U.S. Senate to Debate Crypto Rules July 9 2025

The U.S. Senate Banking Committee is set to hold a pivotal hearing on July 9, 2025, at 10:00 a.m. EST, focusing on the structure and future of crypto market rules. This hearing comes at a time when there is increasing pressure on lawmakers to provide clearer regulatory guidance for the digital asset industry, following several failed legislative attempts in the past year.

Leading figures from the crypto sector, including Ripple CEO Brad Garlinghouse and Chainalysis CEO Jonathan Levin, are scheduled to testify. They will be joined by Blockchain Association CEO Summer Mersinger and Paradigm’s Dan Robinson. Their input is expected to significantly influence how the Senate approaches drafting comprehensive crypto market rules for trading, custody, and compliance.

The witnesses are likely to emphasize the need for federal-level clarity on how digital assets are classified, taxed, and overseen. Garlinghouse is expected to advocate for the consistent application of securities laws and clearer distinctions between utility tokens and securities. Levin may highlight compliance strategies for anti-money laundering and terrorist financing, which are core pillars of any future crypto market rules.

Mersinger and Robinson are expected to urge lawmakers to strike a balance between enabling innovation and enforcing safeguards. Both have previously advocated for transparent but flexible crypto market rules that align with global standards while preserving U.S. competitiveness.

Congress has faced challenges in implementing clear crypto market rules, despite calls for reform from industry and regulatory stakeholders. Notably, Senator Cynthia Lummis’s proposed tax amendment aimed at clarifying digital asset treatment failed to gain approval, highlighting continued resistance within the Senate. Additionally, President Trump’s broader legislative package, the “One Big Beautiful Bill,” excluded any language related to crypto, leaving the industry without a clear regulatory path.

These missed opportunities have added urgency to the upcoming hearing. Lawmakers now appear ready to re-engage with the topic, making the July 9 session a potential turning point in defining long-awaited crypto market rules.

Two key bills, the GENIUS Act and the CLARITY Act, could offer the foundation for formal crypto market rules. If passed, GENIUS would proceed to the President’s desk while CLARITY would move to the Senate floor. Together, these acts aim to standardize definitions, regulatory responsibilities, and compliance expectations across the digital asset ecosystem.

The GENIUS Act focuses on innovation, while the CLARITY Act is designed to provide comprehensive oversight for digital asset custody, trading, and issuance. Both bills could significantly reduce uncertainty and lay the groundwork for national crypto market rules that protect investors while allowing the sector to thrive.

Following the hearing, lawmakers are expected to use the gathered testimony to refine legislation. Committee staff may draft new bills or amend the GENIUS and CLARITY Acts based on insights from the session. Ideally, this process will result in bipartisan support for federal crypto market rules that can be implemented swiftly and effectively.

While disagreement remains over the role of the SEC versus the CFTC in regulating digital assets, most observers agree that progress is needed, and fast. The hearing offers an opportunity to define jurisdictional clarity and outline practical steps for implementation.

The U.S. Senate Banking Committee will hold an important hearing on July 9, 2025, to discuss the structure and future of crypto market rules, with testimony expected from industry leaders like Ripple CEO Brad Garlinghouse and Chainalysis CEO Jonathan Levin. This hearing follows failed legislative attempts, such as Senator Lummis’s crypto tax amendment, and aims to bring clarity through potential bills like the GENIUS and CLARITY Acts.