Hagerty, Tim Scott, Lummis, Tillis Release Principles for Market Structure Legislation

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June 24, 2025
WASHINGTON—Today, United States Senator Bill Hagerty (R-TN), a member of the Senate Banking Committee, joined Senators Tim Scott (R-SC), Chairman of the Senate Banking Committee, Cynthia Lummis (R-WY), and Thom Tillis (R-NC) in releasing a set of principles for the development of comprehensive market structure legislation. These principles will guide discussions and negotiations as the senators engage with industry participants, legal and academic experts, and government stakeholders on the bill text.“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,”said Senator Hagerty.“By working towards a reasonable, light-touch market structure framework, we can help bolster our nation’s economy and protect American consumers.”“Since taking over as Chairman, I’ve led a new approach to digital assets regulation, and we’ve delivered results for the industry and the American people,”saidChairman Scott.“We have more work to do, and I look forward to building on the success of the GENIUS Act and advancing market structure legislation here in the Senate. These principles will serve as an important baseline for negotiations on this bill, and I’m hopeful my colleagues will put politics aside and provide long-overdue clarity for digital asset regulation.”“America desperately needs digital asset legislation that promotes responsible innovation and protects consumers,”said Senator Lummis.“While the European Union and Singapore have established clear regulations, the U.S. continues to sit on the sidelines while the digital asset industry seeks greener pastures. That changes today. I am partnering with Chairman Scott to provide principles for market structure legislation to finally draw the line between a security and a commodity and ensure the U.S. remains at the helm of global financial advancement.”“As Congress considers a regulatory framework for digital assets, our top priority must be providing legal clarity and certainty without stifling innovation,”said Senator Tillis.“These principles strike the right balance by protecting consumers, promoting innovation, and clearly defining the roles of regulators in a rapidly evolving market.”The market structure principles state:
Legislation Should Clearly Define the Legal Status of Digital Assets
Jurisdiction Should Be Clearly Allocated Among Regulators
Regulation Should be Modernized to Foster Innovation
Regulation Should Protect Those Who Purchase or Trade Digital Assets
Illicit Finance Measures Should Be Targeted and Pro-Innovation
Federal Financial Regulators Should Welcome Responsible Innovation
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