US Senate to Debate Crypto Market Structure on June 24

- Senate subcommittee to hold hearing on digital asset market structure June 24, 2025. - Former regulators, industry leaders to testify on framework establishment. On June 24, Cointelegraph reported that the US Senate Banking Committee’s digital assets subcommittee will convene. The subcommittee will explore crucial testimony on establishing a comprehensive digital asset market framework, and this hearing is part of the legislative process to create such a framework. In prepared testimony for the June 24 hearing, former Commodity Futures Trading Commission (CFTC) Chair Rostin Behnam highlighted that the current regulatory trajectory for cryptocurrencies is unsustainable. He stated this situation will persist if lawmakers do not address existing gaps. Behnam emphasized that lawmakers need to focus on market structure requirements, which should protect customers, avoid conflicts of interest, and ensure market resiliency. He warned that inaction could expose financial markets and investors to greater risks arising from a lack of transparency, fraud, market manipulation, corruption, and conflicts of interest. Behnam also noted that as digital assets become more integrated with traditional financial institutions, he expects concerns about broader market resiliency and financial stability to likely increase. This Senate hearing occurs while the House of Representatives considers its own bill, the Digital Asset Market Clarity (CLARITY) Act. A House committee advanced this Act in June, and it now awaits a floor vote. Republican leadership on the digital assets subcommittee believes that any crypto market structure bill must achieve several goals: it should clearly define the legal status of digital assets, allocate authority among regulators to prevent any single regulator from becoming overly powerful, and prioritize protecting crypto traders and purchasers. Wyoming Senator Cynthia Lummis, chair of the subcommittee, remarked on June 24, ahead of the hearing, that while regions like the European Union and Singapore have established clear regulations, the US has lagged. This lag, she noted, has prompted the digital asset industry to seek more favorable environments abroad. On June 24, regarding this situation, Lummis stated, "That changes today." Many Democrats voted with Republicans on June 17 to pass the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, which will now go to the House. This bipartisan action fuels the push for broader bipartisan legislation in the Senate. Meanwhile, Massachusetts Senator Elizabeth Warren, a ranking member of the banking committee and a critic of former President Trump's ties to the crypto industry, may address potential conflicts of interest at the hearing. She voted against the GENIUS Act and has raised concerns about Trump's family's involvement with World Liberty Financial, a stablecoin issuer. The hearing, titled “Exploring Bipartisan Legislative Frameworks for Digital Asset Market Structure,” will take place on Tuesday, June 24, at 3:00 PM. Witnesses will include Sarah Hammer from the University of Pennsylvania Wharton School, Greg Xethalis from Multicoin Capital, Ryan VanGrack from Coinbase, and former CFTC Chair Rostin Behnam. As of June 24, at 18:18 UTC, World Liberty Financial USD (USD1) trades at $1. The 24-hour trading volume has changed by 0.018%.