Last November, the American people clearly spoke. They support President Trump and the agenda he campaigned on: A “Golden Age” in America. A primary element of President Trump’s agenda is enhancing the U.S.’s leadership in advanced technology and economic power for the benefit of all Americans.
Nowhere is this renewed focus more crucial than in the advancement of digital assets and blockchain operations, where Washington has been negligent for far too long.
According to surveys, 55% of American investors own Bitcoin, and over 40 million own some type of cryptocurrency. Major financial institutions are now adopting digital assets and recognizing the transformative potential of blockchain technology. These innovations promise to make financial products more affordable and accessible. Developments like stablecoins, asset tokenization, and decentralized finance applications can lower costs and expand opportunities for both investors and consumers.
Despite its transformative potential and widespread acceptance, the Biden-Harris Administration has failed to appreciate the promise of this technology. Officials were not merely indifferent; they demonstrated outright hostility. Regardless of safety or innovation, products linked to “crypto” or “digital assets” faced significant obstacles and regulatory inaction. Regulators have provided no meaningful guidance on complying with this technology, and, worse, they have introduced policies that complicate adoption further.
Today represents a new beginning. There is broad consensus that we need practical regulations that foster opportunities while ensuring consumer and national security protections. The world relies on us to ensure that global payment systems are not exploited for harmful activities, including terrorism and drug trafficking. Due to the Biden-Harris Administration’s neglect over the past four years, the United States has lagged behind, as rivals develop products and systems that challenge the supremacy of the dollar.
Regardless of the Biden-Harris Administration’s hesitance, last Congress, House Republicans spearheaded landmark legislation establishing a forward-thinking regulatory framework for digital assets. This bipartisan bill safeguards consumers and proactively tackles national security and money laundering concerns, reinforcing the United States as a leader in digital assets and blockchain innovation.
Congressional Republicans are ready to continue this momentum and collaborate with the Trump Administration and financial regulators to eliminate the Executive Branch’s previous hostility.
Congress possesses a unique opportunity to implement legislation that leverages American strengths. We aim to provide a foundation that will ignite innovation within the digital assets and blockchain sphere, simultaneously affirming the U.S. dollar’s status as the reserve currency and the preferred method of payment for legal transactions worldwide.
As leaders in digital assets on the House Financial Services Committee, our immediate goals include establishing a federal framework with defined rules around stablecoins, clarifying the initial sale and distribution of tokens, developing pathways for the registration of centralized trading platforms, instituting robust protections against money laundering and terrorist financing, and ensuring fair competition.
We have already initiated this work with our recent discussion draft to create a framework for the issuance and operation of dollar-denominated payment stablecoins in the United States.
Some share the Biden Administration’s opinions about the digital assets ecosystem, which, in the words of former SEC Chair Gary Gensler, is “full of hucksters, fraudsters, and scam artists.” However, this perspective underscores the urgent need for these initiatives. Practical legislation and proactive regulatory engagement will enable responsible actors with innovative products to thrive in the U.S. while adequately safeguarding consumers from fraud, market manipulation, and other illicit activities.
We lead the world in finance and technology because we have always been forward-thinking, embracing innovation to reduce costs, increase opportunities, and enhance protections. We must hold true to this history and do it again.
With our newly formed Bicameral Working Group for Digital Assets, we will collaborate closely with Senate Banking Committee Chairman Tim Scott, Senate Agriculture Chairman John Boozman, House Agriculture Chairman G.T. Thompson, and White House Crypto Czar David Sacks to advance legislation that fulfills the promises we made to the American populace. The “Golden Age” of digital assets in the United States begins now.
