US Legislative Initiative Promises to Strengthen Cryptocurrency Dominance

• Formation of a working group for cryptocurrency legislation
• Initial focus on stablecoin regulation
• Goal of maintaining US digital leadership

In a significant move for the digital asset sector, the United States House of Representatives and Senate are jointly forming a working group dedicated to developing robust cryptocurrency legislation. Led by David Sacks, President Donald Trump’s newly appointed crypto czar, the group aims to cement America’s position as a global leader in the digital asset market.

During a press conference in Washington, Sacks, accompanied by congressional committee leaders, laid out an ambitious pro-crypto agenda. “I look forward to working with each of you to create a golden age of digital assets,” he said, highlighting cryptocurrencies as a “week-one priority for the administration.”

The day also saw the release of details about a bill on stablecoins introduced by Tennessee Senator Bill Hagerty. The proposal outlines a system of oversight for stablecoin issuers, dividing regulatory responsibilities between state agencies and federal agencies, including the Federal Reserve and the Office of the Comptroller of the Currency.

Tim Scott, a South Carolina senator and current chairman of the Senate Banking Committee, revealed that the committee would prioritize regulating stablecoins. This move is part of a larger strategy that includes drafting legislation on market structure, a continuation of last year’s efforts with the passage of the Financial Innovation and Technology for the 21st Century (FITXNUMX) Act by the House.

House Financial Services Committee Chairman French Hill has mentioned that he will move forward with FIT21-aligned legislation alongside the stablecoin bill. The idea, according to David Sacks, is to keep innovation in the United States by transforming financial assets into digital assets and ensuring that value creation occurs within the country, not abroad.