U.S. Senate's First Hearing on Digital Assets: Stablecoin Legislation Takes Priority, Market Structure Regulation Delayed

2025-02-27 10:01:21

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ChainCatcher news, according to CoinDesk, the U.S. Senate Banking Committee held its first hearing on digital assets, focusing on stablecoin legislation and Congress's role in future crypto regulation.

The hearing was chaired by crypto-friendly Senator Cynthia Lummis, who stated that Congress is close to introducing a bipartisan framework for stablecoin and market structure legislation, but stablecoin regulation will be prioritized. Former CFTC Chairman Timothy Massad suggested that Congress should postpone market structure legislation for several years until the current regulatory frameworks of the SEC and CFTC are implemented and adjusted.

Additionally, Senator Mark Warner expressed concerns about stablecoin KYC issues, pointing out that while issuers perform KYC, stablecoins do not undergo identity verification when circulating between wallets, which could be used for illegal activities. Lightspark Chief Legal Officer Jai Massari responded that blockchain can provide immutable on-chain records and suggested further development of tracking tools to balance privacy and compliance.

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