(Place du Center) – Senators clashed in an audience of the Banque Committee of the US Senate on Wednesday against cryptocurrency regulations while the House of Representatives is preparing to vote on the legislation regulating digital assets next week.
The American representative French Hill, R-Ark., Presented the law on the clarity of the digital asset market of 2025 in May, which would give the Commodity Futures Trading Commission Oversight Authority for Cryptocurrency active as blockchain and the Securities and Exchange Commission Outight for cryptocurities.
The Chamber’s Financial Services Committee appointed the week of July 14 as “Crypto week” Because it is about to discuss the law on clarity and the law on the genius of the Senate, which both seek to regulate the cryptography industry.
THE GeniusWho seeks to link cryptocurrency tokens to liquid assets such as US dollars, has received bipartisan support in the American Senate.
Wednesday’s audience revealed a strong division of attitudes to the Clarity Act and the future of cryptocurrency regulations.
Senator Elizabeth Warren, D-MASS., Said that the language of the Clarity Act defining “digital products” is too wide and could extend its protections to non-crypto societies.
This could include actions of the company or personal “coins” as long as they are associated with something that has value outside of digital assets as a figure figure or business.
“Under the House bill, a listed company like Meta or Tesla could simply decide to put its stock on the blockchain and, POOF, it would escape all the SEC regulations,” said Warren.
The senators examined the personal and family investments of President Donald Trump in cryptocurrency.
“We do not know exactly what would be classified as digital products in the context of this definition,” said Timothy Massad, a panel member and researcher at Harvard University.
Some Republican senators have adopted the language of the bill concerning digital products and have postponed dry cryptocurrency regulations.
Senator Bernie Moreno, R-Ohio, compared the regulation of “pieces even” individual to the regulation of baseball cards, on the basis of the association of an individual known to the financial system. He said the SEC should not regulate cryptocurrency because its guidelines are not relevant.
“It seems that (with) cryptographic industry, people of a certain generation (are) who are just afraid of it,” said Moreno.
“This fear and this lack of knowledge and having the humility to know that you simply do not know the technological problems here made this industry just reluctant to understand that it is a whole new world,” added Moreno.
Senator John Kennedy, R-La., Admitted that he was afraid that Congress would not make the right decisions to regulate digital assets.
“I’m really worried if we’re going to be wrong,” said Kennedy. “We, in Congress and our staff, do not know as much as digital asset professionals and I do not see how we can possibly catch up,” he added.
Brad Garlinghouse, member of the panel and CEO of the Cryptographic Company Ripple, pushed to the congress to create a regulatory framework for the digital asset market.
“I urge you to prioritize the adoption of market structure legislation for digital assets through this Committee and the complete Senate to provide the necessary rules and regulations to ensure that the United States becomes the cryptographic world capital,” said Garlinghouse.
Ripple, a fintech company that uses the XRP book and the XRP cryptocurrency to improve international payments, announced a partnership with the New York Mellon Bank, the oldest bank in the United States, to make it a principal of the company’s cryptocurrency.
In the written testimony provided before the hearing, Garlinghouse said that smart regulations would help the overall economy.
“From the start, Ripple made the deliberate choice to work with decision-makers and regulators-not around them. We adopt an approach first in compliance, operating with more than 60 payment services, crypto and money issuer licenses at national and global level,” he said. “With regard to the subject of this audience, we believe that intelligent legislation should be based on several basic principles: consumers need protection against fraud and scams, markets need appropriate surveillance, bad players must be controlled and innovation must prosper.”
The American senator Tim Scott, RS.C. said that the protections should be implemented.
“The main thing is to protect investors, protect the market and protect the security of our country,” said Scott.
“I hope that, as we go forward on the market structure, this is only a primary principle,” added Scott.
