Only 5 of 11 Senators Attend Key Digital Asset Subcommittee Session
A high-stakes U.S. Senate subcommittee hearing on the future of digital asset market structure legislation saw notable absenteeism, raising concerns over the bipartisan commitment to regulating the crypto industry. Held on Tuesday, the hearing titled “Exploring Bipartisan Legislative Frameworks for Digital Asset Market Structure” was marked by the presence of just 5 out of 11 senators typically serving on the subcommittee.
Competing Priorities and Political Disengagement
Subcommittee Chair Cynthia Lummis, a strong advocate for pro-crypto regulation, attributed the low attendance to “a lot of competing committees” scheduled for the same day. Still, the poor turnout underscored the fragile bipartisan momentum behind crypto policy, especially following the Senate’s recent approval of the stablecoin-focused GENIUS Act.
“I don’t want to come up with a piece of legislation that the other side of the aisle feels they haven’t had adequate input in,” Lummis emphasized.
She hinted at political discomfort surrounding crypto, suggesting that some lawmakers may be concerned about potential conflicts of interest tied to current administration figures with crypto exposure — although no specific names were mentioned.
Senators and Witnesses Present
The hearing included participation from:
- Sen. Cynthia Lummis (R-WY)
- Sen. Dave McCormick (R-PA)
- Sen. Bill Hagerty (R-TN)
- Sen. Bernie Moreno (R-OH)
- Sen. Angela Alsobrooks (D-MD), subbing in for ranking member Ruben Gallego
Expert witnesses included former CFTC Chair Rostin Behnam, Coinbase legal VP Ryan VanGrack, Multicoin Capital’s Greg Xethalis, and Wharton School’s Sarah Hammer.
Despite the limited lawmaker participation, the group discussed foundational principles for crafting a comprehensive crypto market structure bill, building on the momentum from the GENIUS Act’s passage on June 17.
Crypto Policy Remains Politically Divisive
Several senators questioned why digital asset regulation remains a partisan issue, especially given the sector’s economic importance and bipartisan interest in other legislation.
Though President Donald Trump was not directly named, concerns surfaced over whether administration ties to crypto companies might influence the crafting or blocking of new legislation.
Alsobrooks, the only Democrat present, is a known supporter of the GENIUS Act and emphasized the need for regulatory clarity without compromising ethical standards.
Outlook: House or Senate Leadership?
With unclear bipartisan direction in the Senate, many are now watching whether crypto regulation will take clearer shape in the House, where Republicans have been more vocal in advancing digital asset bills. However, without strong engagement from both chambers, comprehensive legislation risks delay, leaving the industry in legal limbo.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.