U.S. Lawmakers Formulate New Digital Asset Policies

U.S. lawmakers, led by Representative French Hill, are forming a working group to develop policies favoring digital asset development. The initiative aims to create a regulatory framework with clarity, and considers a national cryptocurrency stockpile. The move contrasts with former President Biden's regulatory crackdown on the cryptocurrency industry.

U.S. Representative French Hill, a Republican and chair of the House Financial Services Committee, announced on Tuesday that lawmakers from both congressional chambers plan to establish a working group focused on digital asset policy development.

At a Capitol Hill press conference, joined by White House crypto and AI leader David Sacks and other lawmakers, Hill emphasized the intent to bring clarity through new legislation for a coherent regulatory framework. This initiative follows directives from U.S. President Donald Trump, who earlier launched a cryptocurrency working group within the executive branch to explore potential regulations and a national crypto reserve.

On the campaign trail, Trump branded himself as a 'crypto president,' advocating the expansion of digital asset usage, complete with his own crypto token. Conversely, former President Joe Biden's administration aimed to protect citizens by cracking down on the industry, initiating legal actions against exchanges, including Coinbase and Binance, for alleged violations. These firms have denied the accusations.