US House and Senate Form Joint Working Group to Advance Crypto Legislation

David Sacks, the crypto czar appointed by President Donald Trump, said his aim is "ensuring American dominance in digital assets"

The U.S. government is setting up a working group to hammer out crypto legislation, with the aim of making the country the world leader in digital assets, crypto czar David Sacks said Tuesday.

The group will bring together the House and Senate to work on the legislation, with the chiefs of the congressional committees that will handle the bill joining Sacks at a joint press conference in Washington, D.C.

“I look forward to working with each of you in creating a golden age in digital assets,” said Sacks, calling crypto a “week-one priority for the administration.”

Part of the plan was already revealed earlier on Tuesday, when details of a Senate stablecoin bill emerged.

Senator Bill Hagerty (R-TN) wrote a bill to set up U.S. oversight of stablecoin issuers, splitting regulation between state agencies and federal watchdogs — specifically the Federal Reserve and the Office of the Comptroller of the Currency.

Tim Scott (R-SC), who now chairs the Senate Banking Committee, said the panel would take up stablecoins first.

The lawmakers, which included House Financial Services Committee Chair French Hill (R-AR), House Agriculture Committee Chair Glenn “GT” Thompson (R-PA) and Senate Agriculture Committee Chair John Boozman (R-AR), also said market structure legislation would come up, referring back to last year’s House passage of the Financial Innovation and Technology for the 21st Century Act (FIT21).

Hill said that a bill similar to FIT21 would move forward alongside a stablecoin bill in the House.

“We want to keep that innovation onshore in the U.S. Financial assets are destined to become digital, just like every analog industry has become digital, and we want that value creation to happen in the United States, rather than giving it away to other countries,” said Sacks in the press conference, his first since taking the job of AI and crypto czar.