• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

US Senate Tackles Crypto Asset Regulation: Insights and Discussions

user avatar

by Giorgi Kostiuk

7 hours ago


On Saturday, the US Senate Banking Committee held a meeting discussing key aspects of cryptocurrency market regulation.

Crypto and Illegal Finance Debate

Committee Chairman Tim Scott opened the session stating that illegal activities are more prevalent with cash than with crypto assets. Opposing this view, Committee Member Elizabeth Warren argued that as the market size for crypto assets grows, so do illegal activities, highlighting North Korean hacking as a national security threat for the US.

Jonathan Levin, CEO of Chainalysis, noted that illegal activities account for less than 1% of total transaction volume, a lower rate than traditional markets. He emphasized that most blockchain transactions are legitimate and mentioned that crypto-specific tools facilitate criminal identification, though they see less use in terrorism financing than expected.

Illegal activities on the blockchain constitute less than 1% of the total volume.Jonathan Levin

Trump Family's Conflict of Interest Allegations

Senators Raphael Warnock, Chris Van Hollen, and Elizabeth Warren raised concerns over potential conflicts of interest involving President Donald Trump and his family's activities in the crypto sector. Warren claimed that $7 billion of Trump’s assets are tied up in cryptocurrencies. Warnock initiated an ethical debate over Trump’s meme coin creation.

Senator Van Hollen recalled Eric Trump’s meeting with an investment firm in the UAE for a stablecoin project before his father’s country visit, suggesting such legislation might benefit related companies. Former White House ethics counsel Richard Painter stated that serving presidents must not have conflicts of interest in crypto-related laws.

People enacting crypto laws must not be in any conflict of interest, including the President.Richard Painter

Inter-Agency Authority Distribution

Harvard University’s Timothy Massad advocated for joint collaboration between the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) in crypto asset regulation. He recommended against Congress directly assuming the regulatory role, instead favoring coordinated efforts by these two bodies.

Blockchain Association CEO Summer Mersinger argued for greater CFTC authority in crypto markets, suggesting a principles-based regulation approach would be beneficial. Senator Katie Britt also supported a principles-based regime over restrictive regulations, though specific principles were not detailed.

The solution is SEC and CFTC working together; Congress should not be a regulator.Timothy Massad

The Senate session on the cryptocurrency market structure revealed diverse perspectives and concerns. Topics such as illicit finance risks of digital assets, political figures’ influence, regulation models, and inter-agency collaboration were central. The session reinforced the importance of clear and flexible regulations for maintaining the U.S.’s global competitiveness in the digital asset market.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

Other news

The Future of Crypto Sponsorship in Sports: Trends for 2025

chest

Crypto sponsorship in sports continues to grow, with a projected volume of $565 million by 2025. Key players and investment directions.

user avatarGiorgi Kostiuk

Collaboration Between Ripple and BNY Mellon: A New Era for RLUSD

chest

Ripple announced a collaboration with BNY Mellon to manage the reserves of its stablecoin RLUSD, potentially shifting the financial landscape.

user avatarGiorgi Kostiuk

FTX Creditors Fight Against Payment Limitations for China

chest

Chinese creditor files objection against FTX's plans to restrict payments in several jurisdictions, including China.

user avatarGiorgi Kostiuk

Trump Media Announces Token for Truth Social Subscribers

chest

Truth Social has announced a loyalty token tied to user activity within the app.

user avatarGiorgi Kostiuk

How YZi Labs and 10X Capital Launch BNB Treasury Company for BNB Investments

chest

YZi Labs partners with 10X Capital to create BNB Treasury Company, highlighting institutional interest in Binance Coin.

user avatarGiorgi Kostiuk

Bitcoin Season: Overview of Current Trends and Strategies for Investors

chest

The current situation in the crypto market indicates Bitcoin's dominance. Learn how this may affect your investment strategy.

user avatarGiorgi Kostiuk
dapp expert logo
© 2020-2025. DappExpert. All rights reserved.
© 2020-2025. DappExpert. All rights reserved.

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.