CoinRSS: Bitcoin, Ethereum, Crypto News and Price Data

  • CONTACT
  • MARKETCAP
  • BLOG
CoinRSS: Bitcoin, Ethereum, Crypto News and Price Data
  • BOOKMARKS
  • Blockchain
  • Crypto
    • Bitcoin
    • Ethereum
    • Forex
    • Tether
  • Market
    • Binance
    • Business
    • Investor
    • Money
    • Trading
  • News
    • Coinbase
    • Mining
    • NFT
    • Stocks
Reading: Trump Ally Compares Crypto Industry Writing Its Own Rules to Spilled ‘Urine Sample’
Share
You have not selected any currencies to display
CoinRSS: Bitcoin, Ethereum, Crypto News and Price DataCoinRSS: Bitcoin, Ethereum, Crypto News and Price Data
0
Font ResizerAa
  • Blockchain
  • Crypto
  • Market
  • News
Search
  • Blockchain
  • Crypto
    • Bitcoin
    • Ethereum
    • Forex
    • Tether
  • Market
    • Binance
    • Business
    • Investor
    • Money
    • Trading
  • News
    • Coinbase
    • Mining
    • NFT
    • Stocks
Have an existing account? Sign In
Follow US
© Foxiz News Network. Ruby Design Company. All Rights Reserved.
CoinRSS: Bitcoin, Ethereum, Crypto News and Price Data > Blog > News > Trump Ally Compares Crypto Industry Writing Its Own Rules to Spilled ‘Urine Sample’
News

Trump Ally Compares Crypto Industry Writing Its Own Rules to Spilled ‘Urine Sample’

CoinRSS
Last updated: July 10, 2025 8:04 am
CoinRSS Published July 10, 2025
Share

Contents
In briefDaily Debrief Newsletter

In brief

  • Republicans and Democrats alike expressed concern about a crypto market structure bill during a Senate Banking Committee hearing Wednesday.
  • Sen. John Kennedy (R-LA) was skeptical about allowing the crypto industry to write its own rules, saying that when Congress allowed tech giants to do the same, the result looked “like somebody knocked over a urine sample.”
  • Senate Democrats spent much of the hearing highlighting what they saw as loopholes in the House’s CLARITY Act, which is poised to see a vote in that chamber next week.

Senators from both parties raised concerns about a crypto market structure bill during a hearing of the Senate Banking Committee Wednesday—with even a staunch Trump ally expressing worry about allowing the crypto industry to write its own rules.

“To what extent should we allow you to draft [these rules]?” Sen. John Kennedy (R-LA) asked a panel of crypto leaders including Ripple CEO Brad Garlinghouse.

“I’ve… heard some of you say that digital assets represent the next generation of the internet,” Kennedy continued. “Well, we let the current generation of the internet correct their own rules, and frankly, what we got as a result looks like somebody knocked over a urine sample.”

Kennedy was not alone in sounding alarms about the danger of passing an insufficiently strong market structure bill. The legislation would, for the first time, create a framework for issuing and trading most crypto assets in the United States.

Many Senate Democrats argued Wednesday that the House’s market structure bill, the CLARITY Act, would have devastating consequences for the broader economy if passed. The bill is expected to face a vote in the House next week. 

Sen. Tina Smith (D-NM), for instance, questioned witnesses over language in the CLARITY Act that would exempt digital assets deemed to be collectibles, art, or possessing other utility from SEC regulation—and how such determinations would be made.

“This seems to me like a loophole you could drive a truck through, and I don’t think that is an accident,” Smith said. 

Sen. Elizabeth Warren (D-MA), a longtime crypto industry critic, spent much of her questioning time asking whether current market structure legislation could allow traditional finance players to escape SEC oversight by tokenizing their financial offerings. That would mean offering things like stocks and other equities as crypto tokens on blockchain networks rather than traditional brokerages or exchanges. 

“Yes, it certainly could,” former CFTC chair Timothy Massad said in response to one such question. 

Massad went on to argue that if market structure legislation carves out an exception for all decentralized finance activity—as the House’s CLARITY Act currently does—one could tokenize an existing stock like Tesla and trade it on DeFi protocols to avoid SEC oversight. Decentralized finance, or DeFi, refers to products that allow for the trading, borrowing, or lending of digital assets without third-party intermediaries, like banks.

“So in effect, we start to repeal the SEC,” Warren replied. 

Though Warren has long expressed resistance to crypto legislation, she did explicitly say Wednesday that there would be a path to earning her support for a market structure bill, so long as it met certain criteria. Those principles include “protecting bedrock security laws,” as well as implementing anti-money laundering and sanctions enforcement programs. 

She also said the bill, to earn her support, would need to include provisions banning the president and vice president from engaging in crypto activities while in office—a top priority among Democrats, given President Donald Trump’s lucrative involvement in the industry. Republicans have been steadfast in rejecting the inclusion of such measures. 

Crucial to the calculus of whether market structure legislation can ultimately pass the Senate will be the votes of moderate and more pro-crypto Democrats, who voted to pass the nation’s first stablecoin legislation, the GENIUS Act, last month in large numbers. 

While most Democrats insisted on including language in that bill that would ban the president from issuing his own stablecoin, many of them ultimately acquiesced after it wasn’t included and voted for the legislation anyway. 

Whether these Democrats will swallow that pill twice could likely seal the fate of market structure legislation, one way or the other. 

Sen. Raphael Warnock (D-GA) was one such Democrat who voted for the GENIUS Act despite his stated reservations about its lack of provisions banning Trump’s crypto dealings. On Wednesday, the senator appeared to draw a firmer line on the subject. 

“I agree that President Trump’s crypto corruption distorts the digital asset marketplace,” he said. “Writing a bill with a corruption caveat for the president sends a clear message: that Congress is not serious about addressing corruption, which we know undermines investors’ faith in capital markets.”

“Corruption creates an unfair market that stifles innovation,” Warnock continued. “Investors justifiably do not want to compete against the president of the United States.”

Daily Debrief Newsletter

Start every day with the top news stories right now, plus original features, a podcast, videos and more.

Source link

You Might Also Like

Fully Autonomous AI Could Control Criminal Networks: Europol

Bitcoin Tumble Triggered $1.4 Billion in Liquidations

Bitcoin trading activity falls – Is a big price shift coming?

Mapping dogwifhat’s [WIF] road ahead: Is it time for traders to sell at…

PENGU price prediction – High demand is a plus, but wait for a 20% dip!

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
Share This Article
Facebook Twitter Email Copy Link Print
Previous Article ICP coin price prediction: What rising commits and token accumulation reveal
Next Article Crypto Exchange GMX Drained of Bitcoin, Ethereum in $40 Million Exploit
Leave a Comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recipe Rating




Follow US

Find US on Socials
FacebookLike
TwitterFollow
YoutubeSubscribe
TelegramFollow
Subscribe to our newslettern

Get Newest Articles Instantly!

- Advertisement -
Ad image
Popular News
DeFi Lender Deploys $1M for Student Loans to the Philippines, Indonesia—But at What Cost?
BTC Price will Hit $100K before Bitcoin Sweeps $30K Lows
Crypto Bahamas: Regulations Enter Critical Stage as Gov’t Shows Interest

Follow Us on Socials

We use social media to react to breaking news, update supporters and share information

Twitter Youtube Telegram Linkedin
CoinRSS: Bitcoin, Ethereum, Crypto News and Price Data coin-rss-logo

We influence 20 million users and is the number one business blockchain and crypto news network on the planet.

Subscribe to our newsletter

You can be the first to find out the latest news and tips about trading, markets...

Ad imageAd image
© CoinRSS: Bitcoin, Ethereum, Crypto News and Price Data. All Rights Reserved.
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?