Senate Hearing on Crypto Market Structure Gets Low Turnout, Raises Questions

A Senate subcommittee hearing aimed at shaping the future of U.S. crypto regulation got off to a slow start on June 24, quite literally. Only five senators showed up. The hearing, which was meant to cover digital asset market structure and regulatory clarity, drew more attention for who wasn’t in the room than for what was actually discussed. The House vs Senate crypto bill divide became more obvious this week as the House pushed forward while a Senate hearing on crypto market structure drew just five senators.

Senators Cynthia Lummis, Bill Hagerty, Dave McCormick, Bernie Moreno, and Angela Alsobrooks were the only ones present out of eleven committee members. That didn’t go unnoticed. Lummis opened by acknowledging the empty chairs and raised a fair point. If lawmakers are serious about building a legal framework for crypto, why aren’t more of them making the time?

Industry Experts Weigh In, But Who’s Listening?

Despite the low attendance, the panel of witnesses brought plenty of substance. Sarah Hammer from Wharton shared insights on financial stability and systemic risk. Greg Xethalis of Multicoin Capital spoke from the investment side. Ryan VanGrack from Coinbase laid out the company’s view on regulatory gaps, and former CFTC Chair Rostin Behnam warned of the risks tied to unclear rules and overlapping jurisdictions.

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There was no shortage of perspective. Behnam stressed the need for clarity on which agencies oversee what. Hammer pushed for stronger investor protections. Coinbase focused on how regulatory fragmentation is creating uncertainty for both firms and users. Each had different priorities, but they all agreed on one thing: crypto needs a clear rulebook.

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Timing and Optics Matter

The poor turnout felt even more awkward given the timing. Just days earlier, the Senate had passed stablecoin legislation with broad bipartisan support. That move showed that lawmakers can come together on digital asset issues when there is political will. But this hearing felt different. The lack of attendance gave the impression that crypto regulation, at least on the market structure front, is not being treated with the same urgency.

Lummis hinted that scheduling conflicts may have played a role, but she also floated another possibility. Some lawmakers, she suggested, may be hesitant to engage because of personal or political ties to parts of the crypto industry. That kind of hesitation could slow progress even as the House moves forward with its own legislation.

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Pressure Builds as House Advances Its Own Bill

While the Senate is still debating how to approach crypto, the House has already made progress. The Digital Asset Market Structure bill is working its way toward a vote, and that means the Senate will eventually have to respond. The longer they wait, the more likely it becomes that the final legislation will be shaped by the House, not through a joint effort. In the ongoing House vs Senate debate, the House is moving forward while the Senate seems stuck.

Senators who did attend the hearing focused on the need to clearly define what counts as a digital commodity versus a digital security. They also raised concerns about giving too much power to any single regulator and made it clear they want to balance oversight with room for innovation.

Outlook for Crypto Legislation Still Uncertain

No decisions were made during the hearing, and the turnout didn’t inspire confidence that anything will happen quickly. Still, the groundwork is being laid. Lawmakers are starting to agree on some of the key issues, and the pressure to catch up to the House is growing. The next few months will be telling. If the Senate can align on a bill that mirrors the House’s momentum, the crypto industry could finally see the beginnings of a unified market framework.

If not, the status quo of confusion and regulatory patchwork will likely continue. The House vs Senate crypto bill situation is a test of whether Congress can coordinate on emerging technology policy or continue with fragmented oversight.

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