Tuberville Calls for Urgent Action on Digital Asset Regulation During Senate Hearing

July 21, 2025 - WASHINGTON - During a Senate Agriculture, Nutrition, and Forestry Committee hearing today, U.S. Senator Tommy Tuberville (R-AL) voiced concern about the United States' lagging efforts to regulate digital assets, warning that continued inaction could prompt crypto exchanges to move overseas.

Tuberville's remarks came during a panel discussion with Ji Kim, CEO of the Crypto Council for Innovation; Tom Sexton, President and CEO of the National Futures Association; and Rostin Behnam, Distinguished Fellow at Georgetown University and former chairman of the Commodity Futures Trading Commission (CFTC).

"Exchanges are freaking out basically about, 'Hey, we've gotta do something or we're gonna move out of the country,'" Tuberville said. "The E.U. and U.K. are moving quickly to attract blockchain-based innovation... What risk are we at in the United States?"

Kim responded by emphasizing a global race to lead in blockchain infrastructure. He cited active developments in countries like Singapore, Japan, and the U.K., and urged the U.S. to adopt a comprehensive incentive framework to maintain leadership. "This is the plumbing and infrastructure for the second half of the 21st Century," Kim said. "We need the U.S. to lead."

Sexton stressed the importance of giving the CFTC broader oversight authority, including anti-fraud regulation over digital commodities. "Member firms are already engaged in this activity," he said. "If the CFTC is provided more regulatory oversight, it would help strengthen our own structure."

Behnam echoed concerns about regulatory clarity between the SEC and CFTC, calling jurisdictional definitions "the first and most important step" in crafting effective legislation. He urged lawmakers to provide guidance on differentiating between securities and commodities in the digital asset space.

Tuberville, who has previously supported blockchain-friendly legislation including the GENIUS Act, concluded by urging his colleagues to take decisive action. "Thank you," he said. "I yield back."

On Friday the President signed the GENIUS Act into law.

The GENIUS Act-short for Guiding and Establishing National Innovation for U.S. Stablecoins-was signed into law by President Donald Trump on July 18, 2025, following strong bipartisan support in both chambers of Congress. As the first comprehensive federal legislation regulating dollar-backed stablecoins, the law establishes strict reserve requirements, mandates issuer registration, and prohibits misleading claims about government backing. It also clarifies jurisdictional boundaries between federal and state regulators, aiming to foster innovation while safeguarding consumers and national security. Supporters hail the act as a landmark step toward making the U.S. a global leader in digital asset infrastructure.

Senator Tuberville is running for Governor of Alabama.