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The U.S. Congress is working harder to develop regulations pertaining to cryptocurrency. A bipartisan working group of the Senate and House of Representatives has been formed to develop legislation pertaining to digital assets. At a press conference in Washington on Tuesday, President Donald Trump’s designated crypto czar, David Sacks, presented his plan for guaranteeing American leadership in the field.
Standing alongside key congressional committee leaders, Sacks emphasized his administration’s commitment to digital assets. “I look forward to working with each of you in creating a golden age in digital assets,” he said, highlighting crypto as a “week-one priority for the administration.”
His statement aligns with ongoing legislative efforts. Earlier that day, details of a new Senate stablecoin bill surfaced. Drafted by Senator Bill Hagerty, the proposed law seeks to regulate stablecoin issuers under a dual framework—splitting oversight between state regulators and federal agencies like the Federal Reserve and the Office of the Comptroller of the Currency. Senator Tim Scott, chair of the Senate Banking Committee, confirmed that stablecoin regulations would be addressed first.
Several lawmakers, including House Financial Services Committee Chair French Hill, House Agriculture Committee Chair Glenn “GT” Thompson, and Senate Agriculture Committee Chair John Boozman, also stressed the importance of broader crypto market structure legislation. They referenced last year’s House-approved Financial Innovation and Technology for the 21st Century Act (FIT21), signaling plans to push a similar bill forward alongside stablecoin regulations.
Hill confirmed that the House would move both bills in tandem. The goal is to provide regulatory clarity and keep crypto innovation within U.S. borders.
“We want to keep that innovation onshore in the U.S. Financial assets are destined to become digital, just like every analog industry has become digital, and we want that value creation to happen in the United States, rather than giving it away to other countries,” Sacks stated in his first public address as AI and crypto czar.
With Congress aligning on a crypto-focused agenda, the U.S. is taking steps to cement its role in the evolving digital asset landscape.