Elizabeth Warren, Ranking Member of the Senate Banking, Housing, and Urban Affairs Committee, unveiled her crypto market legislation framework during the committee’s July 9 hearing.
Elizabeth Warren Introduces Crypto Priorities in Senate Hearing
According to a Wednesday press release from the committee, Warren debuted a list of five priorities she believes should “guide” U.S. lawmakers’ legislative process when developing crypto policy.
Principles introduced by Warren include upholding securities laws for non-crypto assets, maintaining financial stability, requiring anti-money laundering compliance and closing sanctions loopholes ensuring investor protections, and preventing public officials from profiting off of crypto tokens.
“We need a crypto regulatory framework that reduces these risks,” said Warren. “But I’m concerned that what my Republican colleagues are aiming for is another industry handout that gives the crypto lobby exactly its wish list: The blessing of the government’s approval, combined with crypto rules that are weaker than the rules every other financial actor must follow.”
“We need crypto legislation that will strengthen our financial system, not make it worse,” she added.
Trump Faces Scrutiny For Crypto Ties
Titled “From Wall Street to Web3: Building Tomorrow’s Digital Asset Markets,” the hearing largely focused on developing mainstay crypto market legislation.
The hearing saw testimony from several high-ranking players in the crypto sector, including Blockchain Association CEO Summer Mersinger, Chainalysis CEO Jonathan Levin, and Ripple CEO Brad Garlinghouse.
Other witnesses speaking at the event included former Commodity Future Trading Commission (CFTC) Chairman Timothy Massad, Paradigm General Partner Dan Robinson, and former Associate Counsel to the President Richard Painter.
Warren has long spoken out about U.S. President Donald Trump’s crypto ventures, particularly in regards to his namesake memecoin $TRUMP.
“The American people deserve the unwavering assurance that access to the presidency is not being offered for sale to the highest bidder in exchange for the President’s own financial gain,” Warren and fellow Senator Adam Schiff (D-CA) said in a recent statement.
However, it remains to be seen whether the Senate committee will seriously pursue Warren’s crypto legislative priorities.
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