Republican leaders in both the House and Senate have announced the formation of a joint working group dedicated to advancing legislation on digital assets and stablecoins. The initiative, revealed in February. 4 by Arkansas Representative French Hill, aims to push forward a regulatory framework for the crypto industry.
Republican Launch Joint Crypto Working Group
🚨NEW: Takeaways from digital assets presser —
📌House Financial Services, House AG, Senate AG and Senate Banking Committees are forming a bicameral committee to lead on #crypto regulation where they will prioritize stablecoin and market structure legislation.
— Eleanor Terrett (@EleanorTerrett) February 4, 2025
The group will bring together lawmakers from four key congressional committees—the House Financial Services Committee, House Agriculture Committee, Senate Banking Committee, and Senate Agriculture Committee. Rep. Hill, who chairs the House Financial Services Committee, emphasized the urgency of keeping the U.S. at the forefront of financial technology and digital assets, as they seek to be a “working group on a bicameral basis”.
“We don’t want to be behind in financial technology and digital assets in the United States,” Hill stated.
This joint congressional effort operates independently of a separate initiative led by President Donald Trump. His January 23 executive order sought to block the US government from issuing a central bank digital currency (CBDC) while also exploring the creation of a national crypto stockpile. However, many of Trump’s executive orders since taking office on Jan. 20 have faced legal challenges.
House Agriculture Committee Chair Glenn Thompson expressed confidence that the working group could build on previous legislative efforts, including the Financial Innovation and Technology for the 21st Century Act, which the House passed in 2024. Lawmakers are also planning to reintroduce the bill with “modest changes” in the 119th Congress, alongside a stablecoin bill similar to one introduced by Senator Bill Hagerty on February 4.
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