Republican lawmakers launch bicameral working group to bring clarity to crypto

Republican lawmakers announce a bicameral working group to fast-track crypto regulations, focusing on stablecoins and digital asset market rules in a major push for long-awaited industry clarity.

Republican lawmakers are stepping up their efforts to bring clear rules to the crypto industry, forming a bicameral working group to push legislation on stablecoins and digital asset market structures. 

The move, announced on Feb. 4 at a Capitol Hill press conference, marks a coordinated effort between key House and Senate leaders to create a structured framework for crypto regulation, an issue that has remained in legal limbo for years.

The working group includes members from four major committees—the House Financial Services Committee, the House Agriculture Committee, the Senate Banking Committee, and the Senate Agriculture Committee—showing that lawmakers see crypto regulation as an issue that spans multiple sectors of financial oversight. 

Representative French Hill of Arkansas, along with Senators Tim Scott and John Boozman and Representative Glenn Thompson, will play leading roles in shaping these policies, drawing from existing legislative efforts while introducing new proposals.

Lawmakers plan to build on the Financial Innovation and Technology for the 21st Century Act (FIT21), which passed a House committee in 2024, while also using a new stablecoin bill introduced by Senator Bill Hagerty on Feb. 4 as a starting point for further discussions.

Senate Banking Chair Tim Scott has made it clear that speed is a priority, saying he wants to push the crypto bills through the Senate within the first 100 days of the congressional session. 

Conversations with Democratic colleagues are already underway, raising the possibility that some elements of these bills could gain bipartisan support.

At the press conference, David Sacks, Trump’s crypto and artificial intelligence czar, spoke about the broader vision for digital assets, calling this a key moment to create a “golden age” for crypto in the U.S. 

His role extends beyond Congress, as he is also overseeing a separate initiative within the White House to assess the possibility of a government-held Bitcoin (BTC) reserve. 

Trump’s executive order on Jan. 23 laid the foundation for that discussion, along with directives to prevent the creation of a central bank digital currency.

For years, the lack of clear rules has driven many crypto firms to set up operations overseas, where regulations have been more clearly defined. If successful, this working group could finally give the crypto industry the clarity it has long been waiting for.