Ripple's CEO Makes an Appearance at the Capitol to Witness a Historic Crypto Market Discussion by Congress
The U.S. Senate Banking Committee is set to hold a full hearing next week, focusing on the crypto market structure and proposed Market Structure legislation aimed at resolving regulatory confusion in the rapidly evolving digital asset industry. The hearing, scheduled for Wednesday, July 9, 2025, at 10 a.m. ET, could potentially reshape crypto legislation in the U.S.
Prominent industry figures, including Brad Garlinghouse, CEO of Ripple, Summer Mersinger of the Blockchain Association, Jonathan Levin of Chainalysis, and Dan Robinson of Paradigm, are among those who will testify at the hearing.
The Market Structure bill, introduced by Senators Tim Scott, Cynthia Lummis, Bill Hagerty, and Thom Tillis, seeks to delineate regulatory authority between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) more clearly. The bill aims to define which tokens qualify as securities or commodities, a crucial step towards providing legal clarity for developers seeking guidance on liability and compliance.
Previous subcommittee hearings have included witnesses like Ryan VanGrack (Coinbase), Greg Xethalis (MultiCoin Capital), and Sarah Hammer (Wharton School). The upcoming hearing represents a significant step as the Senate Banking Committee intends to vote on the market structure bill by September 30, signalling legislative momentum.
Meanwhile, the legal case against Roman Storm, co-founder of Tornado Cash, is gaining attention. Storm is facing federal charges for his role in building the privacy protocol, which is alleged to have facilitated money laundering activities tied to North Korea's Lazarus Group. Storm's legal team argues that writing and deploying code should not be criminalized if developers do not operate or maintain the system afterwards. Storm has expressed concerns over the potential criminalization of open-source code and the psychological toll of being "debanked" multiple times since the indictment.
Separately, the GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins) is moving towards a potential vote in the House. If passed, the GENIUS Act would move to President Trump's desk for signing. The CLARITY Act, designed to create a regulatory framework separating digital commodities from securities, is also moving towards Senate deliberation if passed. Both the CLARITY Act and the GENIUS Acts are expected to be central to discussions at the hearing.
The hearing next week could play a critical role in determining how far the government will go in holding protocol creators accountable. Republican lawmakers are pushing for greater legal certainty regarding decentralized protocols and open-source developers under federal law. The outcome of the hearing could shape the future of the crypto industry in the U.S. by providing much-needed regulatory clarity and fostering innovation.
[1] Market Structure Bill: https://www.congress.gov/bill/118th-congress/senate-bill/2722 [2] CLARITY Act: https://www.congress.gov/bill/118th-congress/senate-bill/2222 [3] GENIUS Act: https://www.congress.gov/bill/118th-congress/house-bill/4401 [4] Previous Subcommittee Hearings: https://www.banking.senate.gov/hearings/digital-assets-examining-the-crypto-market-structure-and-proposed-legislation
- The Market Structure bill, aimed at resolving regulatory confusion in the crypto industry, seeks to define which coins qualify as securities or commodities on the blockchain, providing essential legal clarity for developers.
- Industry experts like Brad Garlinghouse, Summer Mersinger, Jonathan Levin, and Dan Robinson will testify at the upcoming Senate hearing on crypto market structure, potentially reshaping the landscape of crypto legislation in the U.S.
- The hearing next week could play a significant role in determining the level of accountability for protocol creators and open-source developers, as Republican lawmakers push for greater legal certainty in this area.
- Separately, the Coinbase general counsel, Ryan VanGrack, and others have testified in previous subcommittee hearings on digital assets.
- The legal case against Roman Storm, co-founder of Tornado Cash, is gaining attention as he faces federal charges for his role in building the privacy protocol, allegedly linked to money laundering activities.
- The GENIUS Act, designed to provide a regulatory framework for U.S. stablecoins, and the CLARITY Act, aimed at separating digital commodities from securities, are both moving towards potential votes in the House and Senate respectively, and are expected to be central discussions at the hearing.
