Approximately a week after the US Senate voted to pass the Genius Act to regulate payment stability, Chamber is moving to discuss the path forward for the framework of digital asset market structure.
On Tuesday, lawmakers on the Senate Banking Committee’s Digital Assets Subcommittee hear from Coinbase and Multicoin Capital lawyers as part of their efforts to establish a “bipartisan legislative framework for the digital asset market structure.”
The hearing includes testimony from Coinbase’s vice president of legal affairs, Ryan Vanglack, advisor to Multicoin Capital, Greg Zesalis and executive director of the University of Pennsylvania Wharton School, Sarah Hammer.
The hearing will be one of the Senate’s first follow-ups on digital assets law since passing the Genius Act on June 17 by 68-30 votes. The bill moved to the House for discussion, amendments and possible floor votes.
The Senate is considering a bipartisan solution for crypto market structures, but the House is already moving forward with its own legislation. Earlier this month, the House Agriculture Committee and the House Financial Services Committee voted to advance clarity or clarity in the digital asset market. The bill is expected to head to floor voting soon.
Related: Senate passes the genius stubcoin bill amid concerns over systemic risks
It is unclear whether the Senate will address the crypto market structure in the form of a House bill or introduce its own version of the House legislation to incorporate aspects of the House bill. Cointelegraph commented on the hearing to Sen. Cynthia Ramis, chairman of the Digital Assets Subcommittee, about the hearing, but was not responded at the time of publication.
Trump’s code is still under scrutiny
In combination, the Stablecoin Bill and the Market Structure Bill can address many regulatory issues that crypto industry leaders have criticised about the United States. However, the law still faces pushbacks from many Democrats in Congress, questioning how President Donald Trump and his family could personally benefit from the bill, given their connections with the industry through memocoins from digital asset company executives, the world’s free financial platforms and political donations.
Trump said Wednesday that if the house passes it quickly, he will sign the act of genius with “No Add ons.” However, it is unclear whether digital assets are a priority for the president as they face scrutiny after ordering a strike in Iran without Congressional approval over the weekend.
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