Crypto Industry Pitches Market Structure Ideas to U.S. Senators in Hearing
2025-07-09 16:37:27
Main Idea
The U.S. Senate Banking Committee held a hearing on crypto market structure, with industry leaders advocating for clearer regulations while Senator Elizabeth Warren raised concerns about weak rules and potential corruption.
Key Points
1. Ripple CEO Brad Garlinghouse testified that the lack of regulations is stifling the crypto industry in the U.S.
2. Senator Elizabeth Warren criticized proposals like the House's Clarity Act, arguing they could allow crypto to evade SEC scrutiny and enable corruption.
3. The Senate passed the GENIUS Act, which Senator Tim Scott praised as a bipartisan achievement for stablecoin regulation.
4. The House is preparing for 'Crypto Week' to advance legislation, including the Digital Asset Market Clarity Act.
5. Former regulator Timothy Massad expressed concerns about the House's Clarity Act, calling it problematic.
Description
Crypto industry insiders including Ripple CEO Brad Garlinghouse outlined their hopes for how the Senate might seek to regulate digital assets markets in the U.S., while Senator Elizabeth Warren shared some of the top Democrat objections during a Wednesday hearing . "For the last decade, the legal and regulatory uncertainty surrounding crypto has prohibited meaningful progress in the U.S.," Garlinghouse told the Senate Banking Committee in his testimony. "At Ripple, we certainly saw firsthand how...
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