The U.S. Senate Banking Committee, under the sponsorship of Senator Cynthia Lummis, will consider bipartisan cryptocurrency regulations during a forthcoming hearing titled “Exploring Bipartisan Legislative Frameworks for Digital Assets.”
The hearing on February 26 is a part of renewed efforts to formulate clear guidelines for the digital asset industry following previous legislative failures.
Senate Committee to Debate Crypto Rules and Bitcoin Reserve
In the announcement, Republican South Carolina senator Tim Scott, the new committee chairman, made very positive statements in favor of the cryptocurrency industry. This has raised hopes for a more balanced and positive debate on regulation.
Industry professionals like lawyers from Kraken and Lightspark will be giving opinions on regulatory regimes that enable innovation and economic growth.
The hearing will be conducted in hybrid format, with testimonies of key industry participants including:
- Lewis Cohen, Partner, Cahill Gordon & Reindel LLP
- Jonathan Jachym, Deputy General Counsel & Global Head of Policy & Government Relations, Kraken
- Jai Massari, Chief Legal Officer, Lightspark
Additional witnesses may be added before the hearing.
The discussions will cover pressing matters, including:
- Market structure for digital assets
- Regulations on stablecoins
- Potential for the creation of a strategic Bitcoin reserve
Lawmakers aim to balance regulation and innovation, with the U.S. becoming the leader in global digital finance while ensuring consumer protection and financial stability.
Hearing to Be Webcast Live with Accessibility Options
The hearing will be webcast live, and accessibility will be provided at the start of proceedings. Those needing accessibility services, such as closed captioning, should contact the committee clerk a minimum of three business days in advance.
U.S. Senate to Form First-Ever Crypto Subcommittee
FOX Business and Punchbowl News reports indicate that the U.S. Senate Banking Committee will form its first-ever crypto subcommittee, with Senator Cynthia Lummis set to chair.
This comes after President Donald Trump’s January inauguration and follows the House Financial Services Committee, which formed its own crypto subcommittee in 2023.
Lummis, perhaps the most vocal of the cryptosphere, has signed on to Trump’s call for a strategic reserve of Bitcoin and submitted an amicus brief to Coinbase’s legal challenge to the SEC. She argues that security laws from decades ago don’t apply to the digital assets of today and urged Congress to provide a clear legislative framework.
“It is imperative that the Second Circuit puts an end to this SEC overreach, as it is predicated on lawsuits,” Lummis stated.
Trump has vowed to restrict regulatory overreach and put the U.S. at the forefront of world crypto activity.
The Senate Banking Committee, which oversees financial agencies like the SEC, sees this subcommittee as the beginning of creating future cryptocurrency policy.
Would This Hearing Be the Start of Smaller and Smarter Crypto Regulations in the US?
This hearing can be the starting point for more clear cryptocurrency regulations within the U.S., with regulatory certainty like the EU’s MiCA approach.
By the convergence of powerful industry players and policymakers, the outcome could define the future of the U.S. crypto industry and solidify its status as a global leader in digital finance.
