The U.S. Senate Digital Assets Subcommittee's first hearing focuses on stablecoin regulation and the legislative framework for digital assets

The first digital asset subcommittee of the U.S. Senate Banking Committee held a hearing on February 27, focusing on stablecoin regulation and the legislative framework for digital assets, chaired by Republican Senator Cynthia Lummis from Wyoming.

In her opening statement, Lummis said: "We are at a critical moment in finally creating a bipartisan legislative framework for stablecoins and market structure." She views the bill she co-sponsored with Democratic Senator Kirsten Gillibrand from New York as a natural counterpart to the House's "21st Century Financial Innovation and Technology Act."

Chairman of the Senate Banking Committee, Republican Tim Scott from South Carolina confirmed that stablecoins will be the committee's top priority.

Former CFTC Chairman Timothy Massad suggested that legislators prioritize establishing regulations for stablecoins and postpone legislation related to market structure "for several years". He pointed out: "The SEC has withdrawn enforcement cases and established cryptocurrency task forces to address these issues. We should let these regulatory measures make progress rather than rush to rewrite securities laws." Massad warned that existing proposals could potentially "create more confusion rather than clarity", especially in defining attributes of digital assets.