Congressman Bryan Steil emphasizes the need for quick and bipartisan action in building a legal framework for digital assets.
At a forum held on May 6, Congressman Bryan Steil (Republican, Wisconsin), Chairman of the Digital Assets Subcommittee, made an urgent call for developing a comprehensive new legal framework for the digital asset sector. The forum, organized by the House Financial Services Committee and the House Agriculture Committee, aimed to assess regulatory jurisdiction, classify digital assets, and determine the legal reform roadmap.
"This bill is too important to not have an open and public discussion about how the United States can lead in the Web3 era," Steil emphasized at the beginning of the forum. "I still hope my colleagues will soon realize the importance of constructive and non-partisan participation in this process."
Legislative Opportunities and Responsibilities
In his keynote speech, Steil did not hesitate to criticize the current approach of the federal government towards cryptocurrency and digital assets. "Outdated legal frameworks and the 'regulation by enforcement' approach during the Biden-Harris administration have hindered clarity and pushed jobs, investments, and leadership roles overseas," he said.
The Subcommittee Chairman also expressed concern about the consequences of lack of clarity in current regulations: "Worse, the lack of clarity has made consumers more vulnerable to fraud and poor management." In this situation, he affirmed: "Congress has both the opportunity and responsibility to act. We must pass a comprehensive, bipartisan law to create clarity and promote responsible innovation."
The discussion focused on a new legal framework draft built on six principles proposed by two representatives French Hill and GT Thompson. These core principles include: reducing fragmentation in management, clarifying the roles of federal agencies, and establishing safeguards for technological innovation.
Steil's call for bipartisan consensus in developing digital asset policy reflects the growing recognition of the strategic importance of this sector. After more than 15 years since the Bitcoin white paper was published, the need for a comprehensive and updated legal framework has become more urgent than ever as the United States faces the risk of losing its leading position in global digital finance.
The House Financial Services Committee is expected to play a key role in shaping the legislative path for digital asset policy in the United States in the coming period, with the goal of balancing consumer protection and promoting industry innovation.
