U.S. Senator Cynthia Lummis (R-WY) recently led the first hearing of the Digital Assets Subcommittee, focusing on the need for a clear regulatory framework for digital assets. The hearing included testimonies from various experts who highlighted the importance of such regulations to foster growth and maintain the United States’ position as a leader in financial innovation.
Senator Lummis remarked on the progress made since her election to the Senate in 2020, noting that many legislators were initially unfamiliar with concepts like bitcoin and stablecoins. She stated, “We are on the precipice of finally creating a bipartisan legislative framework for both stablecoins and market structure. I am hopeful that we can get both pieces of legislation to President Trump for his signature this year.”
Witnesses at the hearing included Lewis Cohen, partner at Cahill, Gordon & Reindel; Jonathan Jachym, Deputy General Counsel and Global Head of Policy with Kraken Digital Asset Exchange; Jai Massari, Chief Legal Officer at Lightspark; and Tim Massad, Research Fellow at Harvard University and former Chair of the Commodity Futures Trading Commission (CFTC). They emphasized the urgency for Congress to provide regulatory clarity.
A full video of Senator Lummis’s remarks is available online.
