Many senators absent from ‘bipartisan’ crypto market structure hearing

Many senators were absent from the recent "bipartisan" hearing on crypto market structure held by the US Senate Banking Committee's subcommittee on digital assets. Only five senators out of the usual 11 on the subcommittee attended the hearing, which included Republicans Cynthia Lummis (subcommittee chair), Dave McCormick, Bill Hagerty, Bernie Moreno, and Democrat Angela Alsobrooks, who was sitting in for the ranking member Ruben Gallego.

Cynthia Lummis acknowledged the low attendance, attributing it to scheduling conflicts with other committee meetings on the same day. She also expressed concern about the lack of bipartisan engagement, suggesting that political factors and potential conflicts of interest related to the administration’s ties to the crypto industry might be affecting participation.

The hearing focused on discussing principles behind potential Senate legislation to establish a crypto market structure bill, following the recent passage of the stablecoin bill known as the GENIUS Act. Lawmakers questioned former regulators and industry experts on regulatory frameworks to ensure clear, balanced rules for the digital asset market that protect investors while fostering innovation.

The absence of many senators raised questions about the level of commitment from both parties to addressing digital asset regulation, potentially slowing legislative progress. However, the presence of key senators like Lummis and Alsobrooks indicated ongoing efforts toward bipartisan cooperation and stakeholder engagement in shaping crypto market regulation.

So, despite being labeled a "bipartisan" hearing, the crypto market structure hearing saw low attendance from senators, highlighting challenges in achieving broad legislative engagement on digital asset regulation at this stage.

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