The U.S. Senate Committee on Banking, Housing and Urban Affairs published a transcript of Ranking Member Elizabeth Warren’s opening remarks and questioning at a hearing on crypto market structure proposals, focusing on risks that new legislation could undercut the U.S. Securities and Exchange Commission’s authority over traditional securities and create corruption and conflict-of-interest concerns tied to President Trump’s crypto interests. Warren questioned former U.S. Commodity Futures Trading Commission Chair Timothy Massad on whether broad exemptions for decentralized trading protocols could allow tokenized versions of traditional securities, such as Tesla stock, to trade in ways that evade “’34 Act” trading requirements, and Massad warned such exemptions could substantially undermine the SEC’s authority. She also pressed former White House ethics lawyer Richard W. Painter on whether establishing a new federal crypto framework would expand the market and increase the value of President Trump’s memecoin, stablecoin and other family crypto interests, with Painter saying growth would likely make the Trump family wealthier and that the President would claim the power to appoint and fire regulators responsible for implementing the new rules, including at the CFTC and SEC.

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