The Senate Banking Subcommittee on Digital Assets convened to explore bipartisan legislative frameworks, focusing mainly on stablecoin regulation. Senator Cynthia Lummis emphasized her commitment to advancing legislation benefiting Bitcoin and stablecoins. Renowned witnesses from the crypto industry echoed the need for regulatory oversight, particularly in tracking stablecoin transactions to combat money laundering risks. Tim Massad advocated for innovative smart contract regulations to prevent misuse. The hearing underscored a political shift towards comprehensive regulation in the rapidly evolving digital assets space, suggesting an increased focus on compliance and security measures within the industry.
"Our entire [Bank Secrecy Act] framework relies on centralized intermediaries." @timmassad calls on Congress to extend the "regulatory perimeter" and require "stablecoin issuers to aggressively monitor transactions and freeze stablecoins."
Senator Cynthia Lummis stated that she intends to do her part in passing bipartisan legislation for Bitcoin and stablecoins. This highlights the growing support for regulatory measures.
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