Legislators are accelerating efforts to pass a regulatory framework for digital assets.

Source: cryptoslate

Translation: Blockchain Knight

House Majority Whip Tom Emmer and Congressman Ritchie Torres announced the formation of the Congressional Crypto Assets Core Group, a bipartisan alliance aimed at promoting legislative work in support of crypto assets in the House of Representatives.

This initiative marks a more coordinated legislative effort in the digital asset space, as lawmakers strive to establish regulatory clarity for an industry valued at $3 trillion.

Unlike the Congressional Blockchain Caucus, which was established in 2017 as an educational resource, the newly formed Congressional Crypto Assets Core Group will function as a voting bloc, mobilizing support for digital asset legislation, including bills related to stablecoins and market structure reform.

Emmer stated that the formation of this core group is in response to constituents' demand for clear and innovation-friendly digital asset policies. The Congressman said:

"The core group is a member group with ideological unity and no partisan divide, capable of quickly mobilizing to support key digital asset initiatives in Congress. We will continue to work to ensure that the United States remains the best place in the world for building and innovating the next generation of the internet."

As this news is announced, lawmakers are accelerating efforts to pass a regulatory framework for digital assets. Former President Donald Trump, who identifies as a supporter of the crypto asset industry, has called for the U.S. to become the "global capital of crypto assets."

Currently, the House is reviewing two bills focused on regulating stablecoins (crypto assets pegged to assets like the dollar), with industry stakeholders providing input on their terms.

Meanwhile, in the Senate, the Banking Committee plans to hold a hearing as early as next week on Senator Bill Hagerty's stablecoin bill, the GENIUS Act.

Senate Banking Committee Chairman Senator Tim Scott recently stated that his goal is to have both the stablecoin and market structure bills signed into law before April. However, bipartisan consensus remains uncertain.

Torres emphasized the core group's role in bridging partisan divides and advancing meaningful legislation. He stated:

"The Congressional Crypto Assets Core Group will be a driving force in promoting policies that foster innovation, protect consumers, and ensure that cutting-edge technology can thrive in the U.S. I am honored to co-lead this effort with Congressman Emmer to establish a unified, bipartisan alliance that solidifies America's leadership in the future of finance."

The establishment of the core group indicates that lawmakers are increasingly recognizing the role of digital assets in the economy and the necessity of developing clear, comprehensive regulatory provisions. However, whether this initiative can overcome political obstacles to pass significant crypto asset legislation remains to be seen.

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