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Senate subcommittee hearing urges rapid action on digital-asset market-structure law
Summary
A Senate Banking subcommittee hearing brought bipartisan witnesses who urged Congress to write clear, technology‑neutral market‑structure rules for digital assets, citing fraud risks, international competition and the need to define securities vs. commodities.
A Senate Banking Committee subcommittee hearing on digital‑asset market structure on Oct. 1, 2025, centered on calls for fast congressional action to clarify which federal agencies regulate different categories of tokens and to modernize rules for custody, bankruptcy and anti‑money‑laundering enforcement.
Chair Cynthia Lummis, chair of the Senate subcommittee on digital assets, opened the hearing by saying lawmakers had released a set of principles earlier in the day intended to guide bipartisan market‑structure legislation and noted the recent passage of the Genius Act addressing payment stablecoins. "Legislation should clearly define the legal status of digital assets," Lummis said, listing jurisdictional allocation, modernization of custody and recordkeeping, consumer protections and targeted illicit‑finance measures as priorities.
The panel of four witnesses — Sarah Hammer, executive director at the Wharton School and founder of the Wharton Cipher Accelerator; Greg Zitalis, general counsel of Multicoin Capital; Ryan Van Grack, vice president of…
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