The United States Senate Committee on Banking, Housing, and Urban Affairs subcommittee on Digital Assets is holding a hearing on "Exploring Bipartisan Legislative Frameworks for Digital Assets." This comes after former President Donald Trump made cryptocurrency a focus of his second term and created a working group to recommend regulatory and legislative proposals. The subcommittee is chaired by Cynthia Lummis, a proponent of crypto, who recently introduced a stablecoin bill called the GENIUS Act. The bill aims to establish jurisdiction over stablecoin issuers who issue a payment stablecoin in the United States. The bill's application to stablecoins like Tether is unclear, but it seems more compatible with stablecoins like Circle's USDC. The hearing will also discuss advancing a market structure bill to increase the regulatory role of the Commodity Futures Trading Commission (CFTC). Witnesses for the hearing include individuals supporting legislative frameworks and expanded CFTC regulation, with a focus on stablecoin regulations. Concerns have been raised about jurisdictional issues over Tether and potential abuse under FIT 21-style legislation.



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