Ryan VanGrack, the Vice President of Legal at Coinbase, recently testified before the Senate Committee on Banking, Housing, and Urban Affairs, emphasizing that crypto regulation is not a partisan issue. During the hearing titled “Exploring Bipartisan Legislative Frameworks for Digital Asset Market Structure,” VanGrack urged U.S. lawmakers to create a clear and comprehensive legal framework that benefits all Americans.
In his testimony, VanGrack stressed that economic empowerment, financial innovation, and customer protection are fundamental values that transcend political affiliations. He highlighted the importance of developing a responsible regulatory framework that fosters innovation while safeguarding consumers.
Addressing the current lack of clear market structure in the United States’ digital asset sector, VanGrack expressed concerns about the regulatory uncertainty that hinders progress and drives economic opportunities offshore. He underscored the need for transparent and consistent rules to support the growth of the digital asset market within the country.
Following VanGrack’s testimony, Senate Banking Chairman Tim Scott and several other senators introduced six central principles for comprehensive market structure legislation. These principles aim to provide regulatory clarity, foster innovation, and protect investors in the rapidly evolving digital asset landscape.
Senator Bill Hagerty emphasized that the absence of clear regulatory authority has pushed digital asset innovation overseas, creating uncertainty for issuers, exchanges, and developers. By advocating for a reasonable and light-touch regulatory framework, policymakers hope to enhance the nation’s economy and safeguard American consumers.
The Senate’s recent focus on crypto regulation culminated in the passage of the GENIUS Act, a significant milestone for digital asset legislation. However, Senator Cynthia Lummis stressed the need for swift congressional action to enact additional regulatory measures and strengthen the existing framework.
Lummis emphasized the importance of comprehensive market structure legislation that prioritizes consumer protection, transparency, and clearly defined trading regulations. She urged Congress to act expeditiously to build upon the progress achieved with the GENIUS Act and create a robust regulatory environment for the digital asset industry.
In conclusion, the testimony of Ryan VanGrack and the legislative efforts of senators underscore the bipartisan nature of crypto regulation. By working collaboratively to establish a clear and national regulatory framework, policymakers can support innovation, protect consumers, and drive the growth of the digital asset market in the United States.