Myths Busted And Conflicts Of Interest Noted At Senate Banking Crypto Market Structure Hearing
The post Myths Busted And Conflicts Of Interest Noted At Senate Banking Crypto Market Structure Hearing appeared on BitcoinEthereumNews.com.
Today, the Senate Banking Committee hosted a hearing entitled “From Wall Street to Web3: Building Tomorrow’s Digital Asset Markets” in which U.S. senators from both sides of the aisle engaged with crypto industry leaders and digital asset specialists (witnesses at the hearing) to discuss digital asset market structure. Key themes from the hearing included crypto’s role in illicit finance, the conflict of interest associated with the Trump family’s involvement in the crypto industry, and regulatory jurisdiction. Senate Banking Chairman Tim Scott (R-SC) presided over the hearing alongside Ranking Member Elizabeth Warren (D-MA). They were joined by more than a half dozen other senators and six witnesses for two-and-a-half-hour session. The witnesses included: Summer Mersinger, CEO of the Blockchain Association Jonathan Levin, CEO of Chainalysis Dan Robinson, General Partner at Paradigm Brad Garlinghouse, CEO of Ripple Timothy Massad, Research Fellow at the Kennedy School of Government at Harvard University and former Commodities and Futures Trading Commission (CFTC) chair Richard W. Painter, Former chief White House ethics lawyer Crypto and Illicit Finance In Senator Scott’s opening remarks, he noted that “more illegal activities happen with cash rather than crypto.” Senate Banking Committee Ranking Member Senator Elizabeth Warren (D-MA) provided an opposing view in her opening remarks, as she made the claim that, as crypto’s total market capitalization has increased, so too has illicit activity on the blockchain. The senator then cited how North Koreans have hacked billions of dollars worth of crypto assets, creating a threat to U.S. national security in the process. Levin provided some context, though, as he noted that “illicit activity is less than 1% of the overall activity that occurs on the blockchains,” while adding that this number is higher in traditional markets. “The majority of the activity on blockchains is legitimate activity,” he added. With that said,…
Filed under: News - @ July 10, 2025 12:25 am