The US Senate Banking Committee’s digital assets subcommittee will hear testimony from former CFTC Chair Rostin Behnam and lawyers at Coinbase and Multicoin Capital. Update (June 24 at 7:25 pm UTC): This article has been updated to reflect Elizabeth Warren’s role on the Senate Banking Committee. On Tuesday, the US Senate Banking Committee’s digital assets subcommittee is scheduled to hear testimony from former regulators and industry leaders in consideration of legislation to establish a digital asset market structure framework. In prepared testimony for the Tuesday hearing, former Commodity Futures Trading Commission (CFTC) Chair Rostin Behnam said the regulator’s “current trajectory [was] not sustainable” without addressing gaps for cryptocurrencies. He suggested that lawmakers consider market structure requirements focusing on “customer protections, avoidance of conflicts of interest, and market resiliency.” Read more
Shelby launches amid surging demand for cloud services, driven by the rapid growth in global data storage needs. Aptos Labs and Jump Crypto have introduced a cloud-based storage network tailored for Web3 and decentralized applications — a system its creators say rivals traditional cloud services. Unveiled on Tuesday, the network — called Shelby — is a globally distributed platform powered by Aptos’ high-throughput technology. It is chain-agnostic, offering compatibility with Ethereum, Solana and other major blockchains. Shelby is built for developers who need cloud-like speed and remote access for demanding use cases, including streaming video, artificial intelligence and decentralized physical infrastructure (DePIN) applications. Read more