American Senator Centeh Lomes has announced that a legislative framework for Stablecoins and the market structure soon can be expected.
Senator Cinemia Lomes on the Temple of Markets and Markets
Speaking during the first hearing of the Senate Digital Assets on Wednesday, Lummis, a strong defender of the encrypted currency and head of the sub -committee, confirmed the progress made. “We are about to create a legislative framework from the two parties for stability and market structure,” she said in its opening notes.
🚨IIIMII🚨 Capture my opening statement below ⬇https://t.co/ta7cqrgdgo
Senlummis February 27, 2025
The session, organized by the new sub -committee for digital assets, focused on laying the foundation for future legislation. Lomis referred to the legislation project that she participated in composing with Senator Kirsten Gilbrand from New York, which she described as a natural complement to financial innovation and technology in the House of Representatives of the twenty -first century law. Lummis emphasized that Stablecoins will be the priority of the committee, a feeling shared by Crypto in the White House, Ai CZAR DAVID SACKS, Senator Tim Scott from South Carolina, who heads the Senate Banking Committee.
Timothy Massad, former Chairman of the CFTC and one of the witnesses of the session, urged legislators to focus on the organization Stablecoin first, delaying any efforts to deal with market structure issues for a few years. He pointed out that the encryption industry has long urged SEC and CFTC to set clear rules instead of relying on enforcement procedures, which now occur with the creation of a new encryption team. He warned against the rush to “rewriting” securities laws, on the pretext that the current market structure proposals could add more clarity.
Moreover, Senator Mark Warner of Virginia raised concerns about known knowledge operations (KYC) for Stablecoin’s transactions in the committee. It sheds light on the issue of how Stablecoins, despite its release with KYC procedures, can be transferred between wallets without going through the same verification steps.
Also read: Crypto.com, KAKEN is considering launching a private Stablecoins in Europe
