Steil Urges Focused Crypto Bills
As the US accelerates cryptocurrency regulation, concerns are rising about keeping legislation focused. Congressman Bryan Steil, Chair of the House Financial Services Subcommittee on Digital Assets, recently stressed the importance of avoiding extraneous provisions in major crypto bills.
Avoiding Delays in Crypto Regulation
Steil warned that including non-essential elements could significantly delay the implementation of an effective regulatory framework. He emphasized the need for clear, streamlined policymaking. In a recent interview, he stated: "Some lawmakers want to add unrelated content to the cryptocurrency bill based on personal demand, and such attempts should be refrained from."
The Context: Political Tensions and the GENIUS Act
This push for focused legislation comes amid tensions surrounding the GENIUS Act, a stablecoin bill. Democratic opposition, initially linked to criticisms of former President Trump’s cryptocurrency dealings, ultimately did not prevent its passage. Steil clarified that concerns about President Trump were unrelated to the bill’s core content. The GENIUS Act’s successful Senate vote signifies progress towards a comprehensive crypto market regulatory framework.
Steil acknowledged ongoing efforts by Democrats to understand industry concerns regarding the Biden administration’s approach to crypto regulation and enforcement. He noted that while political dynamics have shifted, significant Democratic support for clearer crypto regulations remains.
Building on FIT21
The successful passage of the Financial Innovation and Technology for the 21st Century Act (FIT21) in May 2024 demonstrated bipartisan support for a defined regulatory framework. Steil described FIT21 as "a great practice run." Although FIT21 wasn't enacted before the previous Congress ended, new crypto market structure bills are expanding on its groundwork.
Looking Ahead: A Unified Approach
Steil expressed optimism about the potential for innovative regulatory solutions. He believes that combining the House and Senate bills will create a unified piece of legislation, ultimately unlocking "the digital asset golden age here in the United States." This unified approach, he believes, will address market structure legislation and help create a more secure and stable crypto market.
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