House Financial Services Committee Chairman French Hill and Digital Assets, Financial Technology, and Artificial Intelligence Subcommittee Chairman Bryan Steil have published an opinion piece in Coindesk. The op-ed underscores the need for timely legislation on digital assets.
In their piece, Hill and Steil assert that last November's elections showed support for President Trump's agenda, which includes leveraging U.S. leadership in advanced technology. They argue that Washington has neglected the development of digital assets and blockchain operations for too long.
They cite surveys indicating that 55% of American investors own Bitcoin, with over 40 million owning some form of cryptocurrency. The authors claim these innovations can make financial products more affordable and accessible through advancements like stablecoins and decentralized finance applications.
Hill and Steil criticize the Biden-Harris Administration for its stance on digital assets, accusing it of being openly hostile to related products. They argue this has hindered innovation by failing to provide guidance or implementing restrictive policies.
The op-ed suggests a broad consensus exists for regulation that unlocks opportunities while ensuring consumer protection. It highlights the need to prevent global payment systems from being used for illicit activities like terrorism financing.
Despite previous reluctance from the Biden-Harris Administration, House Republicans passed legislation establishing a regulatory framework for digital assets during the last Congress. This bipartisan bill aims to protect consumers while addressing national security concerns.
Hill and Steil emphasize Congress's opportunity to enact legislation supporting American strengths in innovation within the digital asset space. Their priorities include establishing federal frameworks around stablecoins, providing clarity on token sales, creating pathways for platform registration, combating money laundering, and ensuring fair competition.
They have already released a draft framework for dollar-denominated payment stablecoins in the U.S. While acknowledging criticism from figures like former SEC Chair Gary Gensler about fraud in the ecosystem, they stress the importance of effective legislation to protect consumers from fraudulent activities.
Finally, Hill and Steil announce their collaboration with Senate Banking Committee Chairman Tim Scott, Senate Agriculture Chairman John Boozman, House Agriculture Chairman G.T. Thompson, and White House Crypto Czar David Sacks through a newly formed Bicameral Working Group for Digital Assets.