We collect cookies to analyze our website traffic and performance; we never collect any personal data.Cookies Policy
Accept
Michigan Post
Search
  • Home
  • Trending
  • Michigan
  • World
  • Politics
  • Top Story
  • Business
    • Business
    • Economics
    • Real Estate
    • Startups
    • Autos
    • Crypto & Web 3
  • Tech
  • Lifestyle
    • Lifestyle
    • Food
    • Beauty
    • Art & Books
  • Health
  • Sports
  • Entertainment
  • Education
Reading: What to anticipate from at this time’s Senate digital belongings listening to
Share
Font ResizerAa
Michigan PostMichigan Post
Search
  • Home
  • Trending
  • Michigan
  • World
  • Politics
  • Top Story
  • Business
    • Business
    • Economics
    • Real Estate
    • Startups
    • Autos
    • Crypto & Web 3
  • Tech
  • Lifestyle
    • Lifestyle
    • Food
    • Beauty
    • Art & Books
  • Health
  • Sports
  • Entertainment
  • Education
© 2024 | The Michigan Post | All Rights Reserved.
Michigan Post > Blog > Crypto & Web 3 > What to anticipate from at this time’s Senate digital belongings listening to
Crypto & Web 3

What to anticipate from at this time’s Senate digital belongings listening to

By Editorial Board Published February 26, 2025 5 Min Read
Share
What to anticipate from at this time’s Senate digital belongings listening to

In the present day, February 26, the US Senate Committee on Banking, Housing, and City Affairs subcommittee on Digital Property is internet hosting a listening to on “Exploring Bipartisan Legislative Frameworks for Digital Assets.”

This listening to comes after Donald Trump made cryptocurrency a central focus of his second time period, making a working group in a single government order that was tasked with submitting a report that may “recommend regulatory and legislative proposals.”

The Senate Digital Property Laws

The chairman for this subcommittee is Cynthia Lummis (R-WY), who has been a major promoter of crypto. She just lately launched a brand new stablecoin invoice, the so-called GENIUS Act, alongside Tim Scott (R-SC), Invoice Hagerty (R-TN), and Kirsten Gillibrand (D-NY). 

This invoice purports to ascertain jurisdiction over stablecoin issuers who “issue a payment stablecoin in the United States.”

Fee stablecoins are described as “a digital asset” “that is or is designed to be used as a means of payment or settlement” and the place the issuer “is obligated to convert, redeem, or repurchase for a fixed amount of monetary value.”

This would appear to exclude many current stablecoins. Tether, for instance, notes in its phrases of service that it could actually “delay or suspend” the flexibility for customers to redeem the token.

Circle, the biggest United States-based stablecoin issuer, nonetheless, has phrases that appear extra suitable with this, noting that Circle “commits to redeem 1 USDC for 1 USD.”

Protos reached out to the places of work of the Senators behind this invoice to see if it could apply to Tether and for clarification on what “issue… in the United States” means within the context of the invoice, and a member of the press staff for one senator insisted on background that it could apply to Tether however was unable to offer extra clarification past that. 

In addition to this stablecoin invoice, the current press convention that included David Sacks and plenty of of those legislators additionally famous their intention to advance a market construction invoice that may resemble the sooner FIT 21 invoice. 

This might considerably improve the Commodity Futures Buying and selling Fee’s (CFTC) position in regulating the crypto market, thanks partly to an expansive definition of “decentralized.”

The witnesses

Witnesses for at this time’s listening to embrace:

Lewis Cohen, Companion at Cahill Gordon & Reindell LLP

Jonathan Jachym, deputy common counsel and world head of coverage and authorities relations, Kraken

Jai Massari, chief authorized officer at Lightspark

Timothy Massad, analysis fellow and director of digital belongings coverage challenge at Harvard College.

Cohen’s written testimony helps a legislative framework just like the earlier Accountable Monetary Innovation Act that was launched by Gillibrand and Lummis. 

Jachym’s written testimony helps a considerably expanded position for the CFTC, noting that “legislation to grant the CFTC clear authority to regulate spot markets” will apparently assist obtain “a durable approach for supporting innovation and protecting consumers.”

