The Senate Banking Committee's Digital Asset Subcommittee held its first hearing, with stablecoins being the main topic of discussion. Subcommittee chair Cynthia Lummis stated that stablecoin legislation is the top priority, followed by market structure regulations. Former CFTC Chair Timothy Massad advised lawmakers to focus on stablecoins and address fundamental questions before tackling market structure regulation. The industry is speculating on what a stablecoin bill might entail, with Lummis' GENIUS Act proposing that payment stablecoins must come from registered issuers and have 1:1 backing from fiat currency or secure reserves.



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