Republicans announced the formation of a working group to develop cryptocurrency policy, comprising members from four U.S. congressional committees.
French Hill, Chair of the House Financial Services Committee, confirmed that U.S. lawmakers established a bicameral working group to advance crypto and stablecoin regulations.
Notably, this new body will operate separately from the group studying the potential establishment of Bitcoin reserves under Donald Trump’s executive orders.
The cryptocurrency regulation working group will include representatives from the following House and Senate committees:
- Senate Banking Committee;
- Senate Agriculture Committee;
- House Agriculture Committee;
- House Financial Services Committee.
Additionally, Senator Bill Hagerty introduced a stablecoin regulation bill that seeks to place crypto-assets with a market cap exceeding $10 billion, pegged to the U.S. dollar, under Federal Reserve oversight. The Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act received support from Senators Tim Scott, Kirsten Gillibrand, and Cynthia Lummis.
Glenn Thompson, Chair of the House Agriculture Committee, suggested that the working group could contribute to finalizing the Financial Innovation and Technology for the 21st Century Act, which was passed by the House of Representatives in 2024. French Hill stated that he plans to reintroduce the bill with minor revisions during the 119th session of Congress, emphasizing that it will likely align closely with GENIUS. Meanwhile, Bill Hagerty expressed his intent to collaborate with the House Financial Services Committee to ensure the bill progresses to the signing stage.
U.S. banking sector representatives previously voiced interest in processing crypto payments, citing regulatory uncertainty as the primary obstacle to implementation.
