Stablecoins and the role of Congress in addressing future digital assets legislation took center stage during one of the Senate Banking Committee’s first hearings to focus on what a regulatory framework for crypto may look like.
The Wednesday hearing, framed as the jumping-off point for further Congressional action on digital asset regulations, was the first hosted by the banking committee’s new digital assets subcommittee and chaired by Wyoming Republican Cynthia Lummis, a longtime crypto proponent.
“We’re on the precipice of finally creating a bipartisan legislative framework for both stablecoins and market structure,” Lummis said in her opening statement, referring to draft legislation she introduced with New York Democrat Kirsten Gillibrand as a natural counterpart to the House’s Financial Innovation and Technology for the 21st Century Act.
Stablecoins will be first on the committee’s agenda though, she said, echoing statements…
