- The US Senate Banking Committee will hold a key hearing to explore federal oversight of the crypto industry on 9 July.
- Lawmakers are reviewing two major bipartisan bills: the GENIUS Act for stablecoins and the CLARITY Act for broader digital asset regulation.
- The hearing aligns with “Crypto Week” in the House, which seeks to fast-track several digital asset bills, including a CBDC ban.
The US Senate Banking Committee will convene a high-profile hearing aimed at assessing current proposals to regulate the cryptocurrency industry on 9 July. Ripple’s CEO Brad Garlinghouse will join Blockchain Association leader Summer Mersinger, Chainalysis co-founder Jonathan Levin, and other notable figures to present their perspectives on shaping a new digital asset framework.
The session, titled “From Wall Street to Web3: Building tomorrow’s Digital Asset Markets”, comes as lawmakers push forward with two significant bills: the GENIUS Act on stablecoins and the CLARITY Act focused on market structures. Both have made legislative progress and could see final votes later this year.
Garlinghouse, in an X post, said he was “honoured” to be called to testify and underscored the need for well-constructed legislation that encourages innovation while protecting consumers.
Related: Stablecoins Over CBDCs: Will Australia Follow the US Regulatory Drift?
Crypto Leaders Demand Action
Mersinger, in her written testimony, called the current moment a turning point. She urged Congress to move away from a landscape of regulatory ambiguity that she believes weakens the US’s global competitiveness in finance and tech.
We can either continue down a path of uncertainty that cedes our leadership and exports this innovation to other countries, or we can enact sensible, bipartisan legislation that cements our position as the premier destination for financial innovation for decades to come.
Summer Mersinger, CEO of Blockchain Association The hearing also arrives during “Crypto Week,” a House-led push to advance three key digital asset bills, including legislation to block the introduction of a government-issued digital dollar.
Garlinghouse’s participation also marks a deepening of Ripple’s engagement in policy matters. The company previously contributed US$5 million (AU$7.66 million) in XRP to President Trump’s inaugural fund and has maintained an active presence in Washington DC.
Ethics expert Richard Painter will also testify, with some expecting questions about Trump’s crypto ties. These include a memecoin launched earlier this year and connections to World Liberty Financial, the issuer of the USD1 stablecoin.
Senate Banking Chair Tim Scott, alongside Senators Cynthia Lummis and Ruben Gallego, will lead the hearing as lawmakers aim to refine a bipartisan approach to digital asset legislation.
Related: Trump’s Crypto Push May Lock In US Dollar Supremacy, Says Treasury Chief
