The U.S. Senate will hold a hearing on Wednesday this week to establish a regulatory framework for digital assets.

On July 7, according to cryptoinamerica, the Senate Banking Committee will hold a hearing this Wednesday on establishing a regulatory framework for the $30 trillion digital asset industry, and is expected to release a discussion draft of market structure reform proposals later this week. The draft will incorporate certain provisions from the 2023 Responsible Financial Innovation Act, also known as the Loomis-Gillibrand Bill, and will draw on related provisions from the recently proposed CLARITY Act in the House of Representatives. Both the hearing and the draft release align with the committee's goal of launching market structure legislation before the August recess. The Senate Agriculture Committee, which oversees the Commodity Futures Trading Commission, will also play a significant role in the market structure legislation, with a specialized hearing expected to be held soon.