On July 9, the US Senate Banking Committee will discuss federal oversight rules for the cryptocurrency market. Notable figures from the crypto industry will participate in the event.
Discussion on Cryptocurrency Regulation
The US Senate Banking Committee will discuss the regulation of cryptocurrencies. The meeting will feature Ripple CEO Brad Garlinghouse, Summer Mersinger from the Blockchain Association, and Jonathan Levin from Chainalysis. The topic of discussion is 'From Wall Street to Web3: Building Tomorrow’s Digital Asset Markets', which may influence laws expected to be voted on by the end of the year.
Two Bills and a Bipartisan Approach
The GENIUS Act aims to regulate dollar-backed stablecoins by introducing clear reserve standards. Its advanced drafts suggest that cryptocurrency issuance might come under banking supervision. Meanwhile, the CLARITY Act seeks to define remaining market aspects and clarify the gray area between securities and commodities. Committee Chairman Senator Tim Scott and others unanimously support advancing both bills.
Leaders Advocate for Clear Cryptocurrency Framework
In his invitation, Brad Garlinghouse emphasized that clear rules would accelerate innovation while protecting consumers. Summer Mersinger noted that current confusion weakens US leadership in finance and technology. The participation of former White House ethics advisor Richard Painter highlights potential conflicts of interest regarding politicians' crypto investments.
Passing these bills could simplify licensing, taxation, and reporting processes for cryptocurrency initiatives; however, reaching consensus on the final text depends on inter-party negotiations.
