Republicans launch bicameral working group for crypto legislation

Republican leaders in the U.S. Congress have announced the formation of a bicameral working group focused on developing legislation for digital assets and stablecoins.  

During a press conference on February 4, Representative French Hill, chair of the House Financial Services Committee, outlined that this group will include members from four key congressional committees: the House Financial Services Committee, House Agriculture Committee, Senate Banking Committee, and Senate Agriculture Committee.  

“We don’t want to be behind in financial technology and digital assets in the United States,” Hill stated, emphasising the importance of the U.S. keeping pace with advancements in financial technology and digital assets.

This newly formed working group will operate independently from another group established under former President Donald Trump’s executive orders, which aims to study the creation of a national crypto stockpile and prohibit the issuance of a central bank digital currency.

Representative Glenn Thompson, chair of the House Agriculture Committee, noted that this initiative could help finalise efforts from previous legislation, specifically referencing the Financial Innovation and Technology for the 21st Century Act passed in 2024.

The working group plans to revisit this bill with minor adjustments in the current session of Congress and may introduce a similar stablecoin bill as proposed by Senator Bill Hagerty on the same day.

David Sacks, appointed as the White House's crypto czar, highlighted that addressing regulatory clarity is a priority for this administration.

He criticised past enforcement actions against crypto companies, describing them as arbitrary and detrimental to innovation

Sacks stated that one of the initial tasks for the working group will be evaluating the feasibility of establishing a Bitcoin reserve.