Republicans form crypto working group for digital asset laws

February 5, 2025
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Republicans form crypto working group for digital asset laws

Republican lawmakers in the United States have launched a new working group focused on cryptocurrency regulation, signaling a push to establish clear guidelines for the digital asset industry. 

The initiative brings together members from key congressional committees, including the House Financial Services Committee, the House Agriculture Committee, the Senate Banking Committee, and the Senate Agriculture Committee.

Representative French Hill, who chairs the House Financial Services Committee’s digital assets subcommittee, announced the group's formation, emphasizing the need for the US to stay ahead in financial technology. 

Lawmakers aim to craft legislation that provides a structured approach to regulating digital assets and stablecoins, building on previous legislative efforts.

The initiative is separate from an executive order issued by former President Donald Trump in January, which sought to prevent the introduction of a central bank digital currency (CBDC) and explore the creation of a national cryptocurrency reserve. Trump’s order has faced legal scrutiny, with ongoing debates over its implementation.

Representative Glenn Thompson, chair of the House Agriculture Committee, pointed to previous legislative efforts, including the Financial Innovation and Technology for the 21st Century Act, which passed in the House in 2024. 

Lawmakers intend to reintroduce the bill with adjustments in the new session of Congress. In parallel, a bill regulating stablecoins, similar to one proposed by Senator Bill Hagerty, is also under consideration.

David Sacks, appointed by Trump as an advisor on artificial intelligence and cryptocurrency, has emphasized the administration’s interest in assessing the viability of a strategic Bitcoin reserve. According to Sacks, the executive branch's working group is tasked with evaluating the feasibility of such a reserve and its potential implications for US economic strategy.

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