U.S. Digital Assets Sub-Committee to Hold Hearing on Bipartisan Crypto Legislation

The U.S. Senate Banking Committee, led by Senator Cynthia Lummis, is set to revisit cryptocurrency regulations in an upcoming hearing titled “Exploring Bipartisan Legislative Frameworks for Digital Assets.”

🚨NEW: @BankingGOP Committee’s Digital Assets Subcommittee, chaired by @SenLummis, is holding a hearing Wednesday entitled “Exploring Bipartisan Legislative Frameworks for Digital Assets.”

Witnesses include:

📌Jonathan Jachym, Global Head of Policy & Government Relations at… pic.twitter.com/xUj429eO01

— Eleanor Terrett (@EleanorTerrett) February 21, 2025

The hearing, scheduled for February 26, marks a renewed effort to establish clear guidelines for the digital asset industry after previous congressional roadblocks stalled progress.

Senate Committee to Debate Crypto Rules, Bitcoin Reserve Proposal

According to the announcement, Tim Scott, the Republican senator from South Carolina who is now leading the committee, has expressed strong support for the crypto sector, raising hopes for more constructive discussions this time.

Industry representatives, including legal experts from Kraken and Lightspark, are expected to provide insights on what regulatory frameworks could foster innovation and economic growth in the space.

The session will be held in a hybrid format and will feature testimony from key industry figures, including Lewis Cohen, partner at Cahill Gordon & Reindel LLP; Jonathan Jachym, Deputy General Counsel and Global Head of Policy & Government Relations at Kraken; and Jai Massari, Chief Legal Officer at Lightspark.

Additional witnesses may be added to the panel ahead of the hearing.

Discussions are expected to cover critical topics such as market structure, stablecoin regulations, and the potential creation of a strategic Bitcoin reserve.

Lawmakers are attempting to balance oversight and fostering innovation, positioning the U.S. as a leader in digital finance while ensuring consumer protection and financial stability.

This hearing comes at an important moment for the crypto industry, which has been grappling with increased regulatory scrutiny and calls for clearer compliance measures.

The outcome could shape the direction of U.S. digital asset policy and influence its global standing in the crypto economy.

The hearing will be webcast live, but access will only be available once proceedings begin.

People requiring accessibility services, such as closed captioning, are advised to contact the committee clerk at least three business days in advance.

U.S. Senate Banking Committee to Form Crypto Subcommittee

According to FOX Business and Punchbowl News reports, the U.S. Senate Banking Committee is set to establish its first-ever crypto subcommittee, which Senator Cynthia Lummis is expected to lead.

This comes a month after President Donald Trump’s inauguration in January.

🚨NEW: The Senate Banking Committee, led by @SenatorTimScott, is set to establish its first ever subcommittee dedicated to #crypto. The subcommittee will mirror the @FinancialCmte version established by @PatrickMcHenry in 2023.

A Senate aide confirmed that @SenLummis has been…

— Eleanor Terrett (@EleanorTerrett) January 9, 2025

Senator Tim Scott, the committee’s new chair, has prioritized the creation of the crypto subcommittee.

This is similar to the House Financial Services Committee, which launched its own crypto subcommittee in 2023.

Lummis, a vocal crypto advocate, recently backed Trump’s push for a strategic Bitcoin reserve.

She also filed an amicus brief supporting Coinbase’s appeal against the SEC, arguing the regulator has overstepped its authority in crypto enforcement.

She stated that decades-old securities laws don’t always apply to modern digital assets and called for a clear legislative framework.

“With lawsuits relying on the SEC’s overreach, it is vital that the Second Circuit halts this encroachment on Congress’s lawmaking powers,” the brief stated.

Trump has pledged to curb regulatory overreach and position the U.S. as a crypto hub.

The Senate Banking Committee oversees financial agencies like the SEC, making this subcommittee a key step in shaping future crypto policy.

Looking forward, this hearing could be the starting point for clearer crypto regulation in the U.S. and might lead to similar regulatory clarity provided by MiCA.

The meeting includes many key leaders in the space, and by bringing their opinions together, the outcome could mark the beginning of the U.S.’s goal of being the crypto hub of the world.