Stablecoin rules are the first focus for Massari, who notes her perception that “for stablecoins to support more mainstream payments use cases, users must be able to think of stablecoins as digital cash.” 

Massad, a former chairman for the CFTC, additionally raised issues concerning the potential jurisdictional points over Tether in his written testimony, noting that neither the GENIUS Act nor the STABLE Act (which was launched within the Home) “has specific enforcement provisions” that permit these payments to cope with non-United States-based issuers like Tether.

He moreover raises issues about FIT 21-style laws, the place he worries that “the ‘self-certification’ process is an invitation for abuse” and additional notes that “the decentralization component of the test has metrics that hardly seem ‘decentralized’.”

Protos shall be watching the listening to and offering updates as they happen.

Reside Updates

The liveblog has ended.

No liveblog updates but.

Load extra

TAGGED:assetsDigitalexpecthearingSenatetodays
Share This Article
Facebook Twitter Email Copy Link Print

HOT NEWS

Former Delta Twp. Supervisor sentenced after baby intercourse sting

Former Delta Twp. Supervisor sentenced after baby intercourse sting

Michigan
October 23, 2025
CHART: North Korea stole .8B in crypto hacks since 2024, report

CHART: North Korea stole $2.8B in crypto hacks since 2024, report

A current report from the Multilateral Sanctions Monitoring Group (MSMT), a gaggle fashioned by a…

October 23, 2025
Autistic volunteer advised he might now not work for Waitrose employed by Asda

Autistic volunteer advised he might now not work for Waitrose employed by Asda

An autistic man who was advised he might now not stack cabinets at Waitrose when…

October 23, 2025
Chargers caught in limbo as Chiefs and Broncos surge in aggressive AFC West

Chargers caught in limbo as Chiefs and Broncos surge in aggressive AFC West

There’s a chasm forming within the AFC West between the nice groups and dangerous.On one…

October 23, 2025
Energy of Russia sanctions lies in US monetary system that greases the wheels

Energy of Russia sanctions lies in US monetary system that greases the wheels

US sanctions in opposition to Russia's two largest power corporations, the state-owned Rosneft and privately…

October 23, 2025

YOU MAY ALSO LIKE

With recent pardon, CZ owns Donald Trump

Changpeng Zhao (aka CZ), who was convicted for not abiding by anti-money laundering legal guidelines and violating the Financial institution…

Crypto & Web 3
October 23, 2025

TRUMP memecoin could also be doing poorly, however MELANIA is an atrocity

Whereas it’s truthful to say that Donald Trump’s memecoin $TRUMP — down 80% since its launch in January and at…

Crypto & Web 3
October 23, 2025

Crypto has turn out to be Kim Jong-Un’s lifeline — and Russia’s secret weapon

In a brand new report by the Multilateral Sanctions Monitoring Crew (MSMT), a mechanism to watch and report UN sanctions…

Crypto & Web 3
October 23, 2025

Peters invoice to extend pipeline security funding passes Senate committee

LANSING, Mich. (WLNS) -- A Michigan senator's invoice to extend funding for U.S. pipeline security and safety has handed the…

Michigan
October 23, 2025

Welcome to Michigan Post, an esteemed publication of the Enspirers News Group. As a beacon of excellence in journalism, Michigan Post is committed to delivering unfiltered and comprehensive news coverage on World News, Politics, Business, Tech, and beyond.

Company

  • About Us
  • Newsroom Policies & Standards
  • Diversity & Inclusion
  • Careers
  • Media & Community Relations
  • Accessibility Statement

Contact Us

  • Contact Us
  • Contact Customer Care
  • Advertise
  • Licensing & Syndication
  • Request a Correction
  • Contact the Newsroom
  • Send a News Tip
  • Report a Vulnerability

Term of Use

  • Digital Products Terms of Sale
  • Terms of Service
  • Privacy Policy
  • Cookie Settings
  • Submissions & Discussion Policy
  • RSS Terms of Service
  • Ad Choices

© 2024 | The Michigan Post | All Rights Reserved

Welcome Back!

Sign in to your account

Lost your password?