- Congressman Steil urges focused crypto bills to avoid delays in regulatory framework implementation.
- New bills build on FIT21, opening doors for innovative cryptocurrency regulations.
As the United States speeds up efforts to regulate the cryptocurrency sector, concerns are rising among lawmakers about keeping legislation focused and free from unrelated additions.
Congressman Bryan Steil condemns alterations to crypto bills
Congressman Bryan Steil, who chairs the House Financial Services Subcommittee on Digital Assets in Wisconsin, urged that extraneous provisions should be avoided in major crypto bills.
In a recent interview, Steil warned that including non-essential elements could delay the rollout of an effective regulatory framework for the cryptocurrency industry, emphasizing the need for clear and streamlined policymaking.
He said,
“Some lawmakers want to add unrelated content to the cryptocurrency bill based on personal demand, and such attempts should be refrained from.”
What’s behind this move?
This comes amid tensions following Democratic lawmakers’ refusal to support the GENIUS Act, a stablecoin bill, due to criticisms tied to former President Donald Trump’s cryptocurrency dealings.
Steil clarified that concerns about President Trump are unrelated to the bill’s content.
Despite this, the GENIUS Act successfully passed a crucial Senate vote, paving the way for a long-awaited framework to regulate the crypto market.
He also acknowledged that Democrats are making efforts to better understand the industry’s frustrations with the Biden administration’s approach to crypto regulation and enforcement.
He noted that the political dynamics and discussions around cryptocurrency have shifted somewhat, yet more than 70 Democrats in the previous Congress showed strong support for clearer crypto regulations.
What lies ahead?
Not to forget, the successful passage of the Financial Innovation and Technology for the 21st Century Act (FIT21) in the House in May 2024 clearly demonstrated bipartisan agreement on the necessity for a well-defined regulatory framework.
Remarking on which Steil added,
“I think that was a great practice run.”
However, while the FIT21 Act wasn’t enacted before the previous Congress ended, Committee Chairs Glenn Thompson and French Hill unveiled a new crypto market structure bill on the 5th of May to expand on its groundwork.
In conclusion, Steil expressed optimism that, if these bills pass, lawmakers will have the chance to explore a wide range of innovative and creative ideas within the cryptocurrency sector, paving the way for a more comprehensive regulatory framework.
As expected, he put it best when he said,
“I think the House version, my bill, the Stable Act, complements well with the Genius Act in the Senate. I think at the end of the day, we’ll be able to get one unified piece of legislation as we work to also deliver on the market structure legislation that’s so essential. When both get done, I think we will really unlock the digital asset golden age here in the United States.”
