In brief

• Republicans and Democrats alike expressed concern about a crypto market structure bill during a Senate Banking Committee hearing Wednesday.
• Sen. John Kennedy (R-LA) was skeptical about allowing the crypto industry to write its own rules, saying that when Congress allowed tech giants to do the same, the result looked “like somebody knocked over a urine sample.”
• Senate Democrats spent much of the hearing highlighting what they saw as loopholes in the House’s CLARITY Act, which is poised to see a vote in that chamber next week.