U.S. Representative Bryan Steil (R-WI) is advocating for Congress to move forward with regulation of stablecoins and legislation on crypto market structure simultaneously. Steil believes that these two areas are closely connected, and progress in both sectors will benefit not only stablecoins but also the broader crypto industry.
During a recent podcast, Steil emphasized the growing momentum in the Senate towards the stablecoin bill, particularly after President Donald Trump’s call for the bill to be prepared before the August recess. This sense of urgency has sparked speculation within the crypto community about potential bills that could reshape the landscape of the U.S. crypto market. As the chair of the House Financial Services Subcommittee on digital assets, fintech, and AI, Steil sees the Senate as a valuable partner and is committed to keeping pace with their efforts.
In order to navigate the legislative process effectively, Steil highlighted the importance of passing both the Genius Act and the Stable Act. The Genius Act, introduced by Senator Bill Hagerty (R-TN), has garnered significant support in the Senate. In the House, Steil has collaborated with Rep. French Hill (R-AR) to sponsor the Stable Act, with plans to introduce an updated version that aligns more closely with the Senate bill. Steil envisions both chambers passing their respective versions before reconciling any differences to create a unified final bill.
While some may view this legislative process as lengthy, Steil believes that it is crucial to take the time to “get things right.” The goal is not just to rush legislation through but to craft sound and effective rules for the digital asset space. By prioritizing accuracy over speed, lawmakers can ensure that the regulations put in place will promote a healthy and thriving crypto market.
In conclusion, it is clear that Steil is committed to advancing stablecoin regulation and crypto market structure legislation in a careful and deliberate manner. By working closely with the Senate and focusing on creating effective legislation, Steil aims to lay the groundwork for a secure and prosperous future for the crypto industry.
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