U.S. Lawmakers Form Bipartisan Group to Shape Crypto Regulations

Congress moves toward regulatory clarity while exploring a Bitcoin reserve.

The United States government has taken a significant step toward digital asset regulation with the formation of a bipartisan congressional working group. The initiative, announced during the first-ever U.S. government press conference on digital assets, brings together key lawmakers from both chambers of Congress along with the Trump administration.

Senate Banking Committee Chairman Tim Scott (R-SC), Senate Agriculture Committee Chairman John Boozman (R-AR), House Financial Services Committee Chairman French Hill (R-AR), and House Agriculture Committee Chairman G.T. Thompson (R-PA) are spearheading the effort to establish a comprehensive regulatory framework for cryptocurrencies and other digital assets.

David Sacks, recently appointed as the White House A.I. and Crypto Czar under the Trump administration, reinforced the administration’s commitment to fostering digital asset growth. He cited a recent executive order that established both the working group and its mandate to propose federal regulations governing digital assets and stablecoins.

The working group’s key objective is to keep digital asset innovation within U.S. borders. Sacks criticized previous regulatory uncertainty, which he claimed led to “four years of arbitrary prosecution and persecution of crypto companies,” forcing many innovators to move their operations offshore.

Representative French Hill emphasized the urgent need for regulatory clarity, stating that America should not lag behind in financial technology. “Without clear guidelines, innovators are left to navigate an uncertain landscape, which is precisely why this working group was formed,” Hill remarked.

The initiative is a coordinated effort between the Senate Banking Committee, House Financial Services Committee, and both chambers’ Agriculture Committees. This structure reflects the complexity of digital assets and the necessity of multi-agency oversight.

Senator Boozman highlighted the diverse nature of digital assets, pointing out that some function as commodities while others resemble securities. This distinction is expected to guide regulatory decisions and determine which agencies will oversee different types of assets.

Representative Thompson likened the current state of digital assets to early internet development, referring to blockchain as the foundation of “Internet 3.0” or the “Internet of value.” He emphasized that fostering innovation in this space is crucial for maintaining U.S. technological leadership.

A primary focus of the working group is ensuring consumer protection while enabling innovation in cryptocurrency markets. Thompson noted that digital assets present significant opportunities but require a framework that provides market certainty.

Educational efforts are a key component of the group’s agenda. Lawmakers stressed the importance of equipping Congress with the knowledge needed to craft informed policy, given the technical complexity of blockchain technology.

The press conference also highlighted bipartisan collaboration in the Senate. Senator Scott mentioned ongoing discussions between Senators Cynthia Lummis (R-WY) and Kirsten Gillibrand on market structure legislation, signaling increased legislative momentum.

Senator Scott also addressed concerns surrounding anti-money laundering (AML) measures, advocating for a broader approach to financial crimes rather than solely targeting digital assets. Representative Hill echoed the sentiment, emphasizing the importance of maintaining AML regulations comparable to those in traditional finance.

During the press conference, Sacks distinguished Bitcoin from other crypto assets, clarifying that while Bitcoin is a decentralized cryptocurrency, many other digital assets operate on blockchain-based distributed ledgers, serving different purposes in the financial ecosystem.

One of the most notable revelations was the government’s plan to explore the creation of a Strategic Bitcoin Reserve. Sacks confirmed that this initiative was part of the President’s executive order and would be a priority for the administration’s internal working group.

This bipartisan initiative marks a significant shift toward proactive policymaking in the cryptocurrency space. With Congress and the executive branch working together, the U.S. is taking a major step toward establishing a unified regulatory framework for digital assets while maintaining its leadership in financial innovation.

photo source / Blockonome