Internet reports that the U.S. Senate Banking Committee's first digital assets subcommittee held a hearing on February 27, focusing on stablecoin regulation and the digital asset legislative framework, chaired by Republican Senator Cynthia Lummis of Wyoming. "We are at a critical moment in finally creating a bipartisan legislative framework for stablecoins and market structures," Lummis said in an opening statement. "She views the bill co-sponsored with Democratic Senator Kirsten Gillibrand of New York as the natural counterpart of the House's 21st Century Financial Innovation and Technology Act. Tim Scott, Republican of South Carolina, chairman of the Senate Banking Committee, confirmed that stablecoins will be at the top of the committee's agenda. Former CFTC Chairman Timothy Massad advised lawmakers to prioritize the development of stablecoin regulations and "defer legislation related to market structure for several years." He pointed out: "The SEC has dropped enforcement cases and established a cryptocurrency working group to address these issues, and we should let these regulatory initiatives progress rather than rush to rewrite securities laws. Massad warned that existing proposals could "create more confusion rather than clarity," especially in defining the attributes of digital assets.