Gallego Statement on Market Structure Markup

WASHINGTON – Today, Senator Ruben Gallego (D-AZ) , Ranking Member of the Digital Assets Subcommittee of the Senate Banking, Housing and Urban Affairs Committee, issued the following statement after voting to advance the digital asset market structure legislation: “Digital assets have grown to represent a significant portion of our financial system. With 1 in 4 Americans now invested in digital assets, this issue cannot be ignored. What Congress is attempting to do here – create regulations for an entirely new set of assets – is a massive undertaking. We cannot afford to wait, but we also cannot afford to get this wrong. “Through serious, bipartisan negotiations, we have made incredible progress on this bill. We have narrowed the gap on many of the outstanding issues. We did serious work on genuinely difficult questions about regulatory jurisdiction, consumer disclosure requirements, insolvency protections, stablecoin yield, crypto ATMs, and many more. My vote today is so we can continue these efforts. But I want to be clear: my vote here does not guarantee a vote on the floor. “We have many outstanding issues still to resolve. Toughest and most critical of all is coming to an agreement on ethics guardrails for elected officials. This remains my focus moving forward.”