The Senate Banking, Housing and Urban Affairs Committee convened on 9 July for a hearing titled “From Wall Street to Web3: Building Tomorrow’s Digital Asset Markets,” taking fresh testimony on how Congress should regulate trading, custody and issuance of digital assets. Ranking Democrat Elizabeth Warren told colleagues she is prepared to back comprehensive legislation if it preserves “bedrock securities laws” and satisfies additional investor-protection and oversight criteria, signalling rare bipartisan space for a compromise bill Chair Tim Scott hopes to advance. Ripple Chief Executive Officer Brad Garlinghouse, one of six witnesses, said the company has filed applications for a national trust-bank charter from the Office of the Comptroller of the Currency and for direct access to a Federal Reserve master account. Federal supervision, he argued, would allow stablecoins to operate within the existing payments system while giving regulators clear authority. Ahead of the hearing, Garlinghouse told CNBC that Bank of New York Mellon will act as reserve custodian for RLUSD, Ripple’s forthcoming U.S.-dollar-backed stablecoin. He framed the partnership and bank-charter bid as the next step for the company, which he noted prevailed in a four-year securities lawsuit brought by the Securities and Exchange Commission. The committee also heard from executives of the Blockchain Association, Chainalysis and Paradigm, along with former regulators Timothy Massad and Richard Painter, as lawmakers wrestle with how to foster innovation without undermining market integrity or financial stability.