The CEO of a cryptocurrency advocacy group faced a mostly indifferent reception during a Senate Banking Committee hearing on affordability.
Cody Carbone, CEO of The Digital Chamber, testified Tuesday at a hearing titled “The Affordability Agenda,” arguing that digital assets could help solve cost-of-living problems through faster, cheaper transactions and reduced barriers to asset ownership.
Most lawmakers didn’t engage with Carbone’s testimony. Only two senators addressed him directly: Indiana’s Tim Banks asked about stablecoin costs for foreign remittances, while Louisiana’s John Kennedy was blunt in his dismissal.
“Mr. Carbone, you seem to be here to promote cryptocurrency,” Kennedy said. “I love cryptocurrency, but I don’t think that’s the problem with our economy.”
Carbone’s remarks focused on advancing the Digital Asset Market Clarity (CLARITY) Act, which the banking committee advanced in May. The full Senate vote is expected within weeks, though additional ethics provisions being sought by some lawmakers could complicate passage.
Meanwhile, gambling industry groups have urged the Senate to clarify that the CLARITY Act wouldn’t let the CFTC oversee sports betting via prediction markets. CFTC Chair Michael Selig has claimed “exclusive jurisdiction” over platforms like Kalshi and Polymarket.
Some lawmakers expect the bill to pass before the Senate’s August recess, though no floor vote had been scheduled as of Tuesday.
