The Senate Banking Committee convened a hearing titled "From Wall Street to Web3: Building Tomorrow's Digital Asset Markets" with senators and digital asset specialists. Key themes included illicit finance in crypto, the Trump family's crypto involvement, and regulatory concerns. Chairman Tim Scott and Ranking Member Elizabeth Warren led discussions, with witnesses from the crypto industry and academia. Scott claimed most illegal activities are attributable to cash. Warren countered, asserting that rising crypto market capitalization correlates with increased illicit activity, citing significant North Korean hacks as a threat. Conversely, Levin stated that illicit blockchain activities are under 1%.
In his opening remarks, Senator Scott emphasized that more illegal activities occur with cash than with crypto, suggesting that cash carries greater risks for illicit finance.
Ranking Member Senator Elizabeth Warren noted a rise in illicit crypto activity, linking it to the increased market capitalization, citing North Korean hacks as a significant threat.
Jonathan Levin highlighted that less than 1% of blockchain activity is illicit, indicating a lower rate of illegal transactions in crypto compared to traditional markets.
The hearing included testimonies from industry leaders, showcasing diverse perspectives on the challenges and opportunities facing the digital asset markets.
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