Extremely a week after the US Senate voted to pass the Genius Act to arrange payment stablecoins, the room moves to discuss a path for a structure of the digital asset market structure.
On Tuesday, lawmakers on the Senate Banking Committee’s Digital Asset Subcomm Committee Listen From Coinbase and Multicoin Capital attorneys as part of efforts to establish the “Bipartisan Legislature Frameworks for the digital asset market structure.”
The hearing included testimony from the Vice President of Coinbase of Legal, Ryan Vangrack, general advice of Multicoin Capital, Greg Xethalis and University of Pennsylvania Wharton School Executive Director, Sarah Hammer.
Hearing is one of the first Senate’s first follow-up to digital asset law ever since Passing the Genius Act On June 17 in a 68 to 30 votes. The bill moved to the House of Representative for discussion, suggested amendments, and a possible floor vote.
As the Senate considers a bipartisan solution for the crypto market structure, the Chamber is advancing with its own law. Earlier this month, the House Agriculture Committee and the House Financial Services Committee vote to move forward The Digital Asset Market Clarity, or Clarity Act. The bill is expected to go for a floor vote as soon as possible.
Related: The Senate passes the Genius Stablecoin Bill amidst concerns with systematic risk
It is unclear whether the Senate will introduce its own version of home hygiene law to address the crypto market structure in the form of an accompanying bill or integration of House Bill aspects. Cointelegraph handed Senator Cynthia Lummis, chair of the subcomm committee of digital assets, to comment on the hearing, but did not receive a response at the time of publication.
Trump’s crypto ties are still under investigation
Combined, the Stablecoin Bill and the market structure bill can address many of the regulatory issues criticized by leaders in the Crypto industry about the US. However, the law is still Pushback face from many Democrats In Congress, asking how US president Donald Trump and his family personally earn the bills that have passed through, which has provided their relationship with the industry through Memecoins, the World Liberty Financial Platform, and political donations from executives of digital asset companies.
https://www.youtube.com/watch?v=GD81DFCMIH4
Trump said on Wednesday that he was will sign the Genius Act with “no adding ons” if the house is quickly passed it. However, it is unclear whether the digital assets will be a priority for the president as he faces the investigation for ordering strikes in Iran without the approved Congress over the weekend.
Magazine: Crypto wants to overthrow banks, now they turn into the stablecoin fight
