TechFlow news — On February 27, according to CoinDesk, the U.S. Senate Banking Committee's first subcommittee on digital assets held a hearing focused on stablecoin regulation and a legislative framework for digital assets, chaired by Republican Senator Cynthia Lummis of Wyoming.
In her opening statement, Lummis said: "We are at a critical moment in ultimately creating a bipartisan legislative framework for stablecoins and market structure." She described the bill she co-proposed with Democratic Senator Kirsten Gillibrand of New York as the natural counterpart to the House's "Financial Innovation and Technology for the 21st Century Act." Tim Scott, Republican chairman of the Senate Banking Committee from South Carolina, confirmed that stablecoins would be a top agenda item for the committee.
Former CFTC Chair Timothy Massad recommended that lawmakers prioritize stablecoin regulations and delay legislation on market structure by "several years." He stated: "The SEC has withdrawn enforcement cases and established a cryptocurrency task force to address these issues. We should allow these regulatory efforts to move forward rather than rush to rewrite securities laws." Massad warned that existing proposals could "create more confusion than clarity," particularly regarding the definition of digital asset characteristics.
