Senators agree on the need for comprehensive crypto regulation, but they don’t appear to have a clear pathway to bipartisan legislation, The Hill reported. At a Senate Banking Hearing on Tuesday, Democrats expressed doubt about the value of crypto, while Republicans pushed for a more industry-friendly regulatory environment that encourages crypto firms to set up shop in the U.S. Partisan differences over how to regulate crypto reduce the chance that Congress will pass a comprehensive bill anytime soon, despite the high-profile collapse of FTX and numerous other crypto firms that weren’t subject to major consumer protection and financial transparency rules. Sen. Sherrod Brown (D-Ohio), the committee’s chairman, said that Congress should focus on legislation to protect consumers and ensure that crypto doesn’t become integrated into the broader financial system, citing the recent failures. Sen. Tim Scott (R-S.C.), the committee’s ranking member, said that regulators aren’t being clear about whether they have the authority to properly regulate crypto assets, adding that Securities and Exchange Commission (SEC) Chairman Gary Gensler must testify before the committee soon.
