GuShiio.com Lawmakers are accelerating efforts to pass a regulatory framework for digital assets.
Source: cryptosatellite
Compilation: Blockchain Knight
House Majority Whip Tom Emmer and Congressman Ritchie Torres announced the formation of the Congressional Crypto Asset Caucus, a bipartisan coalition designed to advance House legislative work in support of Crypto Assets.
The move marks a more coordinated legislative effort in the digital asset space as lawmakers strive to establish regulatory clarity for the $3 trillion industry.
Unlike the Congressional Blockchain Caucus, which was established in 2017 and exists as an educational resource, the newly established Congressional Crypto Asset Caucus will serve as a voting group to mobilize support for digital asset legislation, including bills involving stablecoins and market structure reforms.
Emmer said the core group was established in response to voters ‘need for clear and innovation-friendly digital asset policies. The congressman said:
“The core group is an ideologically unified, non-partisan member group that can quickly mobilize to support key digital asset initiatives in Congress. We will continue to work hard to ensure that the United States remains the best place in the world in building and innovating the next generation of Internet.”
The announcement comes as lawmakers accelerate efforts to pass a regulatory framework for digital assets. President Donald Trump, a self-proclaimed supporter of the Crypto asset industry, has called on the United States to become the “global Crypto asset capital.”
Currently, the House of Representatives is considering two bills focusing on regulating stablecoins (Crypto assets pegged to assets such as the U.S. dollar), and industry stakeholders are providing input on their terms.
Meanwhile, in the Senate, the Banking Committee plans to hold a review session on Senator Bill Hagerty’s stablecoin bill, the GENIUS Act, as early as next week.
Senator Tim Scott, chairman of the Senate Banking Committee, recently said his goal is to have both stablecoins and market structure bills signed into law by April. However, the bipartisan consensus remains uncertain.
Torres emphasized the role of the caucus in bridging partisan differences and promoting meaningful legislation. He said:
“The Congressional Crypto Asset Caucus will be a driving force in promoting policies that promote innovation, protect consumers, and ensure cutting-edge technologies can thrive in the United States. I am honored to co-lead this effort with Representative Emmer to build a unified, bipartisan coalition to consolidate America’s leadership in the future of finance.”
The establishment of the core group shows that lawmakers are increasingly aware of the role of digital assets in the economy and the need for clear, comprehensive regulatory provisions. However, it remains to be seen whether the initiative can overcome political obstacles and pass important Crypto asset legislation.
