Last November, the American people clearly spoke. They support President Trump and the agenda he campaigned on: A “Golden Age” in America.
A key component of President Trump’s agenda is leveraging the U.S.’s leadership in advanced technology and economic strength for the benefit of all Americans.
A Renewed Focus on Digital Assets and Blockchain Operations
Nowhere is this renewed focus on using our strengths for the future more necessary than in the development of digital assets and blockchain operations, where Washington has been asleep at the wheel for far too long.
The Growing Popularity of Digital Assets
According to surveys, 55% of American investors own Bitcoin, and more than 40 million own some type of cryptocurrency. Even our largest financial institutions are now embracing digital assets and the transformative power of blockchain technology.
There is little doubt that these innovations will make financial products more affordable and accessible. From stablecoins to tokenization of assets, to decentralized finance applications, these advancements have the potential to lower costs and expand opportunities for both investors and consumers.
The Biden-Harris Administration’s Stance
Despite its transformative potential and widespread adoption, the Biden-Harris Administration refused to recognize the promise of this technology. Officials weren’t just indifferent – they were openly hostile. No matter how safe or innovative, products associated with “crypto” or “digital assets” were stonewalled and litigated into purgatory.
A New Path Forward
Today is a new day. There is broad agreement that we need fit-for-purpose regulation that unlocks opportunities while providing the consumer and national security protections Americans deserve.
Congressional Republicans will now pick up where we left off and work in a bicameral manner with the Trump Administration and financial regulators to ensure that the open hostility from the Executive Branch of the past four years is eliminated.
Legislative Priorities
As leaders of digital assets on the House Financial Services Committee, our immediate priorities include establishing a federal framework with clear rules around stablecoins, providing clarity for the initial sale and distribution of tokens, creating pathways for the registration of centralized platforms for the trading of tokens, implementing strong protections against money laundering and terrorist financing, and ensuring fair competition.
Embracing Innovation
We are the world leaders in finance and technology because, over our history, we have looked forward and embraced innovation as a means of lowering costs, increasing opportunity, and enhancing protections. We need to be true to our history and do it again.
The “Golden Age” of Digital Assets
With our newly formed Bicameral Working Group for Digital Assets, we will work in lockstep with Senate Banking Committee Chairman Tim Scott, Senate Agriculture Chairman John Boozman, House Agriculture Chairman G.T. Thompson, and White House Crypto Czar David Sacks to advance legislation that delivers on the promises we made to the American people. The “Golden Age” of digital assets in the United States begins now.