ruben Gallego emphasized the US must lead in the digital assets space, stressing consumer protection. The inclusion of minorities in crypto was also discussed. Five out of nine committee members support cryptocurrency.
Stablecoins Were the Focus
Expert Jai Massari noted stablecoin reserves must be governed by legislation. Central exchanges were suggested as initial regulatory targets. Timothy Massad opposed interest-bearing stablecoins due to potential securities law conflicts.
Addressing Securities Law
Lawyer Lewis Cohen highlighted the lag in securities law to technology. He noted tokens lack regulatory obligations post-issuance. The Financial Innovation and Technology for the 21st Century Act aims to address this.
The first hearing outlined key directions for future legislative initiatives in digital assets.
