The US Senate Banking Committee on digital assets: urge Congress to pass digital asset legislation as soon as possible

Gate News bot message, according to Bitcoin Magazine, the U.S. Senate Banking Committee's digital asset subcommittee held a hearing entitled "Exploring a Bipartisan Framework for Digital Asset Market Structure", and the committee members urged Congress to pass digital asset legislation as soon as possible.

The hearing took place after the release of the digital asset market structure principles by Republican Senators Cynthia Lummis of Wyoming, Thom Tillis of North Carolina, Bill Hagerty of Tennessee, and Tim Scott of South Carolina this morning.

Senator Lummis presided over the event and mentioned some of the principles at the beginning of the event. She jokingly added that the Senate has now voted on the 'GENIUS Act,' and the United States is financially in the process of entering the 21st century.

During the latter part of the hearing, Senator Moreno asked the group members how much time the United States would need to pass cryptocurrency regulation, and what the consequences would be if it did not do so.

Multicoin Capital's general counsel, Greg Xethalis, responded, "We must take action immediately," and then shared the two potential costs he believes the United States will incur if it does not act quickly.

He claimed that the first cost is that other jurisdictions may formulate more cumbersome rules for cryptocurrencies, which may cause friction if implemented globally. He cited the strict e-commerce rules established in Europe decades ago as a precedent.

Xethalis later argued that the second cost is economic cost. He said that the United States is lagging behind in 5G development and silicon chip manufacturing, and emphasized that he does not want to see the same situation in the field of cryptocurrencies.

Senator Lummis urged fellow senators and committee members at the end of the hearing to engage in bipartisan discussions and cross-party cooperation, as she has done with Senator Kyrsten Sinema.

She pointed out that because President Trump's family is involved in the cryptocurrency industry, some Democrats seem unwilling to participate in the legislative process of cryptocurrencies, adding that cryptocurrencies are more important than the involvement of the President's family, and Democrats should acknowledge this.