Many Senators Absent From ‘Bipartisan’ Crypto Market Structure Hearing
The US Senate Banking Committee’s subcommittee on digital assets held a hearing with limited attendance, featuring only five of the eleven members. Chair Cynthia Lummis noted scheduling conflicts with competing committees. Senators questioned former regulators and industry experts about potential legislation for crypto market structure following the passage of the GENIUS Act. Lummis expressed concerns about bipartisan engagement and the influence of administration ties to digital assets. Senator Angela Alsobrooks, a Democratic cosponsor of the GENIUS Act, participated despite not being a regular subcommittee member. Questions arose regarding the perceived partisanship of the proposed legislation, with some Democrats indicating opposition without addressing potential conflicts of interest related to the president. The Senate's market structure bill follows similar efforts in the House, where the CLARITY Act is expected for a floor vote soon.
