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Former CFTC Chair Timothy Massad Among Witnesses for House Crypto Hearing

Titled, "The Future of Digital Assets: Identifying the Regulatory Gaps in Spot Market Regulation," the hearing will take place on Thursday afternoon.

Updated Apr 26, 2023, 4:17 p.m. Published Apr 26, 2023, 4:00 p.m.
Former CFTC Chairman Timothy Massad to testify at House hearing on crypto (CoinDesk TV)
Former CFTC Chairman Timothy Massad to testify at House hearing on crypto (CoinDesk TV)

The House Subcommittee on Commodity Markets, Digital Assets, and Rural Development has provided the witness list for Thursday's hearing examining regulatory holes in crypto spot market regulations.

The panel notably includes former Commodity Futures Trading Commission (CFTC) Chair Timothy Massad, who is currently a research fellow at the Harvard Kennedy School and director, M-RCBG Digital Assets Policy Project.

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Other witnesses include Purvi Maniar, general counsel at institutional crypto trading platform FalconX, and Nilmini Rubin, head of global policy at decentralized proof-of-stake ledger Hedera. Rounding out the panel are Daniel Davis, partner at law firm Katten Muchin Rosenman LLP, as well as its co-chair, Financial Markets and Regulation and Joseph Hall, partner at law firm Davis Polk & Wardwell LLP.

The hearing is set to begin Thursday at 2 p.m. ET.


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KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.

What to know:

  • KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
  • This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
  • Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
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The Senate is approaching a potential markup that may advance crypto legislation to a vote, and industry insiders are amassing for a lobbying push this week.

What to know:

  • The U.S. Senate is potentially as close as it's ever been to a crypto market structure law, as the Senate Banking Committee's chairman said the panel will be ready to mark up the latest draft next week.
  • It's still unclear how much Democrats might push back against this timeline, considering most of the big-ticket disputes remain to be resolved between the parties.
  • A negotiation document that emerged after a meeting among senators on Tuesday demonstrates that many of the Democrats' requests have potentially been satisfied, but key concerns over the ethics of senior government officials, the treatment of DeFi and the question of stablecoins offering yield still await answers.
  • Crypto insiders will visit Senate offices this week to cheer on the negotiations.