The Senate Banking Subcommittee on Digital Assets held its first hearing on exploring legislative frameworks for digital assets, with a focus on stablecoin regulation. The witnesses included experts from the crypto industry and former CFTC Chair, Tim Massad, who emphasized the importance of monitoring stablecoin transactions and extending the regulatory perimeter to address anti-money laundering challenges. The hearing also discussed the need for sensible regulation, common standards for stablecoin issuers, and clarity on digital asset market structure. Crypto entrepreneurs voiced concerns about the uncertain regulatory environment and the constant threat of litigation. Senator Bernie Moreno pushed back on the government's desire to overregulate digital assets and control innovation. Suggestions were made to learn from Europe's Markets in Crypto-Assets Regulation framework and the crypto laws in Wyoming. The overall sentiment was the importance of bipartisan support to create clear rules for the crypto industry.



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