Why did Cody Carbone say digital assets could help affordability in the United States?

Cody Carbone, Chief Executive Officer of the Digital Chamber, argued that digital assets could lower transaction costs, speed up payments and reduce barriers to transferring and owning assets. He presented these benefits during the Senate Banking Committee's affordability hearing.

What did Senator John Kennedy say about cryptocurrency during the hearing?

Senator John Kennedy (R-Louisiana) said he supports cryptocurrency but does not view it as the primary solution to the United States' economic challenges. His comments were directed at Cody Carbone's testimony promoting the potential benefits of digital assets.

What is the Digital Asset Market Clarity Act discussed during the hearing?

The Digital Asset Market Clarity Act is proposed legislation designed to establish a regulatory framework for digital asset markets in the United States. Cody Carbone argued that clearer rules could support innovation and improve financial services.

How did lawmakers respond to Cody Carbone's testimony?

Most lawmakers did not focus on cryptocurrency during the hearing despite Cody Carbone's presence. Senator Jim Banks was one of the few members to ask questions related to stablecoins and the cost of international remittances.

What challenges does the Digital Asset Market Clarity Act still face?

The Digital Asset Market Clarity Act continues to face debate over ethics provisions and concerns raised by outside interest groups. The Senate has not yet scheduled a floor vote, and lawmakers are working to resolve outstanding issues before the August recess.

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Senator dismisses crypto focus in affordability hearing

Written by Isaac FrancisPublished Jun 24, 2026, 2:30 AM

Digital Chamber CEO Cody Carbone argued that digital assets could help address affordability challenges in the United States.
Most senators showed limited interest in cryptocurrency during the Senate Banking Committee hearing.
The debate comes as lawmakers continue considering the Digital Asset Market Clarity Act ahead of a potential Senate vote.

Cody Carbone, Chief Executive Officer of the Digital Chamber, told a Senate Banking Committee hearing that digital assets could help improve affordability through lower transaction costs, faster payments and reduced barriers to transferring assets.

The hearing, titled "The Affordability Agenda", focused broadly on economic challenges facing Americans, with cryptocurrency receiving limited attention from lawmakers.

“Mr. Carbone, you seem to be here to promote cryptocurrency, I love cryptocurrency, but I don't think that's the problem with our economy,” said Senator John Kennedy (R-Louisiana).

Carbone used his testimony to highlight the Digital Asset Market Clarity Act, arguing that clearer regulation could support innovation and improve financial services, while Senator Jim Banks questioned him about remittance costs and stablecoin payments.

The hearing took place as the Senate continues reviewing the CLARITY Act, which has already advanced through committee but still faces debate over ethics provisions and other amendments; no date has been scheduled for a Senate floor vote.

The legislation has also attracted scrutiny from gambling industry groups, which want lawmakers to clarify that the bill would not expand the Commodity Futures Trading Commission's oversight of sports betting through prediction markets.

Despite ongoing lobbying from crypto advocacy organisations, the Senate remains divided on several provisions of the bill as lawmakers work against a narrowing legislative timetable before the August recess.