On July 9th Eastern Time, the US Senate Banking Committee will hold a hearing to explore the cryptocurrency market structure. Leaders from Ripple, Blockchain Association, and Chainalysis will appear in Washington to voice their perspectives. Congress is attempting to delineate clear regulatory boundaries between innovation and risks, and it is evident that the United States is now focusing on developing crypto-related industries with the federal government at its core.
Hearing Focuses on Market Structure
This hearing is the next step for the GENIUS Stablecoin Bill.
The meeting is scheduled to start at 22:00 Taiwan time on July 9th. Ripple CEO Brad Garlinghouse, Blockchain Association CEO Kristin Smith, Chainalysis CEO Jonathan Levin, and Paradigm Partner Dan Robinson will all be present, offering perspectives from regulatory, compliance, and investment angles.
Republican Principles: Resolving Multiple Regulatory Bodies
The Senate Republicans have published "Crypto Market Structure Principles", demanding clear definitions for "digital asset securities" and "digital asset commodities" to prevent multiple regulatory bodies from slowing down the industry.
Both the industry and legislators emphasize the need for clear division of responsibilities among SEC, CFTC, and banking regulatory agencies. The Office of the Comptroller of the Currency (OCC) allowing banks to custody digital assets is also seen as a signal of gradually clarifying environment.
Bill Timeline Clarified: The US is Really Moving
The House has advanced the "Digital Asset Market Clarity Act (CLARITY Act)", while the Senate is simultaneously developing its own version. The two bills may be merged or passed separately. Senate Banking Committee Chairman Tim Scott stated that he hopes to complete the overall market structure legislation by September 30, 2025, establishing long-term rules for digital finance.
Legislators aim to create a robust framework that encourages innovation, attracts institutional funds, and reduces the risk of being accused of illegal finance.
The SEC has recently shifted from strict enforcement to seeking clearer registration pathways, indicating a subtle adjustment in regulatory attitude. Once the rules are finalized, it is expected to reduce uncertainty, enhance investor confidence, and provide a reference model for global digital asset markets. As the US moves, it is bound to become a "model student" for other regions.
