House Republicans have released their own draft bill. This legislation would establish a federal framework for regulating cryptocurrency in the United States. This new proposed legislation is a positive step toward further clarifying an often-misunderstood digital asset market. Second, it will promote responsible innovation and fill current regulatory gaps. As with any rulemaking process, lawmakers want to hear from the public. They will work with the Trump administration to ensure that the bipartisan bill is fully implemented.
A joint hearing, titled "American Innovation and the Future of Digital Assets A Blueprint for the 21st Century," is scheduled for May 6 to begin formal legislative discussions and gather input from stakeholders.
Key Objectives of the Proposed Bill
The main purpose of the proposed legislation is to clear the fog around what the regulatory regime for cryptocurrencies will be in the U.S. The framework creates bright line legal definitions and jurisdictional boundaries. This regulatory framework is designed to encourage innovation, while ensuring diligence and scrutiny in the development of digital asset markets. We hope this new clarity will give developers and users alike the certainty they’ve needed for so long.
Our proposed framework would address these regulatory gaps. It too aims to promote responsible innovation and develop and maintain safe, transparent, and competitive markets for digital assets.
Additionally, the bill seeks to further the bipartisan successes achieved in the 118th Congress. It also provides a strong, flexible framework to safeguard consumers.
Congressional Support and Vision
A number of influential members on the House side have publicly indicated their support for the draft bill and its goals. Chairman Johnson emphasized the importance of the United States offering a commonsense regulatory regime to maintain its position as a global hub for crypto investment and innovation. Chairman Thompson underlined the need for legislative clarity in this fast-developing industry.
"By establishing legal definitions and clear jurisdictional lines, the proposed bill seeks to end crypto regulation uncertainty in the US while encouraging responsible development and oversight of digital asset markets." - Chairman Hill
Subcommittee Chair Steil said he remains hopeful about the future of digital assets.
"This is the beginning of the golden age of digital assets, and the House is leading the way." - Subcommittee Chair Steil
Future Steps and Collaboration
The House committee says it plans to work in consultation with the President Trump administration to further refine the bill. Our joint hearing on May 6 will be a great opportunity to hear constructive input from stakeholders. This input will help to greatly inform and inspire the final legislation. Through this collaborative approach, the agencies want to build a regulatory framework that encourages innovation and new ideas while safeguarding consumers and maintaining fair and competitive markets.
The committee intends to incorporate public feedback. This collaborative approach is a step toward building a regulatory framework that truly encourages innovation.
