US lawmakers form House and Senate working groups to draft cryptocurrency and stablecoin bills

According to The Block, US lawmakers are forming a working group, including members of key committees in the House and Senate, to develop regulatory frameworks for digital assets and stablecoins. At a press conference on Tuesday, David Sacks, White House Chief of Artificial Intelligence and Cryptocurrency Affairs, met with Senate Banking Committee Chairman Tim Scott, Senate Agriculture Committee Chairman John Boozman, House Financial Services Committee Chairman French Hill, and House Agriculture Committee Chairman G T. Thompson jointly announced the establishment of this two chamber working group. The Senate is already pushing for the regulation of stablecoins. Senator Bill Hagerty proposed a bill on Tuesday aimed at creating a regulatory framework, including setting parameters for whether issuers are regulated by the federal or state government. Hill stated that the future stablecoin bill will be "very similar" to the Senate's proposal. Hill stated at a press conference on Tuesday that the bill to regulate the overall market structure of cryptocurrencies in the future will be similar to the Financial Innovation and Technology Act of the 21st Century (FIT21), and emphasized the foundation of its bipartisan support.