Congress is ramping up efforts to craft a unified approach to crypto regulation, with lawmakers aiming to finalize new rules that go beyond stablecoins and address the broader digital asset market.
While some progress has been made, concerns are surfacing about the scaling back of federal enforcement.
During a recent hearing, members of the House Financial Services Committee discussed upcoming legislation that could set the foundation for how crypto is regulated nationwide. Chair French Hill emphasized that the momentum around stablecoin laws should be used as a springboard for a more comprehensive framework. So far, Congress has yet to establish a federal system for overseeing digital assets—something the industry has long demanded.
Two key bills are in focus: one targeting the rules for stablecoin issuers, including reserve requirements, and another outlining how digital markets should be structured. While Republican-led, the proposals have drawn support from both parties. Representative Bryan Steil underlined the importance of treating both bills as a package, noting former President Trump’s interest in moving them forward quickly.
Hill hinted that the new market structure bill may resemble previous drafts, such as the FIT 21 Act, which managed to attract dozens of Democratic votes last year—including backing from former House Speaker Nancy Pelosi. Still, lawmakers agree that regulating the entire digital asset market presents more complexity than writing rules for stablecoins alone.
Tensions also flared over the Department of Justice’s decision to dissolve its crypto litigation team. Critics, including Rep. Sylvia Garcia, questioned who would fill that gap, especially as the SEC has begun retreating from some of its crypto cases. Rep. Brad Sherman—typically a crypto skeptic—admitted that relying on a legal test from the 1940s to oversee digital assets makes little sense in today’s world. However, he also pointed out that major financial interests have tilted the playing field, making serious reform an uphill battle.
As debates continue, the House Agriculture Committee is collaborating with the Financial Services panel to iron out the details of the broader market regulation bill.
Alexander Stefanov
Reporter at Coindoo
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over 8 years of experience covering the crypto, blockchain and fintech industries, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics.
Source: https://coindoo.com/u-s-congress-races-to-finalize-crypto-regulations-amid-enforcement-cutbacks/