As the U.S. Congress deliberates legislation that could redefine the digital asset regulatory landscape, prominent crypto leaders, former regulators, and policy advocates are preparing to testify before the Senate Banking Committee.

Set to speak on Wednesday are Ripple CEO Brad Garlinghouse, Blockchain Association CEO and former CFTC member Summer Mersinger, former CFTC Chair Timothy Massad, and Chainalysis CEO Jonathan Levin, among others.

The session offers a potential preview of how the Senate might approach a comprehensive crypto market structure bill, with leadership targeting an October deadline for passing legislation.

In her prepared remarks, Mersinger emphasized the urgency of the moment, saying the U.S. must choose between continued uncertainty and proactive legislation that secures its role in financial innovation.

Meanwhile, the House of Representatives plans to begin deliberation on three crypto-related bills during a “Crypto Week,” including the GENIUS Act on stablecoins, the CLARITY Act on market structure, and a proposal to block the creation of a U.S. central bank digital currency (CBDC).

The hearing also comes amid scrutiny over potential conflicts of interest. Ripple’s Garlinghouse will be addressing lawmakers shortly after the company’s growing engagement in Washington, including a $5 million XRP donation to Trump’s inaugural fund and participation in a White House crypto summit.

Richard Painter, former White House ethics lawyer, will testify on ethical concerns, particularly regarding Trump’s crypto ties. These include his personal memecoin launched in January and his family's links to World Liberty Financial and its stablecoin, USD1.

Though the GENIUS Act passed in June with bipartisan support, its initial vote saw some Democrats withdraw support over concerns related to Trump’s involvement in crypto. Lawmakers continue to voice interest in addressing these issues as legislation advances.

Sources:

https://cointelegraph.com/news/ripple-ceo-cftc-members-crypto-market-structure-hearing

https://theblockchainassociation.org/summer-mersinger-testimony-before-the-senate-banking-committee/

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