Today, the Senate Banking Committee hosted a hearing entitled “From Wall Street to the web 3: Building the digital assets markets for tomorrow”, in which American Senate members from both sides of the corridor participating with the leaders of the encryption industry and digital assets specialists (witnesses in hearing) to discuss the structure of the digital asset market.
The main topics of the listening session included the role of Crypto in illegal financing, and the conflict of interests associated with the participation of the Trump family in the encryption industry and the organizational state.
Senate Chairman Tim Scott (R-SC) chaired the hearing alongside the arrangement member Elizabeth Warren (D-MA). She joined more than half a half of the Senate members and six witnesses for a two and a half hours.
Among the witnesses:
- Summer Mirning, CEO of Blockchain Association
- Jonathan Levin, CEO of Analysis
- Robinson, General partner in Paradigm
- Brad Garlinghyus, CEO of Ripple
- Timothy Masad, research colleague at Kennedy State College at Harvard University and Chairman of the Trading Committee throughout Harvard (CFTC)
- Richard WLLIRER, former White House ethics lawyer
Immigration encryption and financing
In Senator Scott’s opening statements, he pointed out that “more illegal activities occur in cash instead of encryption.”
The Senate Business Committee member Senator Elizabeth Warren (D-MA) provided an opposition point of view in its opening notes, because it claims that, with the increase in the total market value of Crypto, an illegal activity also on Blockchain. Senator then cited how the North Koreans penetrated billions of dollars of encryption assets, creating a threat to American national security in this process.
Levin presented some context, and also indicated that “illegal activity is less than 1 % of the total activity that occurs on Blockchains”, with the addition that this number is higher in traditional markets.
“Most activity on Blockchains is a legitimate activity,” he added.
However, Levin noted that encryption mixers make work to monitor the general edges of criminal activity more difficult, but also indicated that the serial analysis “witnessed less use of encryption mixers in terrorist financing than you expect.”
Trump’s conflict with encryption
Senator Rafael Warrenk (D-GA), D-MD, and Warren have operated what was called “conflict of interests” by President Trump in calling for encryption legislation while he and his family actively participate in the encryption industry.
In the opening notes of the Sunaer Warren, I noticed that “President Trump’s wealth is now worth $ 7 in encryption”, while Senator Warrenk summoned President Trump’s morals after he released Mimi’s currency.
Senator Van Holin detailed the scenario in which Eric Trump met with an investment company in the United Arab Emirates (United Arab Emirates) regarding a Stablecoin His company, World Liberty Financial, issued before that His father’s visit to the country (The company is over Investing $ 2 billion in the project). Then the Senator indicated that some encryption legislation will benefit the world.
The painter, who previously argued at the session as “we cannot have people responsible for passing and implementing legislation (CRYPTO) has conflicts of interests … and this includes the president,” we stated that we are currently witnessing one of the largest moral financial violations by the last percentage of sitting in the past.
Organizational jurisdiction: the division of power between CFTC and SEC
During the session, Masad argued that the US Securities and Stock Exchange Committee (SEC) and CFTC should work together in organizing the digital asset industry.
“The solution is not on Congress to become the organizational side,” said Masad. “In order for SEC and CFTC to work together.”
“The industry benefited from the gap between SEC and CFTC,” Masad added.
Mirning also noticed that she wanted to see cooperation between the two clients, although she mentioned that she wanted to see that CFTC has more strength on the encryption markets, where the agency follows a “principle -based approach”, which Mirneger claimed to be “better for the industry.”
Masad commented on the importance of following such an approach, as he said, “Congress must think in principles, not detailed rules, because these (rules) can become old quickly.”
Senator Katie Brett also spoke in favor of a principle-based approach.
She said, “We must have a system based on principles and prevent restived regulations on this industry.”
(Miringer, Masad, or Senator Brett provides any color in relation to what these principles may appear.)
Noting the legislative efforts of the two parties
Almost in the middle of the road through the session, Senator Berno Moreno (R-OH) stated that the encryption is more than the “issue of generations” more than the issue of Republicans against the issue of democracy.
Senator Scott Senator Sentea Loms (RY) and Kirsten Gilbrand (N) praised the D-Ny The legislation they formulated together, starting in 2022In reference to the idea that Senators have set a standard for what should seem to be legislation to encrypt the two parties.
In Senator Lomis’s comments at the end of the session, Senator Gilbrand thanked her for working with her to formulate legislation “protect consumers, but this also works with creators.”
Senator also thanked her Democrats for diligence in working with the Republicans to create legislation, starting with the genius law, before closing with monologue with Bitcoin and CypherPunks, Bitcoin and digital assets.
“You are looking at the Internet that CypherPUNKS in the 1980s and nineties who were creating a code and use of encryption and the government was afraid of that, so the National Security Agency (encryption) called a weapon and classified it as something that should not be available to the general public,” Senator Loms began.
“But our courts in this country decided that encryption and writing the software instructions are protected by freedom of expression under the first amendment-and this was a changing games. It has made it possible for these very wonderful minds to allow each other, through the open source, encryption and symbols that made this possible in 2009 because the first digital assets appear in the scene.”
“Therefore, we are now at the point from 2009 (to) where we today, we have a mature industry that requires us to provide clear rules for the road … We are in the right place at the right time to help these creators take their right place in the global economy (and) of the assets that exceed it, which exceeds that, which increases any person. The dollar, which, according to the design, decreases in the value.”
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