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Senate digital-assets subcommittee opens with bipartisan focus on stablecoins, market-structure rules
Summary
Senate Banking Committee members and four witnesses at the subcommittee's inaugural hearing urged Congress to craft a federal framework for stablecoins and clearer market-structure rules, focusing on reserve design, consumer protections, AML requirements and how to resolve failed issuers.
The Senate Banking Committee's new Subcommittee on Digital Assets held its inaugural hearing, where Chair Lummis and Ranking Member Gallego led a bipartisan discussion with four expert witnesses on stablecoin legislation and market-structure reform. The panel addressed reserve requirements, disclosure rules, anti-money-laundering (AML) enforcement, and options for resolving a failed stablecoin issuer.
The hearing focused on why Congress should enact clear federal rules. "I'm really grateful to Senator Scott for creating this subcommittee," said Chair Lummis, calling the session the inaugural hearing and saying lawmakers should "promote responsible innovation and protect consumers." Ranking Member Gallego said lawmakers must "strike the right balance" between innovation and safeguards, emphasizing consumer protection and the need to avoid undermining the banking system.
Witnesses urged a legislative approach that differentiates fundraising and primary-market conduct from secondary-market trading, strengthens prudential standards for stablecoin reserves, and clarifies jurisdictional lines between the SEC and the CFTC. Louis Cohen, partner at…
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