Republican leadership in House of Representatives and Senate committees crucial for crypto policy announced a working group to focus on legislation around a digital asset framework and stablecoins.
In a Feb. 4 press conference, Arkansas Representative French Hill, chair of the House Financial Services Committee, said lawmakers in four House and Senate committees would be part of a “working group on a bicameral basis” to move forward with legislation on a crypto regulatory framework and stablecoins. The House Financial Services Committee, House Agriculture Committee, Senate Banking Committee, and Senate Agriculture Committee will contribute to the group.
“We don’t want to be behind in financial technology and digital assets in the United States,” said Rep. Hill.
The congressional working group will be separate from the one proposed by US President Donald Trump as part of a Jan. 23 executive order. In that case, Trump was attempting to prohibit the US government from issuing a central bank digital currency and study the creation of a national crypto stockpile. However, many of the executive orders he issued after taking office on Jan. 20 are facing challenges in court.
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Representative Glenn Thompson, chair of the House Agriculture Committee, suggested that the working group could help “finish the job” from the Financial Innovation and Technology for the 21st Century Act, which the House passed in 2024. Rep. Hill said lawmakers planned to reintroduce the bill with “modest changes” in the 119th session of Congress and potentially have a “very similar” stablecoin bill to that introduced by Senator Bill Hagerty on Feb. 4.
David Sacks, Trump’s AI and crypto czar, also commented on the status of the US president’s executive order to study a strategic Bitcoin (BTC) reserve. According to Sacks, “one of the first things” the working group in the executive branch would do is examine potentially establishing a crypto stockpile.
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