WASHINGTON, D.C. — U.S. Senator Dave McCormick (R-PA) took part in the inaugural hearing of the Senate Banking Committee Subcommittee on Digital Assets on Wednesday, February 26. The hearing, titled “Exploring Bipartisan Legislative Frameworks for Digital Assets,” marked an important step in defining the nation’s role in regulating and advancing blockchain technology and digital assets.
During the session, McCormick emphasized the need for robust U.S. leadership in the rapidly expanding digital asset sector. Stablecoins, a key topic of discussion, were highlighted as a means to bolster the global dominance of the U.S. dollar. Reflecting on his experience as a former Pittsburgh-based CEO during the late 1990s tech boom, McCormick underscored the potential benefits of fostering innovation, noting that digital assets could unlock significant economic opportunities both in Pennsylvania and nationwide.
The Subcommittee on Digital Assets, chaired by Senator Cynthia Lummis (R-WY), is tasked with addressing a range of issues tied to digital currencies, including regulatory clarity for stablecoins, trading platforms, and custody services. The panel also aims to improve financial literacy and develop comprehensive frameworks for digital asset oversight. With members representing both sides of the aisle, the subcommittee is committed to creating bipartisan legislation to support the rapid evolution of this technology while safeguarding consumer interests.
Looking ahead, McCormick urged collaboration with President Trump and Congress to build a forward-thinking legislative framework that balances innovation with regulation. He described this moment as an opportunity to maintain the United States’ competitive edge in global markets while ensuring financial security for its citizens.
The subcommittee’s work is poised to influence not only the U.S. economy but also international standards for digital assets. Bipartisan efforts to regulate this industry will likely pave the way for long-term growth and ensure that American innovation remains at the forefront of technological advancement.
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