Julia Smith
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Julia Smith
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Ryan VanGrack, Vice President of Legal at Coinbase, claimed that crypto regulation is not a partisan issue while testifying before the Senate Committee on Banking, Housing, and Urban Affairs on Tuesday.
Ryan VanGrack Urges Clear, National Framework
At the June 24 hearing entitled “Exploring Bipartisan Legislative Frameworks for Digital Asset Market Structure,” VanGrack urged U.S. lawmakers to develop “a responsible and robust legal framework” that works for all Americans.
“Crypto regulation is not, and never should be, a partisan issue,” VanGrack said. “Economic empowerment, financial innovation, and customer protection are not Republican or Democratic values; they are American values.”
Appearing alongside several heavyweight names in the crypto regulatory sector, the Coinbase executive also criticized the United States’ lack of clear market structure when it comes to the digital asset sector.
“The absence of clear rules for market structure has forced economic opportunities to move offshore and has left customers behind,” he added. “Regulatory uncertainty doesn’t just carry risks—it actively holds back progress.”
Congress Must Act Fast, Lummis Says
VanGrack’s comments came shortly after Senate Banking Chairman Tim Scott (R-SC), Senator Cynthia Lummis (R-WY), Senator Thom Tillis (R-NC), and Senator Bill Hagerty (R-TN) introduced six central principles for the development of comprehensive market structure legislation.
“For too long, a lack of clear regulatory authority has forced digital asset innovation beyond our borders and subjected issuers, exchanges, and developers to crippling uncertainty, ” Senator Hagerty said.
“By working towards a reasonable, light-touch market structure framework, we can help bolster our nation’s economy and protect American consumers,” he added.
The Senate has been a hotbed of crypto activity lately, with the GENIUS Act passing through the chamber just last week in a key victory for digital asset legislation in the United States.
Following the GENIUS Act’s advancement to the House, Lummis warned that “Congress must act quickly” to enact additional crypto regulatory measures in order to bolster the legislation.
“The success of the GENIUS Act hinges on comprehensive market structure legislation that protects consumers, establishes transparency, and creates clearly defined trading regulations,” Lummis said.
