Today, the Senate Senator of Digital Asset held the first hearing titled “Discourse of Digital Assets on Digital Assets.” Here, some members of the subcommittee and the encryption industry mainly discussed the Stablecoin regulations.
Senator Cynthia Lummis, a long-time supporter of the Bitcoin and Digital Asset Industry, presided over the hearing with the help of the ranking members of Ruben Gallego (D-AZ), a member of the subcommittee committee.
Witnesses included former CFTC chairman of Kennedy School of Government and Tim Massad, a researcher of Harvard University. Jai Massari, LightSpark’s chief legal officer; Jonathan Jachym, Krake’s policy and government -related global officers; And Lewis Cohen, a partner of Cahill Gordon & Reindel LLP.
Senator Lummis said it would help to create a meeting atmosphere to pass a two -party bill for Bitcoin and Stablecoins. (This was one of the few times when the word “Bitcoin” was mentioned during the meeting, one of the only other times mentioned in the hearing when it was said that Massad opposed the creation of a strategic Bitcoin protection zone.)
Throughout the hearing, Massad emphasized the importance of monitoring Stablecoin. He proposed to expand the “regulatory boundaries” to solve the AML (AML) tasks related to Stablecoins, and even the smart contract was designed to ease the risk of bad actors.
Massad said, “We can program a smart contract so that no one can pass through the transaction without anyone.
MASSAD also proposed that the STABLECOIN issuer would “actively monitor the stablecoin activity” as a means of watching the AML violation.
Massari pointed out that the authorities could monitor Stablecoin transactions as these assets were executed in the open block chain. She also demanded a wise regulation of technology.
“We tend to bring new things and put new things in the old days,” she said.
In addition, she also advocated the “general standard set” to manage the STABLECOIN publisher so that the user could feel more confident about what was supported by all stablecoin.
Jachym tried to shift the focus of the hearing from Stablecoins to Digital Asset Market Structure Bill, and claimed that the regulatory agency was “important” to constitute a clear guideline without digital assets.
He did not receive much absorption. Massad noted that discussions about Stablecoins are more important than discussing market rescue bills because regulators can regulate the encryption market in cooperation with the existing securities law.
Jachym stressed that “digital assets in the jurisdiction should be simple,” and “lack of regulatory certainty in the United States interfered with growth.”
Cohen made a similar claim, saying that American encryption entrepreneurs say, “I feel the constant threat of the lawsuit.”
He also said, “Because of the uncertain regulatory environment, both digital asset consumers and users are in danger.”
Bernie Moreno Senator (R-OH) was the only participant in the hearing that directly pushed the US government’s desire to control digital assets.
“The government has a complete and complete desire to control things,” said Moreno Senator Moreno said that many technologies were used for illegal purposes as well as Crypto.
“Did you suddenly think that when we reached a digital currency, we would decide the speed of innovation in Washington DC?” He concluded.
Throughout the meeting, subcommittee members asked the Witnesses who had to signal when the US modeled the digital asset regulatory framework in the jurisdiction of the world.
MASSAD presented an example of the market of the European and Crypto -Set Regulatory (MICA) frameworks, which were fermented by the European Union, and Jachym proposed to look at the same Lord as Kraken -based Wioming, and Kraken proposed to learn how to pass by the state’s parliament.
Senators and witnesses of the subcommittee provided a variety of perspectives on the topic discussed, but the specific emotions penetrated the hearing. This has been gathered by politicians on both sides of the aisle to create a clear rules of the road for the encryption industry.
Jachym said, “The two parties’ support for encryption policy is no longer a distant goal from the horizon.