Republican leaders from key House and Senate committees announced the formation of a working group dedicated to developing legislation for a comprehensive digital asset framework and stablecoin regulations in the United States. This bipartisan initiative involves members from the House Financial Services Committee, House Agriculture Committee, Senate Banking Committee, and Senate Agriculture Committee.

Arkansas Representative French Hill, who chairs the House Financial Services Committee, revealed during a press conference on February 4 that the group would operate on a bicameral basis. The goal, according to Rep. Hill, is to ensure that the U.S. remains competitive in the realm of financial technology and digital assets.

The congressional working group is distinct from the one proposed by US President Donald Trump. President Trump's executive order, issued on January 23, aimed to prevent the U.S. government from issuing a central bank digital currency and called for the study of creating a national crypto stockpile. Trump's executive orders have encountered legal challenges since he took office on January 20.

Representative Glenn Thompson, chair of the House Agriculture Committee, expressed optimism that the new working group could build upon the progress made by the Financial Innovation and Technology for the 21st Century Act, which passed the House in 2024.

Plans are underway to reintroduce this bill with minor adjustments during the 119th session of Congress, alongside a stablecoin bill similar to the one introduced by Senator Bill Hagerty on February 4.

David Sacks, appointed by President Trump as the AI and crypto czar, commented on the executive order, noting that the executive branch's working group would prioritize evaluating the establishment of a crypto stockpile as one of its initial tasks. The discussions and potential legislation from these working groups could significantly shape the future of cryptocurrency regulation and the financial technology landscape in the United States.

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