The US Senate Banking Committee held a hearing on the structure of the digital asset market, and participants called on Congress to pass digital asset legislation as soon as possible

The U.S. Senate Banking Committee's Digital Assets Subcommittee held a hearing titled "Exploring a Bipartisan Legislative Framework for Digital Asset Market Structure," where participants called on Congress to pass digital asset legislation as soon as possible. The term "bitcoin" was not mentioned once during the hearing. Still, bitcoin will be subject to some of the cryptocurrency regulations discussed at the hearing.
The hearing comes as Senators Cynthia Lummis (R-Wyoming), Thom Tillis (R-N.C.), Bill Hagerty (R-Tennessee), and Senate Banking Committee Chairperson Tim Scott (R-S.C.) released principles on the structure of digital asset markets this morning. Senator Lummis presided over the hearing and opened by mentioning some of these principles, while jokingly adding that now that the Senate has voted on the GENIUS Act, the United States is entering the 21st century financially.
Also attending the hearing were Senators Bill Hagerty (R-Tennessee), Bernie Moreno (R-Ohio), Angela Alsobrooks (D-Maryland), Dave McCormack (R-Pennsylvania), and a panel of witnesses, including:
Sarah Hammer, Executive Director, Wharton School, University of Pennsylvania
Greg Xethalis, General Counsel of Multicoin Capital and Board Member of the Blockchain Association and DeFi Education Fund
Ryan VanGrack, Vice President of Legal at Coinbase
His Excellency Rostin Behnam, Distinguished Fellow, Psaros Center for Financial Marekt and Policy, Georgetown University, and former Chairperson of the Commodity Futures Trading Commission (CFTC